Robinhood already has the users

I’ve probably talked about Robinhood Chain too much over the last few weeks, but there’s a reason why I keep coming back to it.

When the chain first launched, most of my thesis was based on what could happen. Robinhood has millions of users, stock tokens are coming onchain, they bought Bitstamp, they’re building their own infrastructure and, on paper, all the pieces seem to fit together.

The problem is that you can build a beautiful thesis around the future of almost anything in crypto, especially when there are no numbers yet to prove you wrong. Now we finally have some. Robinhood Chain has $759M in TVL, $800M in stablecoins, 221 protocols and did $1.669B in DEX volume in the last 24 hours.

For comparison, Solana did $2.172B during the same period, and this is where things start to get interesting because Robinhood Chain has only 13.5% of Solana’s TVL while already doing 77% of its daily DEX volume.

I’m obviously not saying Robinhood Chain is about to replace Solana lol. The capital still looks like a young ecosystem, but the trading activity doesn’t. For me, that’s the first interesting sign that this might become much bigger than another temporary chain meta.