Robinhood Chain shows strong early traction in Layer-2 market

Robinhood Chain, a newly launched Layer-2 blockchain, has demonstrated significant early traction despite a large valuation gap compared to established networks like Coinbase’s Base. While Base maintains a total value locked (TVL) of approximately $5.53 billion, Robinhood Chain holds roughly $603 million. However, user engagement metrics show competitive activity; on July 21, Robinhood Chain briefly surpassed Base in daily active users with approximately 324,000 wallets compared to Base’s 275,000.

Trading activity on the network has been notable, with Robinhood Chain generating approximately $61.9 million in weekly DEX volume on the Curve protocol, ranking it first for weekly revenue on that protocol. While the network was designed to facilitate tokenized real-world assets and fractional stock trading, current volume is heavily driven by memecoins, which account for the vast majority of activity. Additionally, unlike many other Layer-2 networks, Robinhood Chain has opted not to launch a native chain token.