In a Monday client note, research firm Bernstein stated that Robinhood Chain – a permissionless, AI-native Layer 2 blockchain geared toward financial assets and real-world assets – has quickly made its place among the top 5 blockchains with almost $3.1 billion in weekly decentralized exchange (DEX) trading volume.
Robinhood Chain sees rapid success
According to the client note, the Arbitrum Orbit chain raked in almost 65,000 users during its first week of operation. The network now holds roughly $13 million in tokenized assets and $300 in the form of stablecoin balances.
According to Robinhood Chain’s website, the permissionless blockchain is designed to become the home for tokenized real-world assets (RWAs). The Robinhood Chain ecosystem has also made integrations with the likes of Morpho, Uniswap, Chainlink, and others.
Robinhood’s partnership with Morpho allows eligible U.S.-based users to lend USDG – the USD-backed stablecoin – through the Robinhood application and earn a healthy yield of 7 percent per annum.
The application offers its users to trade perpetual futures, thanks to the partnership with Lighter. The firm has committed over $11 million in the form of its native LIT tokens to encourage the application users to trade futures.
It’s worth highlighting that the first week of the Robinhood Chain in operation saw the majority of trading happening in the memecoin space. However, a few days later more liquidity came in from crypto-native traders.
According to daily metrics, the Robinhood Chain is ranked 3rd among all blockchains by 24-hour DEX volume, boasting $809 in figures. The network only trails the likes of Binance’s BNB Chain and Solana.
Meanwhile, the total value locked (TVL) in Robinhood Chain-based DeFi protocols has ballooned to $100 million within just 15 days following its launch on July 1. That said, over time, Robinhood intends to cement itself as the go-to network for everything RWAs – including equities and commodities.
RWAs gaining significant momentum
Robinhood Chain’s focus on RWAs makes sense, especially after factoring in the significant attention this emerging asset class is attracting from major institutions around the world. On Monday, major Japanese financial firm SBI announced plans to invest in RWAs.
Similarly, on June 2, collateral markets platform Symbiotic unveiled its new offering called Liquid Lane to tackle the issue of liquidity in RWA markets. In May, decentralized derivatives protocol Variational shared plans to direct traditional finance liquidity toward RWA markets.
