Apps running on Robinhood Chain earned about $2.66 million in a single day, twice what Ethereum's apps brought in, as memecoin trading took over the network's original pitch as a home for tokenized stocks. The two-month-old chain also set a record for daily transactions on Aug. 30.
Apps on Robinhood Chain earned about $2.66 million over 24 hours on Aug. 30, second only to Solana's $5.07 million and ahead of every other network, according to DefiLlama data. That is twice what apps on Ethereum brought in and six times those on Base.
Record transactions, memecoin surge
The blockchain processed 5.52 million transactions on Aug. 30, an all-time high, while trading on decentralized exchanges reached roughly $875 million, according to onchain data. Uniswap, the largest of those venues, accounted for most of the total, with about $432 million through its newest version and another $357 million through the previous one.
Traders also launched about 22,600 tokens in a single day through Pons, a Robinhood Chain app that lets anyone create and trade a new token from their crypto wallet. That is up more than 40% from the day before. GMGN, a memecoin trading tool, along with Pons and Uniswap, produced about 88% of the total revenue.
Tokenized stocks pushed aside
Robinhood launched the Ethereum-compatible network on July 1 with tokenized stocks as its flagship use case, allowing traditional assets to be represented and traded on a blockchain. But CoinDesk found barely two weeks later that memecoins had already taken over much of the trading, with tokenized stocks representing only a small fraction of the assets in use.
The speculative activity has kept building alongside the broader crypto rally. Cash Cat, one of the network's biggest memecoins, more than doubled in the week through Aug. 25 as traders moved into increasingly smaller tokens. The chain's transaction count has climbed from well below one million a day in early July to more than 5 million now. Two months in, the busiest thing on Robinhood Chain is a launchpad that produced 22,600 tokens in a day, not the tokenized stocks it was built to host.
Source: CoinDesk
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