Robinhood Chain breaks transaction records without audience growth
Last week, Robinhood Chain processed an average of 11.6 million transactions per day, setting a new record for the network and coming in roughly 30% above the previous week’s daily average. At the same time, total value locked (TVL) rose to $473 million, up 32% week-over-week.
According to The Block, however, the increase in network activity has been accompanied by almost no growth in the number of users. The average number of daily active accounts rose by just 3.3% from the previous week and remains 11% below the peak recorded on July 16. The figure briefly jumped on Thursday following the spot listing of the Cashcat memecoin in the Robinhood app, but this had little impact on the weekly average.
As a result, Robinhood Chain is showing a clear divergence between rising transaction volumes and TVL on the one hand, and a largely unchanged user base on the other. This may indicate that the network is primarily serving the same audience as it did several weeks ago, with existing users simply transacting much more frequently. In other words, the increase in on-chain activity appears to be driven more by higher trading intensity than by an influx of new participants.
Which stablecoins are traded on the network
The changing stablecoin mix on Robinhood Chain also deserves attention. The amount of USDe on the network has already reached $253 million, accounting for around 43% of the ecosystem’s total stablecoin supply. The increase is particularly notable given that Robinhood Chain held only about $17 million in USDe just a month ago, while Robinhood-native USDG was still the dominant stablecoin.
The shift in dollar liquidity toward a yield-bearing synthetic dollar may also help explain the current dynamics. This type of capital is more likely to be parked to generate yield rather than used for frequent transactions. That aligns well with what is happening on Robinhood Chain: TVL is rising rapidly, while the number of active accounts remains almost unchanged.
What is Robinhood Chain
Robinhood Chain is a proprietary Layer 2 blockchain developed by Robinhood, built on Arbitrum infrastructure and using Ethereum for settlement and security. The network was designed primarily as infrastructure for on-chain finance, including tokenized stocks and other real-world assets, DeFi services, and round-the-clock trading. Robinhood Chain’s public mainnet launched on July 1, 2026, and by that point its testnet had already processed more than 200 million transactions.
Robinhood Chain gained popularity almost immediately after launch, with the main driver being not so much tokenized stocks as active trading in crypto assets and memecoins. Daily transaction volumes were already running into the millions during the first week, while the CASHCAT memecoin quickly became one of the network’s main sources of trading activity. Within just a few weeks, Robinhood Chain evolved from a new corporate L2 into one of the most actively used young blockchain networks.
As a reminder, Robinhood is expanding its operations in the UK.
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