Robinhood Chain went live for two weeks, TVL surpassed $135 million, and Meme coin trading is far higher than RWA.

BlockBeats message, July 13: Less than two weeks after Robinhood launched its Ethereum Layer2 network, Robinhood Chain, on July 1, its total value locked (TVL) has already increased to about $135 million. Cumulative active addresses have reached nearly 800k, and daily transaction counts have hit 3.6 million, placing it among the most active new public chains in the crypto market.

However, real on-chain use is clearly diverging from its “tokenized stocks” positioning. The current on-chain tokenized real-world assets (RWA) total only about $12.81 million, of which tokenized stocks are roughly $10.68 million. Meanwhile, the Meme coin CASHCAT, named after Robinhood’s former mascot, has surged by as much as 2158% over the past 7 days, with a market cap of $156 million—far exceeding the scale of on-chain RWA—and has also sparked a wave of Robinhood-themed Meme coins.

Data shows that Robinhood Chain’s current stablecoin market cap is about $299 million, of which USDG issued with Robinhood’s involvement accounts for roughly $200 million. Robinhood CEO Vlad Tenev previously said the company’s long-term goal is still to build RWA infrastructure, but he also acknowledged that “this chain is equally very well-suited for Meme coin trading.”