Robinhood Chain generated approximately $3.1 billion in cumulative decentralized exchange (DEX) volume during its first seven days of operation, placing it among the top five blockchains by DEX activity, according to a Bernstein research note shared with The Block on Monday.
Launched as a public mainnet on July 1, Robinhood Chain—an Ethereum Layer 2 built on Arbitrum and tailored for financial services and tokenized real-world assets—already hosts around 65,000 users holding $13 million in tokenized stocks and $300 million in stablecoin balances, per Bernstein analysts led by Gautam Chhugani.
The chain operates as a permissionless environment for external developers and has integrated key DeFi protocols including Uniswap, Morpho, Lighter, Chainlink, and BitGo. Its product suite spans tokenized equities, decentralized lending, and perpetual futures.
Robinhood’s stock tokens are now accessible in over 120 countries—excluding the United States—and trade 24/7 on decentralized exchanges. Users can utilize these tokens as collateral or deposit them into lending pools to earn yield.
On the lending front, Robinhood partnered with Morpho to enable eligible U.S. users to lend the dollar-backed stablecoin USDG directly through the main Robinhood app, offering yields up to 7% APY. Perpetual futures are facilitated via Lighter, which allocated $11 million worth of LIT tokens to incentivize trading on the platform.
Bernstein noted that early trading activity was driven largely by speculative flows, with meme coins dominating initial volume before broader liquidity from crypto-native traders arrived. Over time, Robinhood aims to pivot the chain toward trading real-world assets—including equities, commodities, and perpetuals—backed by liquidity from Bitstamp.
Daily metrics positioned Robinhood Chain as the third-largest network by 24-hour DEX volume at $809 million, trailing only Solana and BNB Chain. Within 15 days of launch, total value locked (TVL) in decentralized finance protocols on the chain surpassed $100 million.
The launch expands Robinhood’s custodial equity tokenization model: a sponsor purchases underlying shares, holds them in a secured account, and issues blockchain tokens representing those assets. Previously limited to the European Union with minimal utility beyond price tracking, roughly $13 million worth of tokens across more than 90 stocks now reside on the chain.
A competing approach emerged the same week: Ondo Finance introduced what it claims is the first third-party tokenized securities compliant with existing U.S. regulations. By minting tokens through a registered transfer agent and passing shareholder rights to token holders, Ondo has tokenized both an ETF and a single stock to demonstrate its framework.
Amid a broader crypto market down roughly 25% year-to-date, tokenized real-world assets (RWA) have shown resilience. The RWA sector’s market capitalization grew from $35 billion at the end of 2025 to over $51 billion—a 50% increase—with private credit accounting for 48% of the segment and U.S. Treasurys making up 29%. Total RWA token holders have exceeded one million, up about 75% year-to-date, according to the report. Ethereum and Provenance together host nearly 70% of onchain RWA activity.
Bernstein maintains an “Outperform” rating on Robinhood (HOOD) with a $130 price target. The stock closed at $111.97 on July 10, per The Block’s crypto equities page.
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