Robinhood onboarded over ten million users to build its own chain, and its DEX daily trading volume once exceeded Base and Ethereum—but its perpetual futures volume was only $5 million, lagging HyperLiquid by two orders of magnitude. Meme sprints can borrow momentum, but ecosystem endurance is the real test.

Robinhood’s self-built blockchain, Robinhood Chain, is targeting DeFi, aiming to bring more than 10 million active users on-chain. On July 12, on-chain DEX trading volume over a 24-hour period was about $878 million, briefly surpassing Base and Ethereum, and ranking among the top decentralized exchanges by trading volume. It is still in an early stage: perpetual contract volume is about $5.9 million, while on-chain derivatives leader HyperLiquid has $8.9 billion. Analysts say its path is similar to the early days of a new public chain—the key is to turn the short-term meme coin hype into a sustainable on-chain financial ecosystem.