TVL Grows 90%, Own Users Contribute Less Than 2%: Robinhood Chain Has Yet to Release Distribution Dividends

Robinhood Chain has achieved high trading volume and revenue, with tokenized stocks, Launchpad, and DEX ecosystems accelerating their formation, yet the true retail user dividends have yet to be released.

Written by: Saksham Diwan, CoinDesk Research
Compiled by: Starbase Accelerator

Overview of the Report

In September 2026, CoinDesk Research released a report on Robinhood Chain. The report indicates that despite the vast retail user base of Robinhood not being fully onboarded, its on-chain ecosystem has already established a strong foundation of liquidity and revenue. Over the past 30 days, Robinhood Chain's TVL has grown by approximately 90% to $757 million, with the latest daily DEX trading volume reaching $1.69 billion and cumulative holder revenue around $20 million, while Robinhood's own app users currently contribute only about 1% to 2% of the on-chain trading volume.

The core logic of the report is that Robinhood Chain's truly difficult-to-replicate advantage lies in its distribution capability. Robinhood has tens of millions of retail users, a mature consumer finance brand, and the ability to mint tokenized stocks through authorized participants, yet the vast majority of on-chain growth still comes from crypto-native users. If its retail users gradually migrate to on-chain in the future, the existing TVL, DEX, Launchpad, tokenized stocks, and stablecoin ecosystems may just be the starting point for growth. The report elaborates on the following dimensions:

• Activity and Liquidity Growth: Rapid TVL growth, DEX trading volume entering the top tier of the industry, and the beginning of substantial on-chain revenue formation.
• User and Traffic Structure: Current trading is mainly contributed by crypto-native scenarios such as Uniswap, trading terminals, and Launchpad, with Robinhood app users still making up a very small proportion.
• Launchpad and Uniswap V4: New asset issuance has become an important source of trading volume, with the programmable Hook mechanism being scaled on Robinhood Chain.
• Tokenized Stocks and Stock Memecoins: Robinhood has achieved structural advantages in on-chain stocks through its minting mechanism with authorized participants, leading to new trading models.
• Stablecoins, Lending, and RWA Infrastructure: The simultaneous expansion of stablecoin supply, credit, and RWA scale provides a settlement foundation for future Robinhood retail users to enter on-chain.

Rapid Growth of On-Chain Activity

Robinhood Chain has currently formed an on-chain activity level that does not match its development stage. Over the past 30 days, its TVL has grown by approximately 90% to $757 million, peaking at about $801 million on September 2, and has entered around the 12th position among public chains based on TVL.

More noteworthy than the TVL is the efficiency of capital turnover. The latest daily DEX trading volume on Robinhood Chain has reached approximately $1.69 billion, accounting for about 17% of global DEX trading volume; the cumulative DEX trading volume over the past 7 days is about $8.2 billion, second only to Solana's $18.1 billion and Ethereum's $9.8 billion, surpassing BSC and Base.

This indicates that Robinhood Chain is not accumulating TVL through a large amount of stagnant capital but has already formed a high frequency of on-chain trading activities. Relative to the approximately $757 million TVL, its daily DEX trading volume can exceed twice the TVL, indicating a high level of on-chain capital turnover.

The Real Variable: Robinhood Users Have Not Entered

Over 98% of Transactions Come from Crypto-Native Users

The current biggest characteristic of Robinhood Chain is that the aforementioned growth is almost entirely not coming from Robinhood's own users.

On-chain swaps within the Robinhood app are primarily routed through 0x, and even at peak times, this portion of transactions accounts for only about 1% to 2% of Robinhood Chain's daily trading volume. The vast majority of remaining activities come from third-party trading terminals, Uniswap, Launchpad, and other crypto-native trading scenarios.

Trading terminals are particularly notable, with their weekly trading volume having grown from less than $20 million at the end of June to over $1.2 billion recently, with Robinhood Chain currently accounting for about 33% of the total cross-chain trading terminal volume.

Therefore, the current TVL, trading volume, and revenue of Robinhood Chain are more akin to a "stress test without Robinhood users participating": before the parent company's most important distribution resources have been truly released, the crypto-native market has already established a liquidity cycle of a certain scale on its own.

Uniswap Becomes the Core Liquidity Center

These crypto-native flows are highly concentrated in Uniswap. Currently, Uniswap contributes about 77% of Robinhood Chain's DEX trading volume, Ramses accounts for about 6%, and UP accounts for about 5%.

This concentration even inversely affects Uniswap's own cross-chain structure—Robinhood Chain currently contributes over 50% of Uniswap's total cross-chain trading volume, becoming the first non-Ethereum network to reach this level.

More noteworthy is the application of Uniswap V4 Hook on Robinhood Chain. After its launch in January 2025, Hook allows developers to add programmable logic such as dynamic fees, limit orders, custom issuance mechanisms, and oracles to liquidity pools, but early adoption has been slow. Robinhood Chain has become one of the early ecosystems to turn Hook from an "optional feature" into actual trading infrastructure.

Launchpad and stock Memecoins extensively utilize V4 Hook for fee routing, liquidity guidance, and asset issuance, making Robinhood Chain an important source of cross-chain V4 Hook pool trading in a short period.

Launchpad Becomes the Trading Volume Engine

Daily Issuance Platform Trading Volume Exceeds $600 Million

Another core source of growth for Robinhood Chain is the Launchpad. On September 1, its Launchpad daily trading volume exceeded $600 million, with Pons accounting for about 60% and long.xyz about 25%.

In terms of overall chain comparison, Robinhood Chain currently contributes about 14% of Launchpad revenue, ranking third, only behind Solana and BSC. These asset issuance activities simultaneously deliver trading demand to DEXs like Uniswap, so Launchpad is not an independent sector but an important source of Robinhood Chain's high DEX trading volume and on-chain revenue.

This creates a relatively clear growth path for Robinhood Chain: new asset issuance attracts speculation and trading demand, trading activities enter DEXs and generate fees, and liquidity and revenue further attract new protocols and market-making capital to enter.

V4 Hook Strengthens the Link Between Issuance and Trading

The growth of Robinhood Chain's Launchpad is highly related to the programmable liquidity mechanism of Uniswap V4. Traditional Launchpads address the question of "how to issue assets," while V4 Hook further allows project parties to customize fees, liquidity, and trading rules after asset issuance.

This means that Launchpad, AMM, and liquidity management are beginning to be compressed from three relatively independent links into the same infrastructure. The rapidly growing trading volume of Robinhood Chain is, in essence, partly derived from this high coupling of new asset issuance and secondary liquidity.

Tokenized Stocks Form Structural Advantages

Robinhood Holds About 53% of On-Chain Stocks

Compared to Launchpad and Memecoins, tokenized stocks may be the advantage of Robinhood Chain that is more difficult for other public chains to replicate.

Currently, Robinhood holds about 53% of the on-chain tokenized stock scale from different issuers. Its key advantage comes from the minting mechanism with authorized participants: Robinhood can establish a supply of tokenized assets around real stocks, rather than solely relying on third parties to cross-chain or repackage assets.

This means that Robinhood Chain is not only a trading venue for tokenized stocks but also controls part of the entry point for assets to enter on-chain. Compared to public chains that solely rely on liquidity incentives to attract RWA assets, this issuance and distribution capability forms a stronger structural barrier.

Stock Memecoins Form New Trading Structures

Recently, the growth of tokenized stocks has also given rise to a special "stock Memecoin" model. Some Memecoins on long.xyz are not directly paired with stablecoins to form AMM pools but are paired with corresponding tokenized stocks.

Therefore, the price of Memecoins actually reflects the relative price of "stock token/Memecoin." When users buy Memecoins, the corresponding stock tokens enter the liquidity pool, thereby directly connecting Launchpad speculative activities with the liquidity of tokenized stocks.

Currently, some stock Memecoins account for 20% to 40% of the corresponding stock's on-chain circulation. For example, BONER accounts for about 42% of the on-chain circulation of HIMS, MOO accounts for about 27% of MU, and AI accounts for about 18% of NVDA.

However, this high proportion more reflects that the tokenized stock market is still very small. Taking AI/NVDA as an example, even at peak times, its scale is only equivalent to about 0.0048% of NVIDIA's market capitalization. Therefore, the current stock Memecoins have almost no impact on the prices of traditional stocks themselves, but they already have a high influence in the still small on-chain stock market.

At the same time, since Robinhood's stock tokens can only be minted through authorized participants, during the time window when the US stock market is closed and minting and redemption are restricted, if Memecoin trading occupies too high a proportion of on-chain circulation, it may also cause the prices of tokenized stocks to temporarily deviate from traditional market reference prices.

Stablecoins and RWA Are Forming the Underlying Settlement Foundation

Stablecoin Supply Approaches $900 Million

Beyond trading activities, the settlement foundation of Robinhood Chain is also expanding simultaneously. Currently, the supply of stablecoins on-chain is about $868 million, having increased by approximately $118 million over the past 7 days, a growth rate of 15.8%, with USDG accounting for about 63%.

Meanwhile, the on-chain lending TVL continues to grow, with the active RWA market cap reaching approximately $197 million.

The importance of this data lies in the fact that they represent that Robinhood Chain is beginning to extend from a purely high-frequency trading network to a financial infrastructure capable of payment, collateral, lending, and real asset trading. Stablecoins are responsible for settlement, lending protocols provide credit, tokenized stocks and RWA provide asset ends, while DEX and Launchpad provide liquidity and trading demand.

If in the future Robinhood migrates more retail users to on-chain, this infrastructure will already be able to accommodate the corresponding assets and trading activities without needing to build from scratch.

Conclusion

What is currently most noteworthy about Robinhood Chain is not the 90% growth in TVL or the daily DEX trading volume reaching $1.69 billion, but the premise behind these figures: Robinhood's true distribution advantage has yet to be released.

Currently, about 98% to 99% of on-chain transactions come from crypto-native users, with Robinhood's own app users contributing only about 1% to 2%, yet Robinhood Chain has already established a TVL of $757 million, weekly trading volumes in the billions, approximately $20 million in cumulative holder revenue, and a preliminary financial ecosystem composed of Uniswap, Launchpad, tokenized stocks, stablecoins, lending, and RWA.

This makes Robinhood Chain's growth logic different from that of ordinary new public chains. Most new chains need to attract liquidity through incentives first and then seek real users; Robinhood already has tens of millions of retail users and mature financial distribution channels, but these users have yet to enter on-chain on a large scale. Meanwhile, its ability to mint tokenized stocks through authorized participants gives Robinhood an asset entry point in the RWA, especially in the field of tokenized stocks, that is difficult for other public chains to replicate.

Therefore, the report's real focus is not on how much Robinhood Chain can still rely on crypto-native trading for growth, but rather when and at what conversion rate Robinhood can migrate its Web2 financial users on-chain. If this distribution funnel gradually opens, the current TVL, trading volume, and revenue are more likely to become the baseline for future growth; conversely, if Robinhood is unable to complete user migration, then the current growth structure, which heavily relies on Launchpad, Memecoins, and crypto-native trading, still needs further validation for sustainability.