When Robinhood Chain first launched, its activity was dominated by speculative memecoin trading rather than the original reason it was built — tokenization.
However, the momentum has finally started to shift, less than two weeks later.
Real-world assets now carry an active market value of about $70 million, according to DefiLlama, a roughly fivefold jump from the low tens of millions of dollars, which was a small slice of the network at just 4%, while memecoins and stablecoins accounted for most of the activity. The tokenized equities for which the chain was designed are finally trading in larger sizes.
A tokenized GameStop share is doing $26.6 million in daily volume on the exchange, with Nvidia at $14 million and SpaceX at $6.4 million close behind. Twelve Robinhood-based tokenized stocks are now clearing more than $500,000 a day, with five above $1 million.
In its earliest days, the chain's busiest market was CASHCAT, a memecoin built around Robinhood's abandoned original name. The company was briefly "CashCat" before its founders settled on Robinhood. The token, which Robinhood has no part in, spiked more than 1,700% after CEO Vlad Tenev followed its account, then fell. It is now down about 75% from its peak, while a number of real equities trades in its place.