Robinhood Chain Climbs to Second Position in Active Wallets on EVM DEXs

Robinhood chain has seen a massive growth curve ever since its mainnet launch on July 1. From flipping Base to lead all Ethereum Layer 2s in daily transactions to an average of around 26,000 new tokens launching on the chain daily, the network is compounding rapidly. Data from Dune now shows that Robinhood chain sits second among EVM spot DEXs for daily active wallets. On July 20 it saw 191,855 active wallets out of 864,665 across all EVM chains, putting the chain ahead of Polygon and Base and behind only BNB. 

Source: Dune 

A chain around three weeks old has managed to topple some of the biggest and established networks in Base and Polygon off its perch in this regard. That in itself is a significant feat. 

A 28 Million-User Funnel and a DeFi Stack Live on Day One 

Robinhood came in with the type of distribution most chains never usually get. Around 28 million users had direct access to the new network from the get go. Protocols like Uniswap and Morpho were live from the start, with Morpho holding the bulk of the chain’s Total Value Locked (TVL) of roughly $266 million as of this writing. 

Source: DefiLlama

New chains usually have to wait for months for lending markets and deep liquidity to arrive. They primarily operate as an execution layer until this comes to fruition. A memecoin chain without either tends to spike and fade. Robinhood Chain had both onchain from day one, which gives the wallet growth somewhere to go once the launchpad noise settles. 

The Launchpad Crown Changed Hands and Wallets Barely Noticed 

The chain is already home to several launchpads and new token launches here are moving fast. Noxa was the first launchpad to establish real dominance and for the first two weeks, no other platform came close to it. It even managed to generate more fees than Solana’s leading launchpad Pump.fun for a few days during the course of those first two weeks. 

Then on July 11, Noxa announced that they were halting any new token launches due to a massive influx of copycat tokens created by bots and went dark days later as its site and domains went offline soon after. 

Pons.family stepped into the gap. By July 20 it led launchpad token volume at $90.2 million. Noxa’s exit knocked CASHCAT, the chain’s flagship memecoin, and overall DEX volume off their highs. The active wallet count kept climbing through the handover anyway. When the biggest token factory on a chain vanishes and users keep showing up, the growth is not coming from that one factory. 

What the Wallet Ranking Doesn’t Say 

A few caveats keep this honest. Active wallets are not unique users. One person can run several addresses, so 191,855 counts wallets, not people. Launchpad churn also carries real security risk, and the Noxa episode shows how fast a dominant venue can disappear along with its domains.

Then there is the gap between what the chain does and what it was built for. Robinhood pitched the chain around tokenized real-world assets. Those RWAs sit near $49 million right now, a rounding error next to the $266 million in TVL and the launchpad volume flowing through it. The activity driving the wallet numbers is not the activity the chain was designed to host.

The ranking is real and the DeFi base under it is real. Whether the RWA thesis ever catches up to the trading is the open question, and the July data does not answer it yet.