Overview
- Robinhood launched its permissionless Arbitrum‑based Layer‑2, Robinhood Chain, on July 1 as a network built to host tokenized real‑world assets and DeFi.
- The chain drew massive early activity in its first week, exceeding $100 million in TVL, attracting more than $70 million in bridged ETH and reaching roughly 194,000 daily active users.
- On Wednesday, July 8 the network recorded a single‑day decentralized exchange volume spike in the mid‑hundreds of millions driven largely by a memecoin called Cash Cat that produced roughly $98 million of 24‑hour volume.
- Offchain Labs’ Steven Goldfeder announced that 10% of protocol net revenue from Arbitrum‑based chains will flow to the Arbitrum ecosystem, a split that sent ARB higher and converted early Robinhood activity into on‑chain revenue.
- Analysts warn current activity may not be durable because roughly $90 million of early TVL sits in a single Morpho lending integration, gas fee subsidies are temporary, and heavy memecoin trading raises questions about long‑term RWA adoption.