PANews, July 29, According to The Block, the Robinhood Chain mainnet reached a TVL of approximately $325 million within less than a month of its launch, with no downtime reported during this period. Although TVL continued to grow over the past month, all throughput metrics peaked in the second week post-launch and have since declined. Last week, the chain’s DEX had an average daily trading volume of about $553 million, down 27% month-over-month; the average daily active accounts were approximately 275,000, down 7% month-over-month.
On-chain capital turnover plummeted from 9.25x in the second week of July to 1.68x last Friday, indicating that capital inflows have far outpaced trading activity, with recent deposits being more yield-driven than transaction-driven, likely stemming from the approximately 7% annual yield on USDG provided by Robinhood Earn. The trading volume per active account also fell from a peak of around $2,800 two weeks ago to about $2,000 last week. Previously, Robinhood CEO Vlad Tenev stated that the chain “is also well-suited for Meme coins,” sparking a brief craze for Meme coins like CASHCAT, though prices of related tokens have since continued to decline. Robinhood is set to release its second-quarter financial report on Wednesday.
