Author: Nancy, PANews

The meme coin market is continuing to ferment, constantly igniting the ecological heat of Robinhood Chain. The mainnet has only been online for two weeks, and this new public chain has burst into the market's view with an astonishing growth rate, continually breaking on-chain activity records, with several core indicators nearing or even surpassing leading public chains such as Solana and Base.

With the continuous influx of funds, users, and liquidity, Robinhood Chain firmly occupies the spotlight, while its ecological projects leverage this wave of growth dividends.

In two weeks, a phenomenal $4 billion in transactions, with multiple on-chain data surging

Robinhood Chain is rising at an unexpected speed, quickly joining the ranks of the most active public chains, becoming the market’s new “dark horse.”

According to DeFiLlama data, since the mainnet launch, Robinhood Chain has accumulated DEX trading volume exceeding $3.98 billion. In the past 24 hours, its DEX trading volume ranked second across the network, only behind Solana, surpassing Ethereum, Base, and BNB Chain.

When observed in the Ethereum L2 track, this growth momentum is even more pronounced.

As another Ethereum L2, Robinhood Chain's on-chain trading activity has already surpassed Base within less than half a month since launch. Token Terminal data shows that on July 11th, Robinhood Chain recorded 10.4 million transactions in a single day, while Base had about 6.4 million transactions during the same period. Meanwhile, L2BEAT data indicates that Robinhood Chain's Ethereum DA (data availability) usage briefly exceeded Base, becoming the second-largest consumer chain for Ethereum DA.

In addition to active trading, user growth is even more noteworthy.

Dune data shows that the number of active addresses on Robinhood Chain recently surged by about 5 to 8 times compared to the previous week, and in the last three days, new addresses accounted for over 45.4% of the active addresses. This indicates that this round of growth is not relying on existing users’ high-frequency trading, but continues to attract new funds and users.

From the perspective of the entire EVM ecosystem, Robinhood Chain has already become one of the public chains with the fastest growth in wallet activity recently, with the number of active wallets on DEX rapidly climbing to the second position in EVM, only behind BNB Chain.

Whether in terms of trading scale, trading frequency, or new users, for a new player that has been online for less than two weeks, Robinhood Chain's exhibited growth rate has far surpassed market expectations.

Meme coins contribute over half of the trading volume, with risks hidden behind the excitement

The current rapid growth of Robinhood Chain is largely driven by the on-chain prosperity brought by meme coins.

Dune data shows that on July 10th alone, meme coins contributed approximately 54.3% of the on-chain trading volume on Robinhood Chain, becoming the core source of liquidity for the ecosystem.

With trading heat continuing to rise, the speed of token issuance on-chain is also increasing rapidly. Dune data shows that recently, the number of new tokens created daily on Robinhood Chain once surpassed 24,000; meanwhile, the number of meme launching platforms has expanded from a few initially to over a dozen.

However, market funds remain highly concentrated in a few leading tokens. Currently, the total market cap of meme coins on Robinhood Chain has exceeded $240 million, with Cashcat alone accounting for approximately 59.6% of the market cap. Excluding leading tokens, only about 20 meme coins have reached a market cap of over one million dollars, while the overall liquidity for long-tail projects remains limited.

As the meme ecosystem rapidly heats up, security risks have also begun to rise. The cross-chain interoperability platform Relay Protocol recently issued a security warning stating that a large number of honeypot scam tokens have appeared on Robinhood Chain, where tokens automatically disappear from wallets after users purchase them, making it impossible to recover funds.

Relay Protocol pointed out that this type of attack is not due to wallet breaches; user private keys and other assets remain secure, with malicious logic only existing in the scam token’s smart contracts. Typically, these honeypot tokens allow users to buy normally but restrict selling through preset rules, and can even directly transfer funds to wallets controlled by attackers. Some community users have discovered that certain malicious contracts also utilize hidden storage mappings to bypass standard ERC-20 security checks, thereby enabling asset theft.

In response, Relay Protocol recommends that users should trade tokens verified by trusted sources, verify contract addresses before trading, and test with small amounts of funds first. Of course, becoming an active area for scammers in the initial months after launching is not a unique phenomenon to Robinhood Chain, as many previous L1 and L2 networks experienced similar stages in their early days.

Additionally, there have also been phenomena of speculation and even manipulation taking advantage of the situation. For example, some community users disclosed that Robinhood's founder allegedly leaked the mnemonic phrase during a live broadcast, leading a hacker to subsequently control the relevant addresses and use that address along with several associated wallets to buy memes on Robinhood Chain at $1, attracting many investors to follow suit, causing the token's market cap to rapidly increase from about $500,000 to $14 million in a short time. Once the related addresses were frozen, the attackers swiftly moved to BNB Chain, continuing to use the same batch of associated addresses to issue new tokens, creating trading activity through wash trading, ultimately completing their profit exit.

On-chain analysis platform Bubblemaps also published an article disclosing that the lending protocol ArrowFinance's token ARROW on Robinhood Chain exhibits a high degree of bundling, with 80% of chips concentrated in associated addresses. Notably, a vast cluster consisting of 200 wallets had no prior EVM chain activity records and completed purchases within 3 minutes of the token's launch, all funded from the same source, suggesting an attack on the token issuance. Besides ARROW, several similar large associated address clusters have also been found on Robinhood Chain.

It can be seen that meme coins have facilitated a successful cold start for Robinhood Chain.

Behind the on-chain celebration, who is really benefiting from this wave of ecological dividends?

The continuous rise in on-chain activity for Robinhood Chain has also benefited multiple tracks including DEX, lending, Launchpad, and infrastructure.

· Uniswap

As the current main DEX on Robinhood Chain, Uniswap has almost shouldered the entire ecosystem's trading demand.

Dune data shows that on July 12th, the cumulative trading volume across various versions of Uniswap on Robinhood Chain exceeded $830 million, accounting for 99.8% of the total DEX trading volume on the entire chain, showcasing a highly dominant market position.

The increase in trading activity has also directly driven protocol revenue growth. DeFiLlama data indicates that in the past 24 hours, the Uniswap protocol fees amount to approximately $4.97 million, only second to Tether and Circle, higher than hot protocols such as Hyperliquid and Pump.fun.

It is worth mentioning that Uniswap has currently initiated a protocol fee burn mechanism for UNI tokens and has proposed to extend this fee mechanism to networks like Robinhood Chain in relevant proposals. If implemented in the future, the transaction growth of Robinhood Chain is expected to further enhance UNI's value capture capability.

· Morpho

With its DeFi yield products, Morpho has become the largest capital aggregation platform on Robinhood Chain. Dune data shows that as of July 12th, the TVL (total value locked) of the Morpho protocol on Robinhood Chain is approximately $306 million, with over $120 million deposited in Morpho, accounting for 39.2% of the total TVL, ranking first in the ecosystem.

· Ethena

As the main collateral asset issuer for Robinhood Earn, Ethena also benefits from the continuous influx of funds. Dune data shows that as of July 12th, Ethena's TVL on Robinhood Chain reached $99.59 million, accounting for 32.4% of the total TVL, second only to Morpho.

At the same time, the total scale of stablecoins on Robinhood Chain has surpassed $290 million. Among them, USDe issued by Ethena is approximately $99.59 million, plus about $50 million from the USDG vault co-operated by Ethena and Steakhouse, with a combined total nearing $150 million.

· NOXA.fun

As the leading Launchpad on Robinhood Chain, NOXA.fun has undertaken most of the token issuance demand within the ecosystem and is also the issuance platform for the leading meme project Cashcat.

Dune data shows that on July 11th, the number of tokens issued by NOXA.fun accounted for 51% of all newly issued tokens across the chain. Currently, the platform's cumulative active addresses have surpassed 260,000, and the protocol's cumulative revenue has exceeded $13 million. In just the past 24 hours, the protocol fees reached $1.94 million, even exceeding the $1.61 million from the leading launch platform on Solana, Pump.fun.

However, due to the severe proliferation of following projects and bot-created tokens, NOXA.fun has temporarily closed the new token issuance feature and stated that they are looking for corresponding solutions. In addition, the team also burned 40% of the NOXA token supply on July 12th, which was issued on the DBK Chain developed by the team in 2025 and had not been active since.

· Arbitrum

As the underlying technology provider for Robinhood Chain, Arbitrum is also a beneficiary of the ecosystem's expansion. Driven by Robinhood Chain, ARB has risen by about 16.1% over the past week.

Brendan Ma, the investment strategy director of the Arbitrum foundation, recently pointed out that Robinhood Chain's annualized trading revenue has now reached $12.5 million. According to the cooperation agreement between the two parties, Robinhood Chain is to return 10% of the protocol’s net revenue to the Arbitrum ecosystem, with 8% going to the DAO treasury and 2% for ecosystem development.

However, from the actual revenue standpoint, Dune data shows that to date, Robinhood Chain's accumulated net revenue is only about $717,000, so the current rise in ARB is more attributed to market expectations of future revenue growth rather than actual revenue contributions.

· Arcus

Another noteworthy entity is Arcus, a perpetual contract trading platform built by the original dYdX team. DeFiLlama data indicates that in the past 7 days, Arcus accumulated a trading volume of over $5.16 million, becoming the second-largest DEX on Robinhood Chain. However, the rapid increase in Arcus’s trading volume is more considered by the market to be related to expectations of potential airdrops.

However, for Robinhood Chain, the real test may have just begun, as the sustainability of meme fever remains uncertain. More importantly, it is worth focusing on whether this traffic can truly translate into real users, long-term funds, and a more resilient ecological foundation.

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