Robinhood Chain, the blockchain launched by US broker Robinhood earlier this month, has climbed to the top of the crypto developer activity rankings in less than two weeks, a rare feat for a new network and another sign that traditional financial firms are gaining popularity in Web3.
The landmark event became public after Alchemy CEO Nikil Viswanathan declared on X on July 21 that Robinhood Chain had “just reached No. 1.” Since Alchemy is one of the partners for launching the network, it is also possible to verify the information through Electric Capital’s live Developer Report dashboard, which monitors the number of active open source developers monthly using a rolling 28-day window of code contributions.
At the time of writing, Robinhood Chain occupies the top spot in the list of blockchain ecosystems specifically monitored by the dashboard.
Unlike rankings based on GitHub stars or social media buzz, Electric Capital takes a different approach to looking at developers based on their actual code contributions. Because many developers are working on different blockchains at the same time, the rankings illustrate where development efforts are going rather than which networks developers are exclusively working on.
Robinhood brings another advantage
The fact that Robinhood’s growth has occurred so quickly is remarkable considering that developer ecosystems typically take months or even years to develop.
According to a16z’s 2025 State of Crypto report, Ethereum and its layer 2 networks emerged as the top destination for developers in the year 2025. Robinhood Chain’s early success indicates that many Ethereum developers did not have much difficulty transitioning to the new network.
This is not surprising because Robinhood Chain is fully compatible with the Ethereum Virtual Machine (EVM) and works based on the Arbitrum technology, making it possible for developers to port the existing solutions without creating something completely new. Also, Electric Capital’s research has shown that crypto developers tend to work on multiple platforms rather than focusing on just one ecosystem.
Unlike most new blockchains, Robinhood emerged with certain advantages. The company has nearly 28 million consumers in 38 countries and launched its network in collaboration with established partners such as Alchemy, BitGo, Chainlink and Uniswap. For developers, this means direct access to commonly used infrastructure and a large potential user base.
The growth of developers is accompanied by equal user popularity. Cryptopolitan previously reported that Robinhood Chain outperformed Coinbase’s Base in daily transactions shortly after launch and also overtook rival EVM chains in terms of daily active wallets, meaning the network’s growth is going beyond developer interest.
Strong early networking activity
Robinhood introduced the public mainnet during its keynote in London on July 1, positioning the Layer-2 blockchain as a bridge between traditional finance and decentralized finance (DeFi).
Johann Kerbrat, Robinhood’s managing director of crypto and international, said the company’s goal is to make blockchain technology easier for everyday investors.
“We are bringing together the best of traditional finance and DeFi.” — Johann Kerbrat, Managing Director of Crypto and International at Robinhood
Early users quickly adopted the service. According to Kerbrat, the network had already processed more than 52.5 million transactions as of July 14, while reaching almost 1 million addresses in less than two weeks. The total value locked (TVL) in the network, meanwhile, exceeded $323 million, while the weekly volume of the decentralized exchanges exceeded $3 billion, citing Bernstein’s research.
Robinhood is also increasing the availability of its blockchain products. The Stock Tokens are available in approximately 120 countries depending on local law, while eligible US users can now earn approximately 7% interest on $USDG stablecoin via the Morpho lending protocol.
$USDG was launched in November 2024 by Global Dollar Network. Robinhood, Galaxy Digital, Kraken and Paxos were among the network’s founding members.
It remains to be determined whether Robinhood Chain will remain in the top spot among developers given how quickly Electric Capital’s data is updated regarding new code contributions.
However, achieving a top spot in one of the most followed metrics in the crypto world within a few weeks shows how quickly an existing financial service can bring in developers, especially when leveraging Ethereum compatibility, a mature infrastructure, and access to millions of potential users.
Credit : cryptonews.net
