Key facts
- Robinhood Chain achieved $500 million in Uniswap trading volume on July 8th.
- The network's total value locked (TVL) exceeded $106 million, with a 159% 24-hour increase.
- Ethena's $50 million deposit into a Morpho vault was a key driver of the TVL surge.
- Uniswap's various versions and UniswapX are deployed on Robinhood Chain.
- Robinhood CEO Vlad Tenev sold $43.6 million worth of Class B HOOD shares.
Robinhood Chain has rapidly emerged as a significant player in the decentralized finance space, achieving the second-highest trading volume on Uniswap, trailing only Ethereum's mainnet. On July 8th, the Arbitrum-powered network recorded $500 million in trading volume on Uniswap, a feat few Layer 2 networks accomplish in a year. This surge has propelled its total value locked (TVL) to over $106 million, marking a 159% increase within a 24-hour period.
The substantial growth in TVL is largely attributed to a $50 million single-day deposit by Ethena into a USDG vault managed by Steakhouse Financial on the Morpho lending protocol. Morpho is also facilitating an estimated 7% annual percentage yield on USDG deposits for Robinhood Earn, holding approximately $90 million of Robinhood Chain's total TVL.
All versions of Uniswap, including v2, v3, and v4, along with UniswapX, have been deployed on Robinhood Chain. In its first week, the chain saw cumulative volume exceed $250 million, with unwrapped Ethereum (WETH), memecoins, and tokenized stock tokens like NVDA, AAPL, and GOOG leading the activity. Robinhood's CEO, Vlad Tenev, has indicated a strategic focus on real-world assets (RWA) and tokenized equities, while also acknowledging the chain's suitability for memecoins. This dual focus was underscored by Pump.fun's introduction of direct support for Robinhood Chain tokens, which immediately boosted the popularity of memecoins like CASHCAT.
In parallel with the chain's launch momentum, Vlad Tenev sold 375,000 Class B HOOD shares for approximately $43.6 million, according to an SEC filing. The native token of Uniswap, UNI, saw a rally of up to 14% following the increased trading volume. Robinhood Chain operates with 100-millisecond block times, significantly faster than Ethereum's average of 12 seconds, and is offering waived gas fees for the first 90 days, contributing to its heightened activity. Chainlink provides oracle infrastructure for tokenized equities on the platform. The SEC's January 2026 guidance on tokenized debt securities is also relevant, as Robinhood's structure is built around such instruments. Traders are now observing whether Robinhood Chain's initial success can translate into sustainable revenue post-fee generation, drawing increased attention to $HOOD and related crypto stocks.