Robinhood (HOOD) 'Sweeps' On-chain with 28 Million Customers...Even Overtaking Ethereum

▲ Robinhood (HOOD), Ethereum (ETH), Hyperliquid (HYPE), Memecoins, US Stocks/AI-generated image

Robinhood (HOOD) Chain recorded daily app revenue of $2.6 million within two months of its launch, surpassing Ethereum and Hyperliquid.

Guy Turner, host of the cryptocurrency YouTube channel Coin Bureau, intensively analyzed the initial growth of Robinhood Chain in a video uploaded on September 3 (local time). At the time of its launch, Robinhood already had 28 million customers who had deposited funds and its own Web3 wallet. The first 30 days saw approximately 138 million transactions, making it the fastest EVM chain to exceed 100 million transactions. In its third week, daily active addresses also surpassed Coinbase (COIN)'s Base, reaching approximately 324,000.

The two pillars of its growth are memecoins and tokenized stocks. On PONS, Robinhood Chain's token issuance platform, new tokens can be created in about 30 seconds without coding or separate review. Over 22,000 memecoins were issued in a single day. On the other hand, about 200 US stocks and exchange-traded fund (ETF) tokens are being traded. The cumulative trading volume of tokenized stocks has exceeded $1.5 billion, mostly through Uniswap.

Notably, the pairing of stock tokens like Nvidia (NVDA) with memecoins in a single trading pair is attracting attention. According to the video, the trading volume related to tokenized stocks and ETFs reached approximately $65.5 million. The trading volume of tokenized NVDA was larger than that of individual memecoins. However, stock tokens are not actual stocks themselves. They are securities issued by Robinhood-related entities that track stock prices and dividends but do not confer voting rights.

Behind the rapid growth, there are also numbers that warrant caution. Robinhood supported gas fees for wallet users for 90 days after its launch, then significantly reduced the support. Recent 30-day app revenues were approximately $53 million for Hyperliquid (HYPE), $52 million for Ethereum (ETH), and $23 million for Robinhood Chain. Even on the day it recorded $2.6 million, about 90% of the revenue was concentrated in three applications. This app revenue is also not direct revenue for Robinhood but profits taken by Uniswap, token issuance platforms, and trading service providers.

Nevertheless, the change of 24-hour stock trading is clear. About 60% of stock token trading volume on Uniswap occurred outside regular US market hours. As of mid-August, Robinhood Chain also had the most real-world asset (RWA) holding addresses among networks, exceeding 420,000. Turner pointed out that Robinhood Chain's future success depends on whether it can maintain users and trading volume even after incentive reductions. The next test is whether its distribution power, which brought 28 million existing customers on-chain, will lead to long-term competitiveness.

[Article Key Summary]

-Robinhood Chain recorded daily app revenue of $2.6 million within two months of its launch, surpassing Ethereum and Hyperliquid.

-The growth is underpinned by a structure that combines 28 million existing customers, memecoins, and tokenized stock trading on one chain.

-Whether it can maintain trading volume after reducing gas fee support is a key variable determining Robinhood Chain's long-term competitiveness.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*