Robinhood Chain Passes Ethereum in DEX Volume 2 Weeks After Launch

Robinhood Chain ranked third among all networks by 24-hour decentralized exchange (DEX) volume, trailing only Solana (SOL) and BNB Smart Chain (BSC), while passing Ethereum (ETH), according to DefiLlama data.

The layer-2 network has been live since July 1, with daily DEX volume of about $811 million. Solana led with $1.21 billion, followed by BSC at $1.05 billion.

Robinhood Chain’s Fast Start

Bernstein flagged the network’s early strength in a Monday research note. Analysts led by Gautam Chhugani said the chain drew about $3.1 billion in DEX volume across its first seven days.

That total placed it among the top five chains. More than 65,000 users now hold roughly $13 million in tokenized stocks and $300 million in stablecoins on the network.  

Bernstein said the network’s first week leaned heavily on speculation. Meme coins drove most of the early activity, and deeper liquidity followed once crypto-native traders moved in.

Meme Coins Lead, but Robinhood Eyes More

Dune data validates that read. Cash Cat (CASHCAT), a meme coin named after Robinhood’s early branding, leads all tokens. It logged $299 million in volume across 304,907 trades.

Bernstein expects the focus to shift over time. The broker said Robinhood aims to steer trading toward tokenized stocks, commodities, and perpetual futures.

The analysts framed the launch as evidence of converging trends.

“Strong early adoption highlights the growing convergence of tokenized real-world assets with the broader DeFi ecosystem, as industry participants continue to innovate across multiple business models for regulated asset tokenization,” the note read.

Other lines are gaining traction, too. Robinhood is expanding its agentic AI trading tool from stocks into crypto. At the same time, event contracts on its platform jumped from 300 million in Q1 2025 to 8.8 billion in Q1 2026, per Artemis.

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Thesis: Robinhood continues to be the winner of the world cup and could beat on revenue Q2'26.Rothera $HOOD hit $58M in daily volume on the day of the USMNT vs Belgium game, just shy of ATH.With Robinhood aiming to vertically integrate 100% of PMs to Rothera / Susquehana JV,… pic.twitter.com/H4adkzvUIJ

— Artemis (@artemis) July 7, 2026

The coming weeks will show whether that speculative flow converts into lasting demand for tokenized assets.

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