Robinhood Chain continues its explosive growth, climbing to second place among EVM spot DEXs by daily active wallets just three weeks after its mainnet launch on July 1. According to data from Dune, the network recorded 191,855 active wallets on July 20, representing 22.2% of all 864,665 active wallets across EVM chains. That figure pushed Robinhood Chain ahead of established players like Polygon and Base, leaving it behind only BNB Chain.
The rapid ascent follows a series of milestones: the network flipped Base to lead all Ethereum Layer 2s in daily transactions and is now seeing an average of about 26,000 new tokens launched daily. A key driver is the distribution funnel provided by Robinhood’s approximately 28 million users, who gained direct access to the chain from day one. Major DeFi protocols such as Uniswap and Morpho were live at launch, with Morpho holding the bulk of the $266 million in total value locked (TVL) on the chain.
The launchpad ecosystem has been equally dynamic. Noxa initially dominated token launches and even briefly generated more fees than Solana’s Pump.fun, but abruptly halted new launches on July 11 due to bot-driven copycat tokens and subsequently went offline. Pons.family filled the void, leading launchpad token volume at $90.2 million on July 20. Despite Noxa’s exit hitting CASHCAT – the chain’s flagship memecoin – and overall DEX volumes, the active wallet count continued to rise, suggesting growth is not dependent on any single launchpad.
Adding to the momentum, Arbitrum announced that Robinhood Chain added 240,000 more stock token holders than any other blockchain over the past 30 days, highlighting the network’s growing role in tokenized real-world assets (RWAs). However, only $49 million of the chain’s TVL currently sits in RWAs, dwarfed by the trading volume from launchpads and DeFi activity. The active wallet figures, while real, come with caveats: they measure addresses, not unique users, and the chain’s original thesis around tokenized stocks remains underdeveloped. Still, the data underscores a robust DeFi foundation beneath the trading frenzy.
