Robinhood Chain Attracts 492,793 New Addresses in 11 Days, but Only 1.7% Have DeFi Experience

Robinhood Chain has attracted 492,793 new addresses within 11 days of its launch, according to data from on-chain researcher clemh59. According to Odaily, cross-referencing with user datasets from major DeFi protocols such as AAVE, Morpho, Ethena, and Pendle revealed that only 1.7% of those addresses had prior DeFi interaction records, a figure 12 times lower than the historical low benchmark of 20.6% seen in other protocols. An analysis of 11,272 active addresses over seven days showed that hood.fun, a memecoin launchpad, attracted 2,171 wallets, Uniswap drew 1,658 wallets, and NFT minting accounted for 156 wallets. The only on-chain lending market, Morpho, recorded zero active wallets. The median wallet balance on the chain was $8.2, with 112 addresses contributing approximately 50% of the trading volume. DefiLlama data indicated an on-chain total value locked (TVL) of $119 million, but the entire lending ledger contained only seven wallets, with two of them holding 99.7% of the funds. Analysts noted that while Robinhood Chain has successfully brought in new users, these users are currently engaged only in memecoin speculation. Whether they will convert into genuine DeFi users remains to be seen, pending tracking data over the next 30 to 60 days.