Robinhood Chain’s real user profile for new users: 490k addresses added to the chain, with only 1.7% reaching DeFi

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Deep Tide TechFlow news. On July 15, according to on-chain researcher clemh59 data, within the first 11 days after launch, Robinhood Chain attracted 492,793 new addresses. However, after cross-referencing the user dataset with mainstream DeFi protocols such as AAVE, Morpho, Ethena, and Pendle, only 1.7% of addresses had any DeFi interaction history—far below other protocols’ 20.6% historical lowest baseline—representing a 12x gap from that baseline.

In an analysis of the behavior of 11,272 active addresses within 7 days, hood.fun (a Memecoin launchpad) attracted 2,171 wallets, Uniswap attracted 1,658 wallets, and NFT minting attracted 156 wallets, while the number of active wallets on the on-chain only lending market Morpho was 0. In addition, the median on-chain wallet holdings were only $8.2, with 112 addresses contributing about 50% of the transaction volume. DefiLlama shows on-chain TVL of $119 million, but the entire lending ledger has only 7 wallets—2 of which hold 99.7% of the funds.

Analysts point out that Robinhood Chain indeed brought in real new users, but these users are currently only staying at the Memecoin speculation layer. Whether they can be converted into true DeFi users still requires follow-up tracking data to be verified 30 to 60 days later.

AAVE-0.74%
MORPHO3.21%
ENA0.41%
PENDLE6.08%
FUN6.15%
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