On-chain researcher clemh59 said Robinhood Chain brought in 492,793 new addresses within 11 days of launch, but only 1.7% of those addresses had any prior DeFi interaction when matched against user datasets from major protocols including AAVE, Morpho, Ethena and Pendle. That figure sits far below the 20.6% historical low baseline cited for other protocols, a gap of 12 times.
A separate review of 11,272 active addresses over seven days showed user activity clustering around speculative and trading use cases. hood.fun, a memecoin launchpad, drew 2,171 wallets, while Uniswap drew 1,658. NFT minting involved 156 wallets. Morpho, described as the chain’s only lending market, recorded zero active wallets in the sample.
The data also pointed to concentration across balances and activity. Median wallet holdings were just $8.2, while 112 addresses accounted for about half of total trading volume. DefiLlama listed the chain’s TVL at $119 million, yet the entire lending book contained only seven wallets, with two of them holding 99.7% of the capital. Analysts said Robinhood Chain appears to have onboarded real new users, but so far most remain focused on memecoin speculation rather than DeFi use.
Robinhood Chain attracted 492,793 new addresses within 11 days of launch, according to data cited by on-chain researcher clemh59.
But when those addresses were cross-checked against user datasets from major DeFi protocols including AAVE, Morpho, Ethena and Pendle, only 1.7% had any record of DeFi interaction. The figure was well below the 20.6% historical low baseline referenced for other protocols, leaving a 12x gap.
Activity centered on memecoins and trading
An analysis of 11,272 active addresses over a seven-day period showed that hood.fun, a memecoin launchpad, attracted 2,171 wallets. Uniswap drew 1,658 wallets, while NFT minting involved 156 wallets.
By contrast, Morpho, identified as the chain’s only lending market, had 0 active wallets.
Balances and volume were highly concentrated
The median wallet balance on Robinhood Chain was just $8.2. At the same time, 112 addresses contributed about 50% of all trading volume.
DefiLlama showed total value locked on the chain at $119 million, but the entire lending book contained only seven wallets. Two of those wallets accounted for 99.7% of the funds.
Whether users convert to DeFi remains unproven
Analysts said Robinhood Chain has brought in real new users, but for now those users appear to be staying at the memecoin speculation layer. Whether they can turn into actual DeFi users will need to be tested with follow-up data in 30 to 60 days.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
