Key facts
- Robinhood Chain processed over $560 million in 24-hour decentralized exchange (DEX) volume, surpassing Hyperliquid.
- The chain's DEX volume reached nearly $900 million over the past seven days.
- Robinhood Chain's mainnet launched on the Arbitrum Orbit stack one week prior.
- The meme coin Cash Cat (CASHCAT) saw its price skyrocket by almost 60% in 24 hours and over 1000% in three days.
- Robinhood CEO Vlad Tenev stated the chain is built for real-world assets but also works for memes.
- Robinhood is covering gas fees for eligible users on the chain until September 29.
Robinhood Chain has surpassed Hyperliquid in 24-hour decentralized exchange (DEX) volume, processing over $560 million in transactions. This surge follows the recent mainnet launch of the Ethereum Layer-2 blockchain, built for financial services and real-world assets (RWA), and has been fueled by significant buzz around meme coins, particularly Cash Cat (CASHCAT).
According to DefiLlama data, Robinhood Chain recorded nearly $433 million in 24-hour DEX volume, placing it fifth among chains by this metric, with a 7-day volume of almost $900 million. In contrast, Hyperliquid saw $296 million in 24-hour volume and $656.28 million over seven days.
The milestone was achieved just one week after Robinhood Chain's mainnet debut on the Arbitrum Orbit stack. In its first week, the chain accumulated close to $1 billion in cumulative DEX volume, approximately $100 million in total value locked (TVL), and attracted over 350,000 addresses. Data from Token Terminal also indicates a 70x increase in ETH bridged from Ethereum Layer 1 to Robinhood Chain, surpassing $70 million, with the chain utilizing ETH for gas fees.
Santiment reported that the increased activity on Robinhood Chain is driven by interest in RWA tokenization, DeFi tools, and the speculative frenzy surrounding Cash Cat. Robinhood CEO Vlad Tenev amplified this sentiment on X, stating that while the chain is designed for RWAs, it also performs well for meme coins. He announced "Robinhood Summer," positioning the chain as a bridge between traditional brokerage services and on-chain trading. Furthermore, Robinhood is covering gas fees for eligible users through its Wallet until September 29.
The Cash Cat meme coin has experienced a dramatic price increase, soaring over 1000% in the last three days and nearly 60% in the past 24 hours, trading at $0.1455. A significant purchase by a wallet identified as "Ansem-2" (0x6f5b), which spent $233,000 to acquire 2.79 million CASHCAT tokens, further fueled speculation and demand.