Total locked value has roughly tripled since mid-July to about $312 million, according to DefiLlama, and Robinhood Chain now clears more than $600 million in daily decentralized exchange volume, making it one of the more active networks in crypto.
The number of transactions has also attracted attention, with more than 138 million in 30 days per Token Terminal. But the chain’s most traded tokens are still predominantly memecoins.
On DEX Screener, the top of the Robinhood Chain trending list is filled with tokens like ‘Hoodrat’, ‘Vladhood’ and ‘Swole Doge’, not the tokenized stocks the network was built for, which trade on Uniswap, but are much lower in the volume rankings.
The tokenized shares generate about $55 million in volume daily, 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 largest presence on the chain, with a combined market value of hundreds of millions of dollars, and memecoins, such as the Robinhood mascot theme $CASHCATthat defined the chain’s early weeks are still active and heavily traded.
The criticism three weeks ago was that Robinhood had built expensive infrastructure and only fueled speculation, with little sign that the tokenized-stock business it set up would materialize.
Credit : cryptonews.net
