The activity on the Robinhood Chain continues to rise, benefiting multiple sectors such as DEX, lending, Launchpad, and infrastructure.

Written by: Nancy, PANews

The meme coin market continues to ferment, continually igniting the ecological heat of the Robinhood Chain. Only two weeks after the mainnet launch, this new public chain has entered the market's vision with an astonishing growth rate, with on-chain activity constantly breaking records, and several core indicators nearing or even surpassing mainstream public chains like Solana and Base.

Accompanied by a continuous influx of capital, users, and liquidity, Robinhood Chain firmly occupies the spotlight, while its ecological projects leverage this growth dividend.

In just two weeks, it has captured $4 billion in trading, with multiple on-chain metrics skyrocketing.

Robinhood Chain is rising at an unexpected speed, rapidly ranking among the most active public chains, becoming the market's new "dark horse."

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

When observing the Ethereum L2 sector, this growth momentum is even more evident.

As another Ethereum L2, Robinhood Chain has exceeded Base in on-chain trading activity within less than half a month of its launch. Token Terminal data shows that on July 11, Robinhood Chain reached a single-day transaction count of 10.4 million, while Base had about 6.4 million during the same period. Meanwhile, L2BEAT data shows that the Ethereum DA (data availability) usage on Robinhood Chain also temporarily exceeded Base, making it the second-largest consumer chain of Ethereum DA.

Beyond trading activity, user growth is also noteworthy.

Dune data shows that the number of active addresses on Robinhood Chain has increased by about 5 to 8 times compared to the previous week, with newly added addresses accounting for over 45.4% of the active addresses in the past three days. This indicates that the current growth is not reliant on frequent trading by existing users, but is continually attracting new capital and users.

From the entire EVM ecosystem, Robinhood Chain has become one of the fastest-growing public chains in terms of wallet activity recently, with the number of active wallets in DEX rapidly rising to second place in EVM, only behind BNB Chain.

Whether in transaction scale, transaction frequency, or new users, the growth rate exhibited by Robinhood Chain, a new player that has been online for less than two weeks, has far exceeded market expectations.

Meme coins contribute over half of the trading volume, while risks lurk behind the bustle

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

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

As trading heat continues to rise, the speed of new token launches on-chain is also increasing rapidly. Dune data shows that recently the number of newly created tokens per day on Robinhood Chain exceeded 24,000; meanwhile, the number of meme launching platforms has expanded from a few to over a dozen.

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

As the meme ecosystem heats up rapidly, security risks are also beginning to rise. Cross-chain interoperability platform Relay Protocol recently issued a security warning stating that numerous honey pot scam tokens have appeared on Robinhood Chain, where tokens purchased by users automatically disappear from wallets, and funds cannot be recovered.

Relay Protocol indicated that these attacks do not stem from wallet breaches, and users' private keys and other assets remain safe; the malicious logic exists solely in the smart contracts of the scam tokens. Usually, such honey pot tokens allow users to buy normally, but restrict selling through preset rules, or even directly transfer funds to wallets controlled by attackers. Some community users have discovered that certain malicious contracts also use hidden storage mapping to bypass standard ERC-20 security checks, enabling asset theft.

In response, Relay Protocol recommends that users trade tokens verified by trusted sources, verify contract addresses before trading, and test with small amounts first. Of course, the phenomenon of new chains initially becoming active areas for scammers is not unique to Robinhood Chain; many L1 and L2 networks have experienced similar phases shortly after their launches.

In addition, there have also been instances of speculation and manipulation taking advantage of the situation. For example, some community users disclosed that the founder of Robinhood seemingly leaked the mnemonic phrase during a live stream, and hackers subsequently took control of the related addresses, using those addresses and multiple related wallets to buy up Robinhood Chain's meme coin $1, attracting many investors to follow suit, rapidly increasing the market cap of that token from about $500,000 to $14 million in a short time. After the related addresses were frozen, the attackers quickly shifted to BNB Chain, continuing to use the same batch of related addresses to launch new tokens, creating trading activity through a practice of buying and selling to themselves, ultimately completing a profitable exit.

The on-chain analysis platform Bubblemaps has also reported that the lending protocol ArrowFinance's token ARROW on Robinhood Chain exhibits a high degree of bundling, with 80% of the chips concentrated in related addresses. Among them, a huge cluster of 200 wallets previously had no EVM on-chain activity records, all completing purchases within three minutes of the token launch, and all funded from the same source, suspected of targeting the token issuance. Besides ARROW, they have also identified several similar large clusters of related addresses on Robinhood Chain.

It is evident that meme coins have successfully executed a cold start for Robinhood Chain.

Behind the on-chain revelry, who is capitalizing on this wave of ecological dividends?

The continuing rise in activity on the Robinhood Chain has also benefitted multiple sectors such as DEX, lending, Launchpad, and infrastructure.

· Uniswap

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

Dune data shows that on July 12, the cumulative trading volume of all versions of Uniswap on Robinhood Chain exceeded $830 million, making up 99.8% of the total DEX trading volume on the chain, almost monopolizing the market landscape.

The increase in trading activity has also directly driven protocol revenue growth. DeFiLlama data shows that in the past 24 hours, Uniswap protocol fees amounted to approximately $4.97 million, only behind Tether and Circle, exceeding popular protocols such as Hyperliquid and Pump.fun.

It is worth mentioning that Uniswap has currently initiated a protocol fee burn mechanism for UNI, and has proposed to extend this fee mechanism to networks such as Robinhood Chain through relevant proposals. If implemented in the future, the trading growth on Robinhood Chain is expected to further enhance UNI's value capture ability.

· Morpho

With its DeFi yield products, Morpho has become Robinhood Chain's largest capital accumulation platform. Dune data shows that as of July 12, the TVL (Total Value Locked) of the Robinhood Chain protocol is approximately $306 million, of which over $120 million is deposited in Morpho, accounting for 39.2% of the overall TVL, ranking first in the ecosystem.

· Ethena

As the main collateral asset issuer for Robinhood Earn, Ethena has also benefited from sustained capital inflows. Dune data shows that as of July 12, Ethena's TVL on Robinhood Chain reached $99.59 million, accounting for 32.4% of the overall TVL, second only to Morpho.

Meanwhile, the total size of stablecoins on Robinhood Chain has surpassed $290 million. Among them, USDe issued by Ethena is approximately $99.59 million, plus around $50 million in assets from the USDG treasury jointly operated by Ethena and Steakhouse, totaling nearly $150 million.

· NOXA.fun

As the leading Launchpad on Robinhood Chain, NOXA.fun has taken on 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 11, the number of tokens issued by NOXA.fun accounted for 51% of all new tokens launched on the chain. Currently, the platform has accumulated over 260,000 active addresses, and the protocol's cumulative revenue has surpassed $13 million. In just the past 24 hours, the protocol fees reached $1.94 million, even exceeding the $1.61 million from Solana's leading launch platform Pump.fun during the same period.

However, due to the proliferation of follow-the-leader projects and robots creating tokens in bulk, NOXA.fun has temporarily suspended new token issuance functionality and stated that it is looking for corresponding solutions. Additionally, the team also burned 40% of the NOXA token supply on July 12; this token was issued by the team on the DBK Chain developed on DeBank in 2025 and had not seen activity since then.

· Arbitrum

As the underlying technology provider for Robinhood Chain, Arbitrum has also benefited from the ecological expansion. Driven by Robinhood Chain, ARB has risen about 16.1% in the past week.

Brendan Ma, the head of investment strategy at the Arbitrum Foundation, recently pointed out that Robinhood Chain's annualized trading income has reached $12.5 million. According to the cooperative agreement between both parties, Robinhood Chain will return 10% of the net revenue of the protocol to the Arbitrum ecosystem, of which 8% will go to the DAO treasury and 2% for ecological development.

However, from actual revenue figures, Dune data shows that as of now, Robinhood Chain's cumulative net protocol revenue is only about $717,000, so the current increase in ARB is more driven by market expectations of future revenue growth rather than actual revenue contributions.

· Arcus

Another project worth attention is Arcus, a perpetual contract trading platform developed by the original dYdX team. DeFillama data shows that in the past 7 days, Arcus has exceeded $5.16 million in cumulative trading volume, becoming the second-largest DEX on Robinhood Chain. However, the rapid increase in Arcus' trading volume is seen as more related to potential airdrop expectations by the market.

However, for Robinhood Chain, the real test may just be beginning, and how long the meme hype can sustain remains uncertain. What is more concerning is whether this wave of traffic can truly settle as its real users, long-term capital, and a more resilient ecological foundation.