In the week following the launch of its public mainnet, the L2 solution Robinhood Chain processed $3.1 billion in total DEX volume, placing it among the top five networks in terms of activity.
DEX segment network turnover. Source: DefiLlama.As of July 13, the protocol ranks third in daily turnover on decentralized exchanges with $808 million, trailing only Solana and BNB Chain.
According to analysts at Bernstein, around 65,000 users are already holding $300 million in stablecoins and $13 million in tokenized stocks on the network.
The total value locked in DeFi protocols on Robinhood Chain has surpassed $100 million.
Robinhood Chain is an Ethereum Layer 2 solution based on Arbitrum, focused on financial services and real-world assets. Major platforms such as Uniswap, Morpho, Lighter, Chainlink, and BitGo have already integrated into the ecosystem.
Bernstein noted that trading activity in the first week was speculative in nature. Initially, the turnover was primarily driven by meme coins, followed by liquidity from traditional crypto traders.
For Robinhood (HOOD) shares, analysts maintain a positive rating with a target price of $130. At the time of writing, the company's stock is trading at around $110.
Source: Yahoo.Finance.It is worth noting that in June, Robinhood's management changed its governance structure and reduced its workforce by 10%.