Robinhood Chain Surges: L2 Posts More Than $3 Billion in DEX Volume With 7 Million Daily Transfers

Robinhood Chain processed more than $3 billion in trading volume during its first full week of public operation, according to defillama.com data, but most of that volume came from meme coins rather than the tokenized stocks the network was built to support.

Key Takeaways

• Robinhood Chain generated over $3 billion in decentralized exchange ( DEX) platform volume over its first full week, according to defillama.com.
• Morpho Blue holds $89.04 million of the chain’s $139.78 million in total value locked.
• Just $13 million sits in tokenized stocks, while weekly DEX volume has already stretched into the billions.

The Arbitrum Orbit layer two ( L2) network launched its public mainnet on July 1, during Robinhood’s “The World Is Flat” event in London. CEO Vlad Tenev introduced the chain as infrastructure for tokenized real-world assets ( RWAs), backed by launch partners including Uniswap, Chainlink, Bitgo and Morpho. Robinhood’s existing customer base helped fuel the early numbers.

The company explained that it serves nearly 28 million customers across 38 countries, and Stock Tokens became available in more than 120 countries, subject to local jurisdiction. Robinhood also advertised no commission fees on the chain and covered user gas costs during an initial period, lowering the barrier for existing app users to move onto the network quickly.

Transactions and User Activity Accelerate

By July 13, Growthepie recorded 7 million daily transactions and 295,900 daily active addresses on the network. Blockscout’s explorer showed a higher count of 10.83 million daily transactions, while L2beat measured 7.10 million daily transfers. The three providers use different counting methods, but each points to the same outcome: Robinhood Chain moved from a fresh launch to a high-throughput network within two weeks.

In a recent newsletter, Token Terminal tracked that growth curve directly. Daily transactions on Robinhood Chain rose from about 680,000 to 7 million during the first week. Daily active users climbed from 33,000 to 194,000. Daily revenue increased from $4,000 to $39,000, and average block time dropped from 580 milliseconds to roughly 100 milliseconds.

Uniswap Dominates While Cash Cat Fuels Trading

Uniswap’s dedicated Robinhood Chain pool absorbed nearly all of that trading. Defillama figures show Uniswap generated $868.03 million in 24-hour volume and $3.097 billion over seven days. Arcus, Pancakeswap, Rialto and Robinswap combined for a fraction of that total, with Arcus posting $5.12 million in weekly volume and Pancakeswap adding $3.22 million.

Much of that activity traced back to cash cat (CASHCAT), a meme coin that became the chain’s dominant attention driver. Market data shows cash cat’s market cap near $144.6 million, with $34.8 million in 24-hour trading volume.

Cash cat (CASHCAT) meme coin from Robinhood Chain via markets. bitcoin.com. A wallet linked to trader Ansem reportedly moved $233,000 into the token, and cash cat later gained perpetual futures listings that added another layer of speculation. Tenev acknowledged the pattern, noting that a network built for real-world assets ( RWAs) also works well for meme trading.

Morpho Leads TVL and Lending Growth

Robinhood Chain’s total value locked reached $139.78 million, up 11.64% over 24 hours, defillama.com chain logs show. Morpho Blue accounted for $89.04 million of that figure, with active loans on the network totaling $100.93 million, almost entirely tied to Morpho. Uniswap held $44.87 million in TVL, and NOXA Fun, a token launchpad, added $10.92 million.

Robinhood Chain stats via the network’s first week via defillama.com logs. Ethena reportedly seeded about $50 million into a Steakhouse-curated USDG vault on Morpho, adding structured, yield-seeking capital to the network’s early liquidity. Robinhood Earn routes user deposits into that same vault, offering an estimated 7% annual yield through a self-custody wallet.

Stablecoins and Bridge Activity Expand

Stablecoin supply on Robinhood Chain reached $294.42 million, with USDG making up 66% of that total, defillama.com figures show. Bridged value into the network totaled $439.58 million, split between $293.79 million in native assets and $145.79 million moved through canonical bridges. L2beat recorded around 246,850 bridge transfers and $19.63 million in net inbound flow, with Ethereum to Robinhood Chain as the busiest route.

Tokenized Stocks Remain a Small Piece of the Ecosystem

Tokenized stock activity remains small next to those numbers. Defillama places Robinhood Chain’s real-world asset market cap at $12.67 million, and Coingecko’s Stocks Ecosystem page shows a similar $12.6 million figure. More than 65,000 users hold about $13 million in tokenized stocks, compared with roughly $300 million in stablecoins and $3.1 billion in weekly DEX volume.

Daily Metrics Show Momentum Holding

Daily snapshots show that early momentum held rather than faded. On July 8, the network logged $563.9 million in DEX volume, 193,187 daily active addresses, and more than 140,000 first-time users, alongside over 16,000 newly launched tokens.

By July 10, DEX volume climbed to $846.8 million and active addresses reached 306,893, with 153,332 new users nearly matching the day’s returning wallet count. Volume stayed near that level through July 13, when defillama.com recorded $868.69 million in 24-hour trading.

Fees Rise as Infrastructure Support Grows

Chain-level fees totaled $116,284 over 24 hours and $709,137 over seven days, defillama.com stats show, while chain revenue registered at zero, since collected fees are currently directed elsewhere in the network’s fee structure. App-level fees, a separate measure tied to trading activity across protocols, reached $4.24 million over the same 24-hour period.

Image source: Opensea via X. Opensea added support for Robinhood Chain on July 11, letting users trade stock tokens, NFTs, and meme coins on its platform. Chainalysis added automatic token support and monitoring coverage, and Dune Analytics made the network queryable on July 9. Those additions extend Robinhood Chain’s reach even as its NFT volume stays modest. Robinhood Punks recorded 85.64 ETH in total volume, and Robinhood Apes logged around 11.96 ETH, per Opensea stats.

The Next Challenge for Robinhood Chain

The next test for Robinhood Chain is whether tokenized stock and lending activity can grow enough to match the memecoin volume that carried its first two weeks. growthepie has warned that active address counts can be inflated by incentive-driven wallet activity, and a meaningful share of current volume depends on Cashcat holding investor interest. Traders watching the network will likely track whether Morpho’s lending base and Robinhood’s stock token rollout can outlast the meme cycle that built its early numbers.