Answer Box: Robinhood Chain, a layer-2 network launched on July 1, 2026, has surpassed Ethereum in 24-hour decentralized exchange (DEX) volume, ranking third behind Solana and BNB Smart Chain with about $811 million in daily volume, according to DefiLlama data. In its first week, the chain drew $3.1 billion in DEX volume, driven largely by meme coin speculation, Bernstein analysts reported in a Monday note.
Robinhood Chain's Fast Start
The network's early performance has caught the attention of analysts. Bernstein, in a research note led by Gautam Chhugani, highlighted that Robinhood Chain accumulated approximately $3.1 billion in DEX volume within its first seven days of operation, placing it among the top five blockchain networks. More than 65,000 users now hold roughly $13 million in tokenized stocks and $300 million in stablecoins on the platform. The analysts noted that the first week was heavily skewed toward speculative trading, with meme coins driving the majority of activity before deeper liquidity attracted crypto-native traders.
Meme Coins Lead, but Robinhood Eyes Broader Adoption
Data from Dune Analytics shows that Cash Cat (CASHCAT), a meme coin named after Robinhood's early branding, is the top token by volume, recording $299 million in trades across 304,907 transactions. However, Bernstein expects the network's focus to shift over time. The broker stated that Robinhood aims to steer trading toward tokenized stocks, commodities, and perpetual futures. The analysts framed the launch as evidence of converging trends, noting that "strong early adoption highlights the growing convergence of tokenized real-world assets with the broader DeFi ecosystem." Robinhood is also expanding its agentic AI trading tool from stocks into crypto, and its event contracts platform saw a surge from 300 million contracts in Q1 2025 to 8.8 billion in Q1 2026, according to Artemis data. The coming weeks will determine whether this speculative flow translates into lasting demand for tokenized assets.