- Robinhood Chain recorded 323,969 daily active users on July 21, surpassing Coinbase-incubated Layer-2 Base’s 274,520 users.
- Total value locked (TVL) on the network surged to $588.9 million, driven by strong inflows into lending protocols like Morpho and Ethena.
- Memecoin trading accounted for the bulk of spot DEX volume, despite the chain’s core focus on tokenized real-world assets and stock tokens.
Robinhood Chain has overtaken Coinbase’s Base in daily active users (DAUs) just three weeks after opening its mainnet to the public, marking a major shift in retail Layer-2 dominance.
On July 21, Robinhood Chain registered 323,969 daily active users compared to Base’s 274,520, according to on-chain tracking data from Artemis. The Arbitrum Orbit-based Layer-2 network also set a fresh record high in total value locked (TVL) at $588.9 million, representing a 14% single-day jump from $514 million on July 20.
The network’s daily active addresses first crossed above Base on July 11 before trading places throughout mid-July. Activity on the retail-focused chain has surged rapidly since its public mainnet launch on July 1, up from fewer than 1,500 daily active users in late June.
Spot decentralized exchange (DEX) volume on Robinhood Chain also edged ahead of Base, reaching $624 million in 24-hour volume compared to Base’s $603 million. Decentralized lending protocol Morpho currently commands the largest share of liquidity on the network, holding $260.6 million—or roughly 44%—of total TVL, followed by synthetic dollar issuer Ethena at 26%.
Despite being built to support tokenized stocks and real-world assets (RWAs), early transaction volume on the chain has been largely fueled by speculative activity. On-chain analysts estimate that memecoins represented nearly 80% of spot DEX activity across the network over the past week, while tokenized stock market capitalization stands at a modest $19.3 million across 36,170 holders.
While Robinhood Chain leads in recent daily user activity, Base maintains a significant advantage across core structural metrics. Base holds approximately $4.64 billion in DeFi TVL—roughly eight times that of Robinhood Chain—along with $4.84 billion in stablecoin supply and over $255 million in daily perpetual futures volume.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
