Robinhood Chain is clearing $800 million in daily volume from its decentralized exchange (DEX) two weeks after its launch, with meme currency driving the biggest boost. Artemis CEO Jon Ma warns that the internet’s massive power could be its biggest liability.
The layer-2 network runs on Arbitrum, working faster and cheaper than Ethereum itself. It was launched on July 1 to feature tokenized stocks and real-world assets (RWA), however, speculative tokens have dominated early trading.
Meme Coin Drives Robinhood Chain’s Initial DEX Volume
DefiLlama recorded about $819 million in DEX 24-hour volume on Tuesday and $3.9 billion for the week. That number measures the value of tokens changing hands on chain each day. Network overview surpassed Ethereum in volume Monday before I sneak up behind him.
Cash Cat (CASHCAT), a token built on the internal name of Robinhood, has a market capitalization of $156 million. CoinGecko. Thinner plays as Robin Hood (FOX) doubles in a day with a market capitalization of about $2 million.
Ma runs Artemis, an analytics company on the chain, and invested in Robinhood pre-IPO in 2019. In an open letter to CEO Vlad Tenev, he acknowledged a strong start.
They accounted for more than 300,000-plus addresses daily, $40 million in annual revenue, and $300 million in total closings (TVL).
However, he criticized the account of memes in many commercials. He reported on the 2024 meme coin class on Coinbase’s Base network, down 99% from its peak in calculations. He also remembered 2021, right GameStop Games forced Tenev to testify before Congress.
“But meme money loses people money and destroys trust…PLEASE Robinhood DO NOT build a money chain,” Ma he warned.
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Brokers Betting on Liquidity First, Profits Later
Not everyone agrees. Analyst Miles Deutscher called Robinhood Chain one of the most interesting crypto stories of the year.
Trader Bark they argued The meme wave shows what happens when a Robinhood store hits the chain. Ma’s letter which is based on accounts payable is 27 million.
“Millions of people are one program that has been modified to not participate the first time.”
Arbitrum said the network grossed more than $800,000 in seven days, approaching $42 million. Its expansion program drives 10% of it to the Arbitrum (ARB) ecosystem, and ARB rate has gained 16% this week.
Ethereum, in contrast, captures almost everything of the value, a Analysts have already divided the debate.
Coinbase CEO Brian Armstrong behind fair use cases in the debate, calling users and money the most powerful way. Grayscale’s research found the same the market now rewards on the idea of a meme.
Whether the meme currency proves to be a gateway or a distraction will become clear when Robinhood connects its main app to the chain. Until then, the biggest critics on the Internet and his biggest fans are pointing to the same statistics.
A note Artemis Warns Robinhood Chain’s Biggest Success May Also Be Its Biggest Threat appeared for the first time BeInCrypto.
