Robinhood Chain climbed back above Base in daily active users on July 21, three weeks after the trading platform opened its mainnet to the public on July 1, according to Artemis. The network logged 323,969 daily active users, compared with 274,520 for Base, and also posted a record $588.9 million in total value locked on the same day.
The flip was not a one-day first. Artemis data shows Robinhood Chain first moved ahead of Base on July 11, when it recorded 314,843 daily active users versus 283,938 for Base. The lead then changed hands several times. Robinhood Chain stayed in front from July 11 through July 15, Base reclaimed the top spot from July 16 through July 20, and Robinhood Chain returned to first place on July 21.
The pace of user growth has been unusually sharp. In late June, before the mainnet launch, Robinhood Chain was seeing roughly 300 to 1,400 daily active users, based on Artemis figures. Once the network went live on July 1, activity accelerated quickly. Over the past 30 days, Base has remained in a much higher but relatively stable band of roughly 210,000 to 431,000 daily users.
Spot DEX volume and fees also moved above Base
DefiLlama data shows Robinhood Chain narrowly exceeded Base in spot DEX activity over the past 24 hours, with $624 million in volume against Base’s $603 million. Over the same period, Robinhood Chain generated $198,215 in chain fees, nearly four times Base’s $52,081.
TVL jumped from below $5 million to $588.9 million in less than a month
Artemis data shows the chain’s TVL remained below $5 million through late June. Around the July 1 mainnet launch, that figure turned sharply upward and continued to set fresh highs on most days through July. The July 21 record of $588.9 million represented a $74 million increase in a single day, or 14%.
Artemis notes that its methodology includes Morpho market size. Under that framework, Robinhood Chain’s TVL stayed under $5 million until the July 1 launch and then climbed to the July 21 peak of $588.9 million.
Morpho accounts for the largest share of TVL at $260.6 million, or 44% of the chain total, according to Artemis. Ethena follows at $155.9 million, or 26%. Uniswap, which launched a dedicated AMM on Robinhood Chain at mainnet, holds $50.8 million. Maple stands at $43.3 million, Lighter at $28.4 million, Robinhood’s own Stock Tokens at $19.3 million, and Arcus — the DEX launched by the dYdX team with backing from Robinhood Crypto — at $17.1 million.
Capital is also arriving through the canonical bridge. Its escrow balance climbed to $216.7 million from near zero in early June, the report said. DefiLlama shows stablecoin supply on the chain at $438.8 million, up 30% over the past week. Using a narrower methodology than Artemis, DefiLlama puts Robinhood Chain’s DeFi TVL at $307.9 million and its bridged TVL at $960.7 million.
Memecoins, not tokenized stocks, have driven the early trading surge
Robinhood Chain was introduced as infrastructure for tokenized real-world assets. Robinhood has rolled out Stock Tokens, its tokenized equity product, to users in more than 120 countries.
Still, the report says memecoin trading has dominated activity since the first week. That trend picked up after Pump.fun added trading for Robinhood Chain tokens during the CASHCAT frenzy.
The tokenized equity segment remains relatively small, though it is expanding. Artemis data shows Stock Tokens on Robinhood Chain reached a record $19.3 million in tokenized market capitalization and 36,170 holders on July 21, both all-time highs. The chain also set a record for daily returning users that day at 217,050.
Base remains much larger on most other broad metrics
Even with Robinhood Chain pulling ahead on daily active users, spot DEX volume, and chain fees, Base still leads by a wide margin across most scale indicators. DefiLlama puts Base at $4.64 billion in DeFi TVL, roughly 15 times Robinhood Chain’s level. Its stablecoin supply stands at $4.84 billion, about 11 times larger, and its 24-hour perpetuals volume reached $255.5 million, compared with $13.5 million on Robinhood Chain.
Robinhood’s onchain push
Robinhood Chain is an Arbitrum Orbit-based Layer 2. It first went live as a public testnet in February during Consensus Hong Kong, then launched mainnet on July 1. Robinhood paired that rollout with onchain lending, Stock Tokens inside Robinhood Wallet, and agentic trading products.
Shares of Robinhood Markets (HOOD) rose more than 8% on the day of the mainnet launch and traded at $107.55 on July 21.