Author: William M. Peaster

Translation: Blockchain in Plain Language

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

These projects, of course, belong to different tracks, but their recent upswings share a very clear common thread: they have all benefited significantly from the explosive launch of the Robinhood Chain.

However, you might recall that in my article on Wednesday discussing the Robinhood Chain “meme narrative,” I mentioned that when this Layer 2 launched, it had grand ambitions for tokenized assets; yet the traffic that truly got it moving in the early days was almost entirely driven by CASHCAT and similar memes.

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

For instance, in just the past few days, according to DefiLlama data, the TVL (total locked value) of the Robinhood Chain has doubled from $46 million to $96 million; meanwhile, the market capitalization of stablecoins on this network has also risen to over $270 million. Additionally, this L2 has already recorded about $900 million in DEX trading volume this week, with over $500 million occurring in the past 24 hours.

This early momentum indicates that real sustainability is beginning to emerge here, and it even suggests that this wave of meme-driven market activity may spill over into more verticals in the future, such as RWA, perpetual contracts, and so on. Accordingly, many traders have been increasing their positions in assets that may benefit long-term from the rise of the Robinhood Chain.

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

Lighter— Will Lighter become the next Hyperliquid? It's 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 the Robinhood Chain is still relatively small, if it truly sees rapid growth in the future, Lighter could expect to gain more revenue, which would then translate into more LIT buybacks and burn.

Arbitrum— The Robinhood Chain is built on the Arbitrum Orbit tech stack, and this chain will return 10% of its net protocol revenue back to the Arbitrum ecosystem. How these revenues ultimately map to ARB prices is a different matter; however, the early success of Robinhood highlights the possibility that more large companies may deploy Orbit chains in the future. This could mean that revenue flowing to Arbitrum may continue to increase, which is obviously a positive sign for ARB.

Morpho— The newly launched Robinhood Earn product is channeling USDG deposits into the Morpho treasury, offering an approximately 7% annual percentage yield (APY). This is why, out of the current $96 million TVL on the Robinhood Chain, about $65 million is parked in Morpho. Like ARB, MORPHO is still primarily a governance token, so we still need to monitor how this new channel of borrowed flows will impact its price. Nevertheless, MORPHO has essentially become a proxy bet on the success or failure of the Morpho engine, and Robinhood Earn is the catalyst for this engine.

Uniswap— This DEX has facilitated about $1 billion in total trading volume within a week of the Robinhood Chain going live. Such a surge in activity will generate considerable protocol fees, which can further be converted into UNI burn. Therefore, if the Robinhood Chain can maintain considerable trading volumes in the future, its success will be beneficial for UNI in the long term. Additionally, Uniswap has been the leading DEX on this network since day one, sending a signal to other companies that if they also want to launch their own L2 in the future, they can follow this approach.

From a more macro perspective, indeed, the current top meme on the Robinhood Chain—CASHCAT—has skyrocketed by 5000% in the past 7 days, leaving the growth rates of these blue-chip DeFi tokens far behind. However, the future of CASHCAT largely depends on sentiment and atmosphere; and as we have learned after the first wave of large-scale meme coin frenzies, "atmosphere" itself cannot sustain indefinitely.

What can truly sustain is solid fundamentals and the infrastructure that provides capacity for broader on-chain activities. Therefore, just one week after the launch of the Robinhood Chain, LIT, ARB, MORPHO, UNI have already become several paths to bet on the core logic of this chain—you don't need to gamble on whether a specific meme can stay popular; you can still participate in the growth narrative of the Robinhood Chain.

Next, it remains to be seen how these tokens will perform under this new paradigm.

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