Robinhood Chain achieved major trading volumes one week after launch, processing $568 million on Wednesday and over $350 million more by Thursday, with 5.2 million transactions and 213,000 active addresses in 24 hours. The surge was driven by memecoin trading activity, with tokens like Cash Cat reaching market caps exceeding $180 million. The Arbitrum-powered blockchain's performance placed it fifth among all blockchains in 24-hour DEX volume at around $433 million, ahead of the established Hyperliquid network, according to DefiLlama data.
Robinhood Chain Records $568 Million Wednesday Trading Volume
Robinhood crypto GM Johann Kerbrat reported first-week totals of more than 17 million transactions, nearly 350,000 addresses, roughly $250 million in protocol TVL, and over $1 billion in DEX volume. The network's total value locked exploded more than 7,000,000% over the week off a near-zero base to roughly $94 million, with stablecoin balances climbing past $260 million. CEO Vlad Tenev posted on X stating "Robinhood Summer is here."
Cash Cat and Memecoin Trading Drive Network Activity
Tokens like Cash Cat hit a market cap exceeding $180 million, while Robinhood-themed coins including Dog In Hood, Hoodrat, and Robinhood Summer posted gains in the hundreds and thousands of percent. One trader turned $800 into over $1 million and another parlayed $85 into $2 million. On Thursday, Cashcat gained 80% to reach $180 million market cap, Juggernaut rose 110% to $17 million, Hoodrat increased 400% to $15 million, and Tendies climbed 64% to $6 million.
Arbitrum Token Jumps 20% on Revenue Routing Agreement
Arbitrum's ARB token jumped 20% to lead the top 100 cryptocurrencies. Robinhood Chain runs on Arbitrum's tech stack and routes 10% of its net protocol revenue back to the Arbitrum ecosystem. OpenSea experienced an influx of volume and users as the primary protocol open for trading Robinhood memes earlier this week, with Pump Fun and Fomo app subsequently adding support.
Circle Receives OCC Approval for National Trust Bank Charter
Circle received OCC approval for a U.S. National Trust Bank charter. Circle stock rose 8% in premarket trading and the CRCL token gained 10% following the announcement.
Bitcoin ETFs Record $95 Million Outflows Thursday
The Bitcoin ETFs saw $95 million in net outflows on Thursday. The ETH ETFs saw $52 million in outflows, breaking their 5-day inflow streak. Crypto majors rebounded with BTC up 3% at $64.3k and ETH up 3% at $1,798.
Coinbase Chief Legal Officer Paul Grewal Departs
Coinbase Chief Legal Officer Paul Grewal is departing the crypto giant, ending a run in which he led Coinbase's legal fights against the SEC.
FAQ
What trading volume did Robinhood Chain process in its first week?
Robinhood Chain processed $568 million on Wednesday and over $350 million more by Thursday. First-week totals included more than 17 million transactions, nearly 350,000 addresses, roughly $250 million in protocol TVL, and over $1 billion in DEX volume.
How did Cash Cat perform on Robinhood Chain?
Cash Cat reached a market cap exceeding $180 million and gained 80% on Thursday to reach $180 million market cap. One trader turned $800 into over $1 million and another parlayed $85 into $2 million trading memecoins on the network.
What regulatory approval did Circle receive?
Circle received OCC approval for a U.S. National Trust Bank charter. Circle stock rose 8% in premarket trading and the CRCL token gained 10% following the announcement.
