robin hood chain (@RobinhoodCrypto) The full quantity locked within the first eight days reached roughly $79 million, growing by virtually 69% previously 24 hours. This was a powerful begin for the blockchain, which the brokerage solely switched to on July 1st. It additionally turned out to be one thing Robinhood hadn’t deliberate for. meme coin playground. The chain is gaining actual liquidity and actual consideration, and never simply in the best way its launch pitch recommended.
What’s Robinhood Chain?
The Robinhood chain is Robinhood (@RobinhoodApp) Proprietary Ethereum Layer 2 constructed on the Arbitrum Orbit stack and again to Ethereum for safety. use $ETH For fuel, block occasions run in roughly 100ms and are totally suitable with EVM, so commonplace contracts are deployed with out modification. There are not any separate chain tokens. I defined the technical overview in a earlier article, however What’s Robinhood’s new L2 blockchain?when the mainnet first went dwell.
This chain began with a product already bolted on, somewhat than an empty developer sandbox. The spotlight function is inventory tokens. It’s a tokenized model of shares reminiscent of NVDA, GOOG, and AAPL, and is traded 24 hours a day by means of Robinhood wallets in over 120 nations. On high of that, Robinhood Earn has additionally arrived. $USDG You should purchase stablecoins by way of Morpho for round 7% APY, in addition to perpetual cash by way of Lighter and AI-driven buying and selling instruments. Day one companions included Uniswap, Chainlink, BitGo, and Alchemy.
How massive is it and how briskly is it?
Progress was quick. In response to CryptoTimes, the chain gained over 141,000 new lively wallets on July 8, growing each day lively addresses to round 193,000. As of July 9, the whole quantity locked reached $78.97 million, a rise of 68.72% in someday, and the chain is nearing its highest value this week.
Most of its worth is saved in a single place.
- The mortgage to Morpho accounted for almost all, amounting to roughly $58 million.
- Uniswap is an in depth second with $20.6 million.
- The whole lot else, from prediction markets to launch pads, lags far behind.
A lot of that’s DeFi-native capital chasing yield somewhat than being swarmed by Robinhood’s 28 million customers, and the chain is footing the fuel charges for the primary 90 days, which compliments the early exercise. secure coin The chain’s market capitalization is $267.98 million. $USDG It accounts for 68.87%. It’s price holding these two numbers separate, because the stablecoin saved within the pockets will not be the identical as the worth locked within the protocol. The actual-world lively asset market capitalization is simply $12.8 million. For a sequence that sells in tokenized shares, its RWA numbers are exceptional.
Buying and selling was the most important half. The chain’s decentralized alternate noticed $433 million in commerce quantity led by Uniswap previously 24 hours, one of many largest single-day totals of any exterior Uniswap deployment. Ethereum. Apps constructed on the chain collected $1.47 million in charges previously day, however chain-level charges remained modest at $38,861 for the sponsored new community.
meme coin twist
The difficult half for Robinhood was what crammed that area. The chain touted genuine real-world property and AI-native finance. Merchants used it to challenge meme cash.
Tenev (@vladtenev) spent weeks drawing the road between real-world property and hypothesis, questioning the purpose of endlessly spinning up meme cash. Then the truth on the chain set in and his tone modified. Robinhood is constructing a sequence of RWAs, which it admitted. ”Additionally nice for memes.“The middle of enthusiasm is $cashcata token named after Robinhood’s outdated mascot “Money Cat”, reached a market capitalization of $140 million in a couple of days. On July 8, Solana Launchpad’s Pump(dot)enjoyable obtained a good greater increase by including help for Robinhood Chain tokens, permitting merchants to purchase tokens with no bridge. At present, Memecoin buying and selling accounts for a considerable share of its each day DEX quantity. It is a widespread sample with low charges E.V.M. However that is not the story that publicly traded corporations need to dominate launch protection.
Can I get tokens on Robinhood Chain?
The chain makes use of $ETH Relating to fuel, Robinhood didn’t announce a local token, factors program, or airdrop. There are structural causes for that. Robinhood is a public firm listed on the NASDAQ as $HOOD, and any on-chain token or comparable factors scheme may invite intense SEC scrutiny that personal crypto-native initiatives wouldn’t face.
There are additionally clear precedents. coinbase was constructed basea Layer 2 linked to a different massive brokerage agency, deliberately avoids token launches and as an alternative depends on ecosystem development and developer incentives. Robinhood’s public messaging follows the identical script, with an emphasis on product integration and world attain. tokenomics.
robin hood chain $ETH In Gasoline’s case, it holds about $79 million in TVL, most of which remains to be lent out, moved $433 million in buying and selling quantity on the DEX previously day, and is internet hosting a meme coin scene that the corporate had not initially deliberate.
supply of knowledge
- robin hood chain Official product web page for the chain, its structure, and launched merchandise
- Defilama Reside information on TVL, DEX quantity, stablecoin market cap, RWA lively market cap
- Crypto Instances Goal vary $cashcatfile lively tackle rely and Tenev’s memecoin feedback
- insurgent Pump.enjoyable integration and report on mortgage inflows and meme buying and selling splits
