Robinhood launched Ethereum layer 2 this July, meme coins dominate
Robinhood launched its Ethereum layer-2 blockchain this July, hoping to bring millions of everyday users into decentralized finance (DeFi).
While the plan was to make trading real-world assets like stocks and ETFs easier, most people are using it for meme coin action instead.
Robinhood Chain posts $878 million DEX volume
On July 12, Robinhood Chain saw a massive $878 million in DEX trading volume, briefly outpacing even Ethereum and Coinbase's Base.
But only $211 million of the $734 million moved onto the chain is actually earning yield or being lent out.
Real-world assets sit at just $12.66 million in market cap, while meme coin CASHCAT soared to $156 million at its peak.
Robinhood Wallet adds derivatives and gold
Robinhood wants DeFi to feel accessible for casual users by focusing on wallet integration rather than competing with hardcore crypto platforms.
Seong Seog Lee, Head of Product at Robinhood Crypto, says you can now access things like crypto derivatives and gold right from the Robinhood Wallet.
Despite meme coins dominating for now, Robinhood is sticking with its original vision to boost real-world asset use cases on the chain.