Robinhood Chain has gotten off to a flying start—but it’s run in the wrong direction.

Less than two weeks after launch, this Ethereum L2’s TVL has already reached about $135 million. Its cumulative active addresses are nearly 800k, with 3.6 million transactions per day, putting it among the most active new public chains.
The awkward part is its data structure. Its official positioning is “tokenized stocks,” but on-chain RWA is only about $12.81 million—of which tokenized stocks are about $10.68 million. Meanwhile, the Meme coin CASHCAT, named after Robinhood’s former mascot, has surged 2,158% over 7 days, with a market cap of $156 million—one Meme’s market cap is more than a dozen times the entire chain’s RWA scale.
Stablecoins, at least, have solid fundamentals: on-chain stablecoin market cap is about $299 million, and USDG issued with Robinhood’s participation accounts for about $200 million.
CEO Vlad Tenev’s remarks were also refreshingly straightforward: the long-term goal is still RWA infrastructure, but “this chain is also very well suited for Meme coin trading.”
This is almost the fate-script for every new chain—its vision is serious finance, while its growth is powered by Meme celebrations. The hype is real, and so is the deviation. Once CASHCAT’s fireworks are done, how many people will still come on-chain to buy tokenized stocks—that’s the moment to truly test how good this chain is.