Robinhood Chain logs $3.1 B DEX volume, joins top five

Robinhood Chain, the new blockchain network launched by the financial services company, has recorded a powerful debut, generating $3.1 billion in decentralized exchange volume in its first week of operation and ranking among the top five networks by that metric. The network, which launched its public mainnet on July 1, has also attracted over 65,000 users who hold approximately $300 million in stablecoins and $13 million in tokenized stocks.

Analysts from Bernstein highlighted the network's early strength in a research note, noting that at one point the chain ranked third in 24-hour DEX volume, trailing only Solana and BNB Chain. The total value locked in its decentralized finance applications grew rapidly, surpassing $100 million within 15 days of launch.

However, the breakdown of this early activity reveals a focus different from the network's stated purpose. Data indicates that speculative trading, particularly in memecoins, has driven the initial surge. A cat-themed token named CASHCAT, a nod to Robinhood's early branding, saw a dramatic rise of 2,460% and reached a market capitalization of nearly $187 million, briefly overshadowing the network's core mission. Analysis shows...