BlockBeats news: On July 13, less than two weeks after Robinhood launched its Ethereum Layer 2 network, Robinhood Chain, on July 1, the total value locked (TVL) had risen to approximately $135 million, with nearly 800,000 cumulative active addresses and 3.6 million daily transactions, making it one of the most active new blockchains in the crypto market.
However, the actual on-chain usage has significantly deviated from its positioning as "tokenized stocks." Currently, the total on-chain value of tokenized real-world assets (RWA) is only about $12.81 million, with tokenized stocks accounting for approximately $10.68 million. Meanwhile, the meme coin CASHCAT, named after Robinhood’s former mascot, has surged 2,158% over the past seven days, reaching a market cap of $156 million—far exceeding the total on-chain RWA value—and has spurred the emergence of a wave of Robinhood-themed meme coins.
Data shows that the current market capitalization of stablecoins on Robinhood Chain is approximately $299 million, with USDG, issued by Robinhood, accounting for about $200 million. Previously, Robinhood CEO Vlad Tenev stated that the company’s long-term goal remains building RWA infrastructure, but he also acknowledged that “this chain is equally well-suited for meme coin trading.”