Translated by: Plain Blockchain

If we rank the top 100 cryptocurrencies by market cap based on their price increase over the past 7 days, several heavyweight DeFi projects stand out. Specifically, the top gainers this week include Lighter (LIT, +16%), Morpho (MORPHO, +15%), Arbitrum (ARB, +13%), and Uniswap (UNI, +9%).

These projects certainly belong to different tracks, but their recent rise has a very clear common thread: they are largely benefiting from the explosive launch of Robinhood Chain.

However, you may recall that in my article on Wednesday discussing the "meme narrative" of Robinhood Chain, I mentioned that this Layer 2 has significant ambitions for tokenized assets at its launch; yet the traffic that truly ramped up early on was almost entirely driven by memes like CASHCAT.

In other words, this resembles a familiar speculative frenzy on-chain. We have seen similar scenes before. But the truly noteworthy change in the past 48 hours is that the scale of this activity is rapidly expanding.

For example, over just the past few days, according to DefiLlama data, the TVL (Total Value Locked) of Robinhood Chain has doubled from 46 million to 96 million USD; meanwhile, the market cap of stablecoins on this network has also risen to over 270 million USD. Additionally, this Layer 2 has already recorded about 900 million USD in DEX trading volume this week, with over 500 million USD occurring in the last 24 hours.

This early momentum suggests that real sustainability is starting to show here, and even implies that this wave sparked by memes may overflow into more verticals in the future, such as RWA, perpetual contracts, and so on. Therefore, many traders this week are continuing to build positions in those targets that might benefit long-term from the rise of Robinhood Chain.

Thus, we have seen the exceptional performance of LIT, ARB, MORPHO, UNI over the past 7 days. At least at the current stage, these tokens have already been woven into the potential ascending narrative of Robinhood Chain. Specifically:

Lighter — Will Lighter become the next Hyperliquid? It's still too early to conclude, but being chosen as the default perpetual contract platform for Robinhood Wallet is undoubtedly a significant step in that direction. Although the perpetual trading volume on Robinhood Chain is currently not large, if it truly scales quickly, Lighter could expect to generate more revenue, which will translate into more LIT repurchase and destruction.

Arbitrum — Robinhood Chain is built on the Arbitrum Orbit technology stack, and this chain's 10% net protocol revenue will flow back to the Arbitrum ecosystem. How these revenues will ultimately reflect in ARB prices is another matter; however, Robinhood's early success has further highlighted the possibility that more large companies will deploy Orbit chains in the future. This could lead to an increase in revenue flowing to Arbitrum, which is obviously a positive for ARB.

Morpho — The newly launched Robinhood Earn product is directing USDG deposits into the Morpho vault, offering an approximately 7% annual percentage yield (APY). This is also why currently out of Robinhood Chain's 96 million USD TVL, about 65 million USD is parked in Morpho. Like ARB, MORPHO is still primarily a governance token, so how this new conduit will affect the token price remains to be observed. Nonetheless, MORPHO has essentially become a proxy for betting on the success of the Morpho engine, and Robinhood Earn is the catalyst for that engine.

Uniswap — This DEX has facilitated approximately 1 billion USD in total transaction volume within one week of Robinhood Chain's launch. This level of activity surge will generate considerable protocol fees, which can further convert into UNI destruction. Therefore, if Robinhood Chain can maintain substantial transaction volume going forward, its success will be beneficial for UNI in the long run. In addition, Uniswap has served as the main DEX for this network since day one, sending a signal to other companies: if they plan to launch their own L2 in the future, they can adopt a similar approach.

From a more macro perspective, indeed, the current number one meme of Robinhood Chain — CASHCAT — has skyrocketed 5000% over the past 7 days, greatly outpacing the gains of these blue-chip DeFi tokens. However, the future of CASHCAT largely depends on sentiment and atmosphere; and as we have come to understand after the first round of massive meme coin hype, the "atmosphere" itself cannot last indefinitely.

What can truly continue is solid fundamentals, and the infrastructure that provides capacity for broader on-chain activity. Thus, just one week after the launch of Robinhood Chain, LIT, ARB, MORPHO, UNI have already become several paths to bet on the core logic of this chain — you don't have to gamble on whether a particular meme can keep being hot, but can participate in the growth narrative of Robinhood Chain.

Next, we will see what kind of performance these tokens can deliver under this new paradigm.

Article link: https://www.hellobtc.com/kp/du/07/6378.html

Source: https://www.bankless.com/read/defis-big-robinhood-chain-winners