Key Highlights
- ETH bridged to Robinhood Chain jumped 70x, surpassing $70 million.
- Robinhood Chain recorded 141,000 new wallets and $563 million in daily DEX trading volume.
- $CASHCAT meme coin and new wallet features helped drive early user adoption.
The amount of Ethereum (ETH) bridged from the Ethereum mainnet to Robinhood Chain has jumped about 70 times over the past week, according to blockchain analytics platform Token Terminal.
In an X post on Thursday, the platform reported that the total value of bridged ETH has surpassed $70 million just days after the Layer 2 network launched its public mainnet. The increase suggests that more users are moving funds onto the blockchain, which uses ETH to pay transaction fees.
Every user who wants to make transactions on the network needs ETH to pay gas fees. As more people bridge ETH to the chain, the amount of ETH being used on the network also grows.
The surge comes only days after Robinhood officially launched the public mainnet of Robinhood Chain around July 1. The company first introduced the blockchain through a public testnet in February before making it available to everyone.
Built on Arbitrum Orbit, Robinhood Chain is an Ethereum-compatible Layer 2 network created to make blockchain-based financial services faster and cheaper while still using Ethereum’s security.
User activity picks up quickly
The new figures indicate that user activity has increased since the launch. On July 8, the network added more than 141,000 new active wallets, bringing the total number of daily active addresses to around 193,000.
At the same time, decentralized exchange (DEX) trading volume climbed to about $563 million within 24 hours. That was close to one-third of Solana’s spot DEX trading volume during the same period, showing how fast traders have started using the new blockchain.
One of the biggest reasons behind the early activity has been $CASHCAT, a meme coin based on Robinhood’s former “Cash Cat” mascot. The token quickly grew to a market value of more than $100 million as traders rushed into the ecosystem.
Robinhood originally designed the blockchain for real-world assets such as tokenized stocks, but meme coin trading has unexpectedly become one of the biggest drivers of user growth during the network’s first week.
Robinhood expands wallet features
Robinhood also introduced several new features alongside the mainnet launch, including perpetual futures trading, Stock Tokens, and support for Apple Pay and Google Pay inside Robinhood Wallet.
During its “The World is Flat” event in London, the company said it will cover gas fees for swaps, bridge transactions, and perpetual futures trades on Robinhood Chain for the next 90 days. However, that was subject to its terms and conditions.
DeFi projects build on Robinhood Chain
Robinhood Chain is also attracting established decentralized finance projects. Uniswap and Pleiades have already launched on the network, while Chainlink provides the data feeds needed for tokenized stock trading.
Users can trade tokenized shares of companies such as NVIDIA, Apple, and Google at any time of the day and also use those assets in lending and borrowing protocols.
The launch also sparked reactions across the crypto community. Former Canadian-American professional basketball player Tristan Thompson posted on X, “Can’t wait for the Robinhood to Solana rotation,” in what appeared to be a sarcastic remark about the growing attention surrounding Robinhood Chain. The comment quickly drew engagement from users discussing the network’s launch and its competition with existing blockchain ecosystems.
The rise in bridged ETH and growing trading activity shows that Robinhood Chain has made a strong start. While the blockchain was built to bring tokenized stocks and real-world assets on-chain, its early growth has also been fueled by strong interest from retail crypto traders exploring new opportunities.
Also Read: World Bets on Robinhood Blockchain After Leaving Solana
