Meme Coin Trading Takes Over: Robinhood Chain's Daily Revenue Exceeds Ethereum's

Odaily News: Robinhood's blockchain, Robinhood Chain, has seen a surge in trading activity recently. On August 30, the network processed a record 5.52 million transactions in a single day, with on-chain applications generating approximately $2.66 million in 24-hour revenue, surpassing Ethereum's roughly $1.3 million and trailing only Solana's $5.07 million.

Meanwhile, Robinhood Chain's daily decentralized exchange (DEX) trading volume reached approximately $875 million. Among this, the two versions of Uniswap contributed about $432 million and $357 million in trading volume, respectively.

Meme coin trading is one of the main reasons for the surge in activity. Data shows that Pons, a token launchpad on Robinhood Chain, created approximately 22,600 tokens in a single day, an increase of over 40% from the previous day. Three applications—GMGN, Pons, and Uniswap—together contributed about 88% of the network's application revenue.

Robinhood launched Robinhood Chain on July 1, initially focusing on tokenizing real-world assets (RWA) such as stocks. However, within just a few weeks of its launch, meme coin trading quickly took over. Now, as the crypto market recovers, trading activity on Robinhood Chain has further heated up, with daily network transactions rising from less than 1 million in early July to over 5 million.

Based on current data, the most active use cases on Robinhood Chain are not tokenized stocks but meme coin issuance and speculative trading. (CoinDesk)