Robinhood Chain rakes in $4 billion in two weeks: Who benefits from the ecosystem's success?

Author: Nancy, PANews

The Meme coin's price continues to rise, constantly igniting the Robinhood Chain ecosystem. Just two weeks after its mainnet launch, this new public chain has entered the market with astonishing growth, constantly breaking on-chain activity records, and many core metrics have approached or even surpassed mainstream public chains such as Solana and Base.

With the continuous influx of funds, users, and liquidity, Robinhood Chain firmly holds the spotlight, and its ecosystem projects are also leveraging this growth to reap the benefits.

With the continuous influx of funds, users, and liquidity, Robinhood Chain is firmly in the spotlight, and its ecosystem projects are also taking advantage of this growth dividend.

Robinhood Chain is surging ahead of expectations, quickly becoming one of the most active public chains and a rising star in the market, attracting significant attention. (Note: The text includes a caption for an image: "Robinhood Chain has garnered $4 billion in transactions in just two weeks, with data soaring across multiple chains.") According to DeFiLlama data, since its self-network launch, Robinhood Chain's cumulative DEX trading volume has exceeded $3.98 billion. In the past 24 hours, its DEX trading volume ranked second only to Solana, surpassing Ethereum, Base, and BNB Chain. This growth momentum is even more pronounced when viewed within the Ethereum L2 blockchain context. As an Ethereum L2 blockchain, Robinhood Chain's on-chain transaction activity surpassed Base's in less than half a month since its launch. Token Terminal data shows that on July 11th, Robinhood Chain saw 10.4 million transactions in a single day, while Base saw approximately 6.4 million during the same period. Meanwhile, L2BEAT data shows that Robinhood Chain's Ethereum DA (Data Availability) usage also surpassed Base's at one point, and it has now become the second largest consumer chain for Ethereum DA. Beyond active trading, user growth is even more noteworthy. Dune data shows that Robinhood Chain's recent active addresses have increased by approximately 5 to 8 times compared to the previous week, and new addresses accounted for over 45.4% of the active addresses in the past three days. This means that this round of growth is not relying on high-frequency trading by existing users, but rather on continuously attracting new funds and users. From the perspective of the entire EVM ecosystem, Robinhood Chain has become one of the fastest-growing public chains in terms of wallet activity recently, with its number of active DEX wallets rapidly rising to second place in the EVM ecosystem, second only to BNB Chain. Whether in terms of transaction volume, transaction frequency, or new users, for a new player that has been online for less than two weeks, Robinhood Chain's growth rate has far exceeded market expectations. Meme contributes over half of the transaction volume, but hidden risks lurk behind the hype. Robinhood Chain's current rapid growth largely stems from the on-chain prosperity brought about by the Meme coin. According to Dune data, on July 10th alone, Meme coin contributed approximately 54.3% of the on-chain transaction volume of Robinhood Chain, becoming the most crucial source of liquidity in the ecosystem. As trading activity continues to rise, the speed of on-chain token issuance is also rapidly increasing. Dune data shows that the number of newly created tokens on Robinhood Chain recently exceeded 24,000 per day; at the same time, the number of meme launch platforms has also rapidly expanded from a few to more than ten. However, market funds are still highly concentrated in a few leading tokens. Currently, the total market capitalization of Meme tokens on Robinhood Chain exceeds $240 million, with Cashcat alone accounting for approximately 59.6% of that. Aside from the top tokens, only about 20 Meme tokens have a market capitalization exceeding one million US dollars, indicating that liquidity for long-tail projects remains limited. As the Meme ecosystem rapidly gains traction, security risks are also rising. 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. After purchase, the tokens automatically disappear from users' wallets, and funds cannot be recovered. Relay Protocol points out that these attacks do not involve wallet intrusion; users' private keys and other assets remain secure. The malicious logic exists only within the smart contracts of the scam tokens. 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 some malicious contracts also use hidden storage mappings to bypass standard ERC-20 security checks, thereby achieving 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 of funds first. Of course, the phenomenon of new blockchains becoming hotspots for scammers in their early stages is not unique to Robinhood Chain; many L1 and L2 networks have experienced similar phases in their initial launches. In addition, there have been instances of speculation and even manipulation. For example, a community user disclosed that Robinhood's founder allegedly leaked his mnemonic phrase during a live stream. Hackers subsequently gained control of the relevant address and used it, along with multiple associated wallets, to collectively buy $1 worth of Meme tokens on the Robinhood Chain, attracting a large number of investors and rapidly increasing the token's market value from approximately $500,000 to $14 million in a short period. After the relevant addresses were frozen, the attackers quickly moved to the BNB Chain, continuing to issue new tokens using the same set of associated addresses. They created trading activity through self-buying and selling, ultimately profiting and exiting. The on-chain analytics platform Bubblemaps also published an article disclosing that the ArrowFinance token ARROW on the Robinhood Chain exhibits a high degree of token bundling, with 80% of the tokens concentrated in associated addresses. Among them, a large cluster of 200 wallets, previously without any EVM on-chain activity, completed purchases within 3 minutes of the token's listing, all funded simultaneously by the same source, suggesting a possible attempt to sabotage the token issuance. Besides ARROW, it also discovered several similar large clusters of related addresses on the Robinhood Chain. As can be seen, Meme coin has enabled a successful cold start for the Robinhood Chain. Behind the on-chain frenzy, who is reaping the benefits of this ecosystem boom? The continued rise in on-chain activity on the Robinhood Chain has also driven multiple sectors, including DEX, lending, Launchpad, and infrastructure, to benefit simultaneously. As Robinhood Chain's primary DEX, Uniswap almost entirely handles the trading needs of the ecosystem. According to Dune data, on July 12th, the cumulative transaction volume of all versions of Uniswap on Robinhood Chain exceeded $830 million, accounting for 99.8% of the total DEX transaction volume on the chain, creating a near-monopoly market. This increased transaction activity also directly boosted protocol revenue. According to DeFiLlama data, Uniswap's protocol fees totaled approximately $4.97 million in the past 24 hours, second only to Tether and Circle, and higher than popular protocols such as Hyperliquid and Pump.fun. It's worth noting that Uniswap has already implemented a mechanism to burn UNI tokens for protocol fees and has proposed extending this mechanism to networks like Robinhood Chain. If implemented in the future, Robinhood Chain's transaction growth is expected to further enhance UNI's value capture capabilities. Morpho, leveraging its DeFi yield products, has become Robinhood Chain's largest platform for accumulating funds. Dune data shows that as of July 12, the Robinhood Chain protocol's TVL was approximately $306 million, of which over $120 million was held in Morpho, accounting for 39.2% of the total TVL, ranking first in the ecosystem. As the primary issuer of collateral assets for Robinhood Earn, Ethena has also benefited from the continuous inflow of funds. Dune data shows that as of July 12, Ethena's TVL on Robinhood Chain reached $99.59 million, accounting for 32.4% of the total TVL, second only to Morpho. Meanwhile, the total size of Robinhood Chain stablecoins has exceeded $290 million. Of this, approximately $99.59 million is from USDe issued by Ethena, plus approximately $50 million in assets from the USDG vault jointly operated by Ethena and Steakhouse, bringing the total to nearly $150 million. As the leading launchpad of Robinhood Chain, NOXA.fun handles most of the token issuance needs within the ecosystem, and is also the issuance platform for the leading Meme project, Cashcat. According to Dune data, on July 11th, NOXA.fun issued 51% of all newly issued tokens on the entire blockchain. Currently, the platform has over 260,000 active addresses, and its cumulative protocol revenue has exceeded $13 million. In just the past 24 hours, protocol fees reached $1.94 million, even surpassing the $1.61 million of Pump.fun, a leading Solana launch platform, during the same period. However, due to the proliferation of copycat projects and the increasing prevalence of bots creating tokens in bulk, NOXA.fun has temporarily suspended its new token issuance function and stated that it is seeking corresponding solutions. In addition, the team burned 40% of the NOXA token supply on July 12th. This token was issued by the team on the DBK Chain developed by DeBank in 2025 and has been inactive since. As the underlying technology provider for Robinhood Chain, Arbitrum has also benefited from ecosystem expansion. Driven by Robinhood Chain, ARB has risen by approximately 16.1% in the past week. Brendan Ma, Head of Investment Strategy at the Arbitrum Foundation, recently pointed out that Robinhood Chain's annualized transaction revenue has reached $12.5 million. According to the cooperation agreement, Robinhood Chain will return 10% of its net protocol revenue to the Arbitrum ecosystem, with 8% going to the DAO treasury and 2% used for ecosystem development. However, in terms of actual revenue, Dune data shows that Robinhood Chain's cumulative net protocol revenue to date is only about $717,000. Therefore, the current rise in ARB is more due to market expectations of future revenue growth than actual revenue contribution. Another noteworthy platform is Arcus, a perpetual contract trading platform created by the original dYdX team. DeFillama data shows that Arcus's cumulative trading volume exceeded $5.16 million in the past 7 days, making it the second largest DEX on the Robinhood Chain. However, the rapid growth in Arcus's trading volume is currently largely attributed to market expectations of a potential airdrop. However, for Robinhood Chain, the real test may have just begun, and how long the meme hype will last remains to be seen. More importantly, it's crucial to see if this surge in traffic can truly translate into real users, long-term funding, and a more resilient ecosystem.