Total value locked has roughly tripled since mid-July to around $312 million, according to DefiLlama, and Robinhood Chain now clears more than $600 million in daily decentralized exchange, placing it among the more active networks in crypto.
Its transaction count has also attracted attention with more than 138 million in 30 days per month. Token Terminal. But the chain’s most traded tokens are still predominantly memecoins.
On the DEX Screener, the top of Robinhood Chain’s trending list is filled with tokens like “Hoodrat”, “Vladhood” and “Swole Doge”, not the tokenized stocks the network is built for, which trade on Uniswap, but rank well down in the volume rankings.
The tokenized shares generate about $55 million in daily volume, less than a tenth of the chain’s nearly $600 million in total DEX trading, the data shows. The rest is dominated by memecoins.
Stablecoins remain the single largest presence on the chain, with a combined market cap in the hundreds of millions of dollars, and memecoins, such as the Robinhood mascot theme CASHCAT that defined the chain’s early weeks, are still active and trading heavily.
The criticism three weeks ago was that Robinhood had built expensive infrastructure and attracted only speculation, with little sign that the tokenized stock business it launched would materialize.
