Robinhood Chain, the blockchain community constructed by the favored buying and selling app to energy tokenized shares, has turn into one of many busiest new chains in crypto. However regardless of being constructed round tokenized shares and different real-world belongings (RWAs), speculative memecoin buying and selling has to this point turn into the community’s defining use case.
A cat-themed token referred to as CASHCAT, named after Robinhood’s former mascot earlier than the corporate rebranded, has surged 2,158% over the previous 7 days, and the memecoin has a $156 million market cap. By comparability, tokenized real-world belongings on the chain are price simply $12.81 million, of which $10.68 million is shares, with the remainder break up throughout commodities, tokenized ETFs and a $410,000 sliver of U.S. Treasuries as of Monday morning.
The distinction comes because the chain has posted explosive early progress because it formally went dwell on July 1.
Knowledge reviewed by CoinDesk exhibits that complete worth locked for the chain reached about $135 million, up greater than sevenfold from $17 million on July 3, based on DefiLlama. It even ranked among the many high three networks for decentralized trade buying and selling quantity over the previous week, producing $3.1 billion in quantity.
This implies the tokenized-equity ebook stays tiny in a series that clears billions of {dollars} in weekly buying and selling quantity. The sample is much like when outstanding trade Coinbase launched its personal community, Base, in 2023. Memecoins and hypothesis crammed it first, whereas the sturdy purposes arrived later, per CoinDesk experiences from that point.
