Morning Minute is a daily newsletter authored by Tyler Warner. The views and analysis presented are his own and do not necessarily represent those of Decrypt. Additionally, check out our new daily news show that covers all the major stories in just five minutes, available for download on Apple Podcasts or Spotify.

Good morning!

Here are the leading stories today:

  • Major cryptocurrencies see a 3% rebound; BTC is priced at $64.3k
  • Circle has received approval from the OCC for a national trust bank charter; CRCL rose by 10%
  • A new draft of the Clarity Act is expected next week as time runs out
  • Polymarket is seeking regulatory approval to facilitate margin trading
  • Robinhood Chain experiences a surge in popularity as Cashcat rises 80%, with several other tokens increasing by over 200%

📈 Robinhood Chain Sees Rapid Growth, Surpassing Hyperliquid and Boosting Arbitrum

Just a week after its launch, Robinhood Chain has quickly established itself as one of the most active networks in the cryptocurrency space.

This Arbitrum-based blockchain recorded $568 million in trading volume on Wednesday, followed by an additional $350 million on Thursday, with over 5.2 million transactions and 213,000 active addresses within a single day. Johann Kerbrat, the crypto GM at Robinhood, reported that the first week saw more than 17 million transactions, nearly 350,000 addresses, approximately $250 million in total value locked (TVL), and over $1 billion in decentralized exchange (DEX) volume.

CEO Vlad Tenev emphasized this milestone on X, stating: “Robinhood Summer is here.”

Robinhood Summer is here ☀️ https://t.co/v5jmpcMath

— Vlad Tenev (@vladtenev) July 9, 2026

These figures are impressive, especially when compared to more established networks. According to DefiLlama, Robinhood Chain's 24-hour DEX volume of about $433 million ranks it fifth among all blockchains, surpassing Hyperliquid. Its TVL skyrocketed by more than 7,000,000% from a near-zero baseline to around $94 million, with stablecoin reserves exceeding $260 million. For a blockchain that was virtually unknown to the public just two weeks ago, outpacing Hyperliquid in trading volume is significant, even if it is largely driven by meme coins.

Meme coins appear to be the primary driver of this activity so far. Tokens like Cash Cat, which achieved a market cap exceeding $180 million, and a slew of Robinhood-themed coins such as Dog In Hood, Hoodrat, and Robinhood Summer have all seen gains in the hundreds or even thousands of percent, creating substantial profits for some traders. One individual reportedly turned $800 into over $1 million, while another transformed $85 into $2 million.

Winners are not limited to the speculative traders. The ARB token from Arbitrum rose by 20%, leading the top 100 tokens, as Robinhood Chain operates on Arbitrum's technology and allocates 10% of its net protocol revenue back to the Arbitrum ecosystem. Additionally, OpenSea experienced a surge in volume and users as the primary platform for trading Robinhood-themed memes earlier this week (now Pump Fun and Fomo app have joined in).

Robinhood Chain's launch has been remarkable, but the question remains: is this the right approach? Clearly, leaning into memecoins has proven effective for a strong debut. However, memecoins can be unpredictable and often leave many participants disappointed (and frequently financially strained). The situation with Solana after the Trump era serves as a cautionary tale, as it plummeted by 70% and continues to struggle to regain its footing and establish a new narrative. This should serve as a warning for Vlad and the Robinhood team.

If this is merely a temporary strategy until real-world assets (RWAs) are implemented on their chain, it could work out in the long run. This is the broader vision, and they seem willing to let speculative traders enjoy the current excitement. Let's hope they don't make this their primary focus.

🌎 Macro Crypto and Markets

  • Major cryptocurrencies are up by 2-3%; BTC +3% at $64.3k; ETH +3% at $1,798; SOL +2% at $79; HYPE +2% at $68
  • DEXE (+19%), APX (+14%) and MORPHO (+10%) are leading the top movers
  • Oil fell by 2% to $72; Gold remains steady at $4,110
  • Stock futures are mixed; DOW +0.2%, Nasdaq -0.2%
  • Circle stock is up 8% in premarket trading after the company received OCC approval for a U.S. National Trust Bank charter
  • Coinbase Chief Legal Officer Paul Grewal is leaving the company, concluding a notable tenure during which he led Coinbase’s legal battles against the SEC and emerged as a prominent industry advocate
  • SWIFT’s blockchain network is attracting major banks with its 24/7 token transfer capabilities, marking a significant advance as global banking communication transitions to blockchain technology
  • A new version of the CLARITY Act may be released as soon as next week, according to sources, in a final effort for a Senate vote by late July, although it still lacks the bipartisan support necessary for passage before the August 7 recess
  • New Hampshire’s Executive Council rejected a proposal for a $100 million Bitcoin-backed bond, a setback for state-level initiatives to gain Bitcoin exposure through public financing
  • BitGo has launched tools to help institutions mitigate quantum computing risks in their Bitcoin holdings, allowing clients to transition to quantum-resistant systems as the debate over Q-Day escalates

Corporate Treasuries & ETFs

Meme Coin Tracker

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

🚚 NFT Developments

  • NFT leaders showed mixed results; Punks remained at 32.4 ETH, BAYC fell by 1% to 9.15 ETH, Pudgy increased by 3% to 4.58 ETH; Hypurr’s value decreased by 2% to 200 HYPE
  • Gremlin Cartel (+200%) and Gimboz (+28%) were the top movers

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