Robinhood Chain posted a network record last week, averaging 11.6 million daily transactions. That figure was roughly 30% higher than the previous week's daily average, and total value locked
Robinhood Chain posted a network record last week, averaging 11.6 million daily transactions. That figure was roughly 30% higher than the previous week's daily average, and total value locked (TVL) climbed 32% week over week to $473 million. On the surface, the numbers look strong.
A notable feature of the chain's recent growth is its shifting stablecoin composition. USDe, Ethena's bridged stablecoin, now represents roughly 43% of Robinhood Chain's stablecoin supply, with its balance surging from $17 million to $253 million in a single month. Both USDe and USDG, the natively issued stablecoin on the chain, underpin Robinhood's Earn product. The Earn product aims to provide risk-adjusted yield on idle balances, with Morpho serving as the underlying credit network and Steakhouse Financial curating the vault infrastructure, while Robinhood Chain acts as the settlement layer.
The broader TVL trajectory has been steep. Robinhood Chain launched on July 1 and surpassed $400 million in TVL within weeks, up from $39 million just three days after launch.Average block times have settled at roughly 100 milliseconds, and the chain is built on Arbitrum Orbit and Nitro, positioning it as an Ethereum Layer 2 network.
The key caveat in this week's data is the user picture. Average daily active accounts rose only 3.3% and remain 11% below July's peak. The gap between surging transaction counts and sluggish account growth suggests existing users are simply transacting more frequently, rather than new participants joining the network.
That pattern is worth watching. The increase in daily active users and TVL raises questions about the sustainability of Robinhood Chain's early growth, as new blockchain networks often experience strong initial activity driven by launch incentives, which can moderate over time.Early on-chain data also indicated that memecoin trading accounted for a significant share of transaction volume and liquidity, which highlights the challenge of transitioning from speculative trading toward broader adoption driven by practical financial applications.
For now, capital and activity metrics are trending in the right direction. Whether the chain can convert that momentum into sustained user growth remains the open question.
SourcesCrypto Briefing: Robinhood Chain daily transactions exceed 10MMorpho: Robinhood chooses Morpho to power new Earn productThe Block: Robinhood Chain tops $430 million in TVL
