Robinhood Chain processed 7.6 million daily transactions on July 11, just 11 days after its mainnet launch, narrowing the activity gap with Coinbase’s Base, which recorded 9.2 million transactions on the same day. The Arbitrum-powered Layer 2 network has quickly become one of the busiest Ethereum scaling ecosystems, driven by free gas subsidies and the launch of tokenized equities.
Rapid adoption fueled by fee subsidies and tokenized stocks
Robinhood Chain’s early surge is largely attributed to its decision to cover users’ gas fees for the first 90 days, removing transaction costs until the end of September 2026. This has lowered barriers for retail traders, DeFi users, and memecoin participants, accelerating on-chain activity. Data from MSBIntel and Token Terminal also shows the network generated roughly $4,000 in daily protocol fees despite the temporary subsidy.
The network has also seen significant liquidity growth. Robinhood Chain surpassed $500 million in single-day volume on Uniswap deployments, taking the second spot behind Ethereum mainnet. It overtook Base as the second-largest Uniswap deployment by spot activity, indicating that liquidity is building alongside transaction volume.
Competitive positioning and market impact
Unlike Base, which launched with Coinbase’s exchange ecosystem and early integrations with dApps like Uniswap and Chainlink, Robinhood entered the market with access to approximately 23 million brokerage users. The company also introduced tokenized equities available in over 120 countries, providing an additional source of activity. Chainlink supplies oracle pricing for 95 tokenized equities, including Nvidia and Apple, while Uniswap and Morpho support trading and lending.
The blockchain expansion has positively influenced Robinhood’s stock. The initial Layer 2 announcement lifted HOOD stock by about 10%, and the later rollout of AI-powered agentic trading contributed to another gain of roughly 7%.
Sustainability questions and upcoming earnings
Investors are closely watching whether activity remains strong after the gas subsidy expires at the end of September 2026. FalconX estimated in an April 2026 report that Robinhood Chain could generate about $1.1 million in fees over six months, though the subsidy is expected to reduce near-term revenue. Once users begin paying transaction fees, on-chain activity will reveal whether tokenized assets and DeFi usage can sustain current volumes.
Attention now turns to Robinhood’s early August earnings release for Q2 2026, the company’s first financial report to include live mainnet data. Investors will look for evidence that blockchain infrastructure is starting to contribute to long-term revenue.