@RobinhoodCrypto Chain has climbed above $1 billion in total value locked (TVL), roughly three months after its public launch, according to a post from @BSCNews. The network was built by @Rob
@RobinhoodCrypto Chain has climbed above $1 billion in total value locked (TVL), roughly three months after its public launch, according to a post from @BSCNews. The network was built by @RobinhoodApp and is led by CEO @vladtenev.
The milestone comes as decentralized exchange (DEX) volumes slip week on week, a sign that growth is cooling from its launch-period highs.
Robinhood launched the public mainnet of Robinhood Chain on July 1, an Arbitrum-based Ethereum Layer 2 network unveiled during a keynote event in London by CEO Vlad Tenev and SVP Johann Kerbrat. The core product is Stock Tokens, tokenized versions of US equities and ETFs that can be traded 24/7 and used as collateral in DeFi applications. The service is available in over 120 countries, though not to US persons.
Growth was quick. Standard Chartered analyst Geoffrey Kendrick said the chain had reached nearly $1 billion in TVL, describing its growth as the fastest among blockchains by that measure. He said virtually all of the chain's liquidity demand is being met through Uniswap V2, V3 and V4.
Memecoins have played a role. StoneX analyst Mark Palmer cited Robinhood's brand recognition, its permissionless structure, gas-fee subsidies and the link between memecoins and tokenized stocks as key drivers. About 10,000 tokens are launched each day through the token issuance platform Pons, according to the report.
Recent data supports the view that usage has eased. The Daily Hodl reported that daily transactions fell to an average of 6.2 million in early October, down 42% from mid-September. Daily active addresses dropped 18% week over week to 268,900, while stablecoin supply held steady at $1.1 billion.
Durability is also an open question. One analysis noted that the sustainability of Robinhood Chain remains untested through a full market cycle. It pointed to four layer-1 networks (Fantom, Aurora, Canto and Songbird) that lost more than 99% of their TVL.
For now, the chain still ranks high on several measures. It ranked third among 27 tracked chains by transaction count and fifth by stablecoin supply and revenue. Traders will be watching whether TVL holds as incentives fade and which memecoins on the network keep drawing volume.
Crypto Briefing: Robinhood launches Arbitrum-based Layer 2 mainnetBloomingbit: Robinhood Chain nears $1 billion TVL as memecoins and tokenized stocks drive growthThe Daily Hodl: Robinhood Chain activity drops over 40%
