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Meme coins drive early volumes on Robinhood Chain, not stock tokens
Robinhood Chain generated $3.1 billion in DEX volumes over seven days, even though users hold about $13 million in tokenized stock assets.
Decrypt reports that early activity on Robinhood Chain has been led by meme coins, with appetite for the tokens helping generate $3.1 billion in decentralized exchange volumes over a seven-day period.
While the network supports tokenized versions of major companies, users’ exposure to so-called stock tokens is small, at roughly $13 million. Decrypt also notes that the largest meme coin on Robinhood Chain, Cash Cat, has a market capitalization of $150 million, and about 25,000 wallets held the token on Monday, according to Blockscout.
According to a Monday note from Bernstein cited by Decrypt, the early volumes were driven by meme coins, but the pattern also points to liquidity and traction from crypto-native traders. The note said Robinhood Chain has quickly become a top-five on-chain trading destination and cited trading across decentralized exchanges such as Uniswap and PancakeSwap.
Decrypt added that the broader push behind Robinhood Chain goes beyond tokenized assets, including initiatives tied to decentralized lending through a partnership with DeFi protocol Morpho and perpetual futures through an arrangement with DEX Lighter. Over the past month, Robinhood shares have risen 19%, nearing a recovery from year-to-date losses that coincided with a weaker crypto market.