Robinhood Chain, the Ethereum Layer 2 network launched by Robinhood on July 1, has reached about $135 million in total value locked in less than two weeks, according to BlockBeats. The network has accumulated nearly 800,000 active addresses and recorded 3.6 million daily transactions, placing it among the most active new public chains in the crypto market.
At the same time, on-chain usage has diverged from Robinhood Chain’s stated focus on tokenized stocks. Tokenized real-world assets on the network total only about $12.81 million, including roughly $10.68 million in tokenized equities. By contrast, CASHCAT, a meme coin named after Robinhood’s former mascot, surged 2,158% over the past seven days and reached a market capitalization of $156 million, exceeding the chain’s RWA size and helping spur a wave of Robinhood-themed meme tokens.
Data cited by BlockBeats also shows Robinhood Chain’s stablecoin market capitalization at about $299 million, with USDG, which Robinhood helped issue, accounting for roughly $200 million. Robinhood CEO Vlad Tenev previously said the company’s long-term goal remains building RWA infrastructure, while also acknowledging that the chain is well suited to meme coin trading.
Robinhood Chain, the Ethereum Layer 2 network launched by Robinhood on July 1, has grown to about $135 million in total value locked in less than two weeks, BlockBeats reported on July 13.
The network has recorded nearly 800,000 cumulative active addresses and 3.6 million daily transactions, making it one of the busiest new public chains in the crypto market.
Trading activity has tilted away from tokenized stocks
Actual on-chain usage has moved noticeably away from Robinhood Chain’s positioning around tokenized stocks. Tokenized real-world assets on the network currently amount to about $12.81 million, including roughly $10.68 million in tokenized equities.
In comparison, CASHCAT, a meme coin named after Robinhood’s former mascot, has risen 2,158% over the past seven days and now has a market capitalization of $156 million. That figure is well above the chain’s on-chain RWA scale and has helped spark a series of Robinhood-themed meme coins.
Stablecoin market cap stands near $299 million
Data cited in the report shows Robinhood Chain’s stablecoin market capitalization at about $299 million. USDG, a stablecoin that Robinhood participated in issuing, accounts for roughly $200 million of that total.
Robinhood CEO Vlad Tenev previously said the company’s long-term goal remains building infrastructure for RWAs. He also acknowledged that “this chain is also very suitable for meme coin trading.”
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