On July 21, Robinhood Chain logged 323,969 daily active users, edging past Coinbase's Base network, which recorded 274,520. That came three weeks after the Arbitrum Orbit-based chain opened its mainnet to the public on July 1, and the same day it set a TVL record of $588.9 million, a $74 million jump in a single day, roughly 14%.

The rivalry between the two networks has been back-and-forth. Robinhood Chain first crossed above Base on July 11, posting 314,843 users to Base's 283,938. Base clawed back the lead from July 16 through July 20 before Robinhood Chain retook it on July 21. The context matters: Base has spent the past 30 days ranging between roughly 210,000 and 431,000 daily users. Robinhood Chain was sitting somewhere between 300 and 1,400 daily active users in late June.

TVL Goes From Near Zero to $589M in a Month

Total value locked on the chain barely touched $5 million through late June, then climbed almost vertically after the July 1 launch, hitting new highs nearly every day. The July 21 figure of $588.9 million reflects Artemis methodology, which includes Morpho market size in the calculation.

The breakdown of where that capital sits:

  • Morpho: $260.6 million (44% of TVL)
  • Ethena: $155.9 million (26%)
  • Uniswap: $50.8 million
  • Maple: $43.3 million
  • Lighter: $28.4 million
  • Robinhood's Stock Tokens: $19.3 million
  • Arcus (built by the dYdX team, backed by Robinhood Crypto): $17.1 million

The canonical bridge escrow has climbed to $216.7 million from near zero in early June. Stablecoin supply on the chain reached $438.8 million, up 30% in a week.

Memecoins Are Doing the Heavy Lifting, Not Stock Tokens

Robinhood Chain also outpaced Base on spot DEX volume, with $624 million in 24-hour trading against Base's $603 million, per DefiLlama. Chain fees told a similar story: $198,215 for Robinhood Chain versus $52,081 for Base in the same window, nearly a four-to-one difference.

The irony is that the chain was built around tokenized stocks, which currently hold just $19.3 million in TVL. Memecoins, not equities, are generating most of the on-chain activity right now. Stock Tokens rank sixth in TVL, well behind lending and stablecoin infrastructure.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.