Robinhood Chain memecoin-stock pair volume hit $443M a day, then fell 96%

A chain built for stock tokens

Robinhood Chain's stated purpose is tokenized real-world assets, with stock tokens offering 1:1 price exposure to US equities and ETFs. Those tokens are issued as debt securities, and they aren't available to US persons. The chain doesn't have a native token either (gas fees are paid in ETH).

That's the product on paper. The early volume went somewhere else.

At launch in July, volume in memecoin-stock token pairs was essentially nonexistent, according to Crypto Briefing. By early September it had climbed to $443 million a day, per the CryptoQuant data the outlet cited. On September 2, those hybrid pairs recorded $217 million in volume, while direct stock token trading came in at $127 million the same day, according to the same CryptoQuant figures.

So for a brief stretch, the memecoin-stock pairs outpaced the stock token product Robinhood set out to sell.

CASHCAT, then a 96% drop

Single tokens moved quickly. A token called CASHCAT reached a market capitalization of $250 million on August 27, Crypto Briefing reported.

The pair volume didn't hold. Trading activity in memecoin-stock token pairs has fallen 96% from its peak, according to CryptoQuant data as reported by Crypto Briefing.

TVL hasn't followed volume down

What's interesting is the capital that's still sitting on the network. Total value locked on Robinhood Chain has stayed near $1 billion even as trading numbers dropped, Crypto Briefing reported. Crypto Briefing also reported that during high-fee periods, revenue frequently fell 80% to 97% from its peaks.

Put those figures side by side and you get two very different curves: speculative pair volume that went from essentially nothing at launch to $443 million a day and then down 96%, and a TVL figure that, per Crypto Briefing, has held near $1 billion.

For a network that's only been live since July 1, it's a wide gap.