Robinhood Chain Overtakes Base on Daily Active Users Three Weeks After Launch

Robinhood Chain surpassed Base on daily active users on July 21, three weeks after the trading platform launched its mainnet, according to Artemis data. The network registered 323,969 daily active users against Base's 274,520, and set a record $588.9 million in total value locked the same day.

The chain first crossed above Base on July 11, when it counted 314,843 daily active users to Base's 283,938, per Artemis. The lead has changed hands since: Robinhood Chain held it from July 11 to July 15, Base regained it from July 16 to July 20, and Robinhood Chain moved back on top on July 21.

The user ramp is steep by any measure. Robinhood Chain counted between roughly 300 and 1,400 daily active users in late June, before the July 1 mainnet launch opened the network to the public, per Artemis. Base, by comparison, has held a range of roughly 210,000 to 431,000 daily users over the past 30 days.

Robinhood Chain also edged out Base on spot DEX volume, with $624 million in the past 24 hours against Base's $603 million, according to DefiLlama. The network generated $198,215 in chain fees over the same period, nearly four times Base's $52,081.

TVL Climbs From Under $5M to $589M in a Month

Robinhood Chain's TVL was below $5 million through late June and went vertical around the July 1 launch, setting new highs almost daily through July, per Artemis. The July 21 record of $588.9 million marked a $74 million, or 14%, single-day increase.

Robinhood Chain's TVL held below $5 million until the July 1 mainnet launch, then climbed to a record $588.9 million by July 21. Data: Artemis; figures use Artemis methodology, which includes Morpho market size.

Lending protocol Morpho holds the largest share at $260.6 million, or 44% of the chain's TVL, followed by Ethena at $155.9 million, or 26%, according to Artemis. Uniswap, which deployed a dedicated AMM on the chain at launch, holds $50.8 million, followed by Maple at $43.3 million, Lighter at $28.4 million, Robinhood's own Stock Tokens at $19.3 million, and Arcus, the DEX launched by the dYdX team with backing from Robinhood Crypto, at $17.1 million.

Capital is flowing in through the canonical bridge, whose escrow climbed to $216.7 million from near zero in early June, while stablecoin supply on the chain reached $438.8 million, up 30% in the past week, per DefiLlama. DefiLlama, which uses a narrower methodology than Artemis, puts the chain's DeFi TVL at $307.9 million and its bridged TVL at $960.7 million.

Memecoins, Not Stock Tokens, Drive the Volume

The network was pitched as infrastructure for tokenized real-world assets, with Robinhood rolling out Stock Tokens — its tokenized-equity product — to users in more than 120 countries. But memecoin trading has dominated activity since week one, a trend that accelerated after Pump.fun added trading for Robinhood Chain tokens amid the CASHCAT frenzy.

The tokenized-equity footprint remains small but is growing: Stock Tokens on the chain reached a record $19.3 million in tokenized market cap and 36,170 holders on July 21, both all-time highs, per Artemis. The chain also set a record 217,050 daily returning users on July 21, per Artemis.

Base remains far larger by most other measures. Its $4.64 billion in DeFi TVL is roughly 15 times Robinhood Chain's, its stablecoin supply of $4.84 billion is 11 times larger, and its perps volume of $255.5 million in the past 24 hours dwarfs Robinhood Chain's $13.5 million, per DefiLlama.

Robinhood's Onchain Bet

Robinhood Chain, an Arbitrum Orbit-based Layer 2, went live as a public testnet in February at Consensus Hong Kong before the July 1 mainnet launch, which Robinhood paired with onchain lending, Stock Tokens in the Robinhood Wallet, and agentic trading products.

Shares of Robinhood Markets (HOOD) rose more than 8% on the launch day and traded at $107.55 on July 21.