Robinhood Chain’s onchain activity surged this week as a memecoin frenzy, a Pump.fun integration and a defecting Solana app converged on the barely week-old network — even as its largest single inflow traced to a stablecoin deposit rather than the meme trade.
Cumulative addresses on the Arbitrum-based Layer 2 climbed toward 200,000 and protocol total value locked reached roughly $234 million, according to a network overview dashboard published by Entropy Advisors on Dune.
The chain went live to the public on July 1, meaning nearly all of that growth was compressed into the past week, with activity accelerating over the last two days.
Tenev’s About-Face
The tone shift came from the top. In a post on X late on July 7, Chief Executive Vlad Tenev wrote: “While we’re building robinhood chain to be the best chain for RWA … it works great for memes too.”
The comment reversed a position Tenev had staked out days earlier. In a July 2 CNBC interview tied to the mainnet launch, he had described memecoins as largely a dead end, arguing that assets without utility do not serve a lasting purpose and that tokenized real-world assets were the more durable direction for crypto.
Robinhood has marketed the chain as infrastructure for tokenized equities and other RWAs since it switched on the mainnet at a London keynote billed as “Robinhood Presents: The World Is Flat,” with day-one integrations from Uniswap, Chainlink, Alchemy and BitGo. The Defiant covered the launch in detail here.
Pump.fun Routes Traders In
Solana launchpad Pump.fun added support for Robinhood Chain tokens on July 8, lowering the friction for traders chasing the network’s memecoins.
“Robinhood tokens are now available to trade on the Pumpfun app!” the platform wrote on X, citing “no bridging,” trading “seamlessly in SOL,” and the ability to “trade every trending Robinhood token.”
Co-founder Alon Cohen framed the move as an extension of the app’s existing multichain tool rather than a standalone feature.
“The pump fun app is not just for pump fun coins; it covers all of your cross-chain trading. trade Robinhood tokens now. 0% fees on Solana,” he posted.
World Defects From Solana
Robinhood Chain also notched an ecosystem win at Solana’s expense. World, the onchain prediction market that launched on Solana on July 1 and runs inside the Phantom wallet, said it would relocate to the new network.
“world has made the decision to migrate off of solana and onto @RobinhoodCrypto chain,” the team posted on X on July 8, describing the move as a “tactful pivot” made “after careful deliberation” over the prior 24 hours and thanking the Solana foundation and community.
$CASHCAT Leads the Meme Wave
The token drawing the most attention is $CASHCAT, which references “Cash Cat,” an early mascot from Robinhood’s history as a stock-trading app. $CASHCAT trades against Robinhood Chain’s Uniswap V3 deployment.
It traded around $0.1373 on July 8, up about 1,320% over 24 hours, with a market capitalization near $137 million and 24-hour trading volume of roughly $194 million, according to CoinGecko. The token swung between $0.0089 and $0.1475 during the session.
Adoption Climbs From a Standing Start
Beyond the memecoin trade, the dashboard shows broad-based growth in usage. Daily active addresses spiked to tens of thousands in early July from near-zero during the testnet phase in mid-June, and cumulative unique addresses approached 200,000.
Decentralized exchange volume was a standout, peaking near $400 million in a single day on July 7, with the bulk routed through Uniswap V3 and V4 alongside PancakeSwap V3, per the Dune data. Transaction fees on the chain remained low, averaging about $0.005 per transaction at a gas price near 0.021 Gwei.
Ethena Deposit, Not Memes, Drove the TVL Jump
Despite the meme activity, the single largest driver of Robinhood Chain’s TVL was a stablecoin deposit. Ethena seeded roughly $50 million into a Steakhouse Financial-curated $USDG vault on Morpho, the lending protocol that powers Robinhood Earn, the app’s onchain yield product offering an estimated 7% APY on $USDG.
That inflow pushed protocol TVL up more than 160% in a single day, DefiLlama data showed, with Morpho accounting for the bulk of the network’s tracked DeFi liquidity and stablecoins — mostly $USDG — making up the majority of onchain value.
The split points to two stories unfolding on the chain at once: institutional stablecoin and lending flows building the balance sheet, and a retail memecoin rush, now amplified by Pump.fun, driving transaction counts and active users. Conflating the two overstates the role of the meme trade in the headline TVL figure.
RWAs Still a Sliver
For all the chain’s real-world-asset framing, tokenized RWAs remained a small share of activity. The total tokenized value of assets such as U.S. Treasuries, stocks, ETFs and commodities stood at roughly $12.8 million — a fraction of the stablecoin and lending balances driving headline TVL.
Robinhood’s Stock Tokens, tokenized debt securities that track U.S. equities and ETFs without conferring shareholder rights, are available in more than 120 countries but not to U.S. persons.
That gap illustrates the pattern playing out across Robinhood Chain’s first week: speculative trading and yield-seeking stablecoin deposits are seeding early liquidity and activity, while the tokenized-securities use case the network was built for is still ramping.
