Robinhood Chain Tops $3.1B DEX Volume in First Week

A Bernstein research note found Robinhood Chain recorded roughly $3.1 billion in cumulative decentralized exchange volume in its first seven days after the public mainnet launch on July 1, placing the network among the top five chains by DEX activity.

Robinhood Chain is an Arbitrum-based Ethereum Layer 2 built to support financial services and tokenized real-world assets. The permissionless network has drawn integrations from Uniswap, Morpho, Lighter, Chainlink and BitGo.

Bernstein's analysis estimated about 65,000 users hold roughly $13 million in tokenized stocks and about $300 million in stablecoin balances on the chain.

Available products include tokenized equities, decentralized lending pools and perpetual futures. Robinhood’s stock tokens are offered in more than 120 countries but remain unavailable to U.S. retail customers. The tokens trade continuously on decentralized exchanges and can be used as collateral or deposited into lending pools.

Robinhood partnered with Morpho to let eligible U.S. users lend the dollar-backed stablecoin USDG through the Robinhood app, with rates up to 7% APY. Perpetual futures contracts run through Lighter, which committed $11 million in LIT tokens to incentivize trading.

Bernstein reported that early trading on the chain was driven by speculative flows, with meme coins dominating initial volume before broader liquidity from crypto-native traders arrived. On a daily basis the network reached $809 million in 24-hour DEX volume, ranking third behind Solana and BNB Chain.

Decentralized finance total value locked on Robinhood Chain exceeded $100 million within 15 days of launch.

Robinhood intends to steer the network toward trading in real-world assets such as equities, commodities and perpetuals, and to connect liquidity with the Bitstamp exchange.

The chain uses a custodial model for equity tokenization: a sponsor holds the underlying shares in a secured account and issues blockchain tokens backed by those shares. Before the mainnet launch, Robinhood’s stock tokens were available only in the European Union; Bernstein recorded about $13 million across more than 90 stock tokens now on the chain.

A different tokenization approach surfaced the same week when Ondo Finance introduced tokenized securities it described as compliant with U.S. regulations. Ondo mints tokens through a registered transfer agent and transfers shareholder rights to token holders, demonstrating the structure with a tokenized ETF and a single-stock example.

Bernstein’s note also tracked the broader tokenized real-world assets market, which rose from about $35 billion at the end of 2025 to more than $51 billion. Private credit accounted for roughly 48% of that total and U.S. Treasurys about 29%. On-chain holders of tokenized RWA surpassed one million, up about 75% year to date, with Ethereum and Provenance together hosting close to 70% of on-chain RWA activity.

Bernstein maintains an Outperform rating on Robinhood shares with a $130 price target; the stock closed at $111.97 on July 10.