Robinhood Chain's Early Momentum Is Being Driven By Meme Coins, Not Tokenized Stocks
Robinhood Chain launched as an Ethereum layer-2 meant to let users trade tokenized stocks like Apple and Nvidia, but early activity has been driven more by meme coins than stock tokens. Bernstein said the chain has already become a top-five on-chain trading venue, with $3.1 billion in cumulative volume over the past week, largely through DEXs like Uniswap and PancakeSwap. About 65,000 users have accessed $13 million in stock tokens, which are available in more than 120 countries but not the U.S. The most active meme coin is Cash Cat, with other tokens including Wen Lambo, Tendies, and Hoodrat. Robinhood is also pushing broader crypto products through DeFi lending with Morpho and perpetual futures via Lighter. The company’s stock has risen sharply recently, nearing breakeven for the year.
