Robinhood Chain Hits 11.6M Daily Transactions as USDe Fuels TVL Surge
HOOD sits 49% above its 52-week low of $63.515.
Summary
Robinhood's Layer-2 blockchain just hit a record 11.6 million daily transactions, up ~30% week-over-week, with total value locked surging 32% to $473 million. The growth is largely driven by a flood of USDe, the yield-bearing synthetic dollar, which now accounts for $253 million—43% of the chain's stablecoin float—up from just $17 million a month ago. However, daily active accounts are barely budging, up only 3.3% week-over-week and still 11% below the mid-July peak, suggesting the same users are trading more rather than new participants joining. This follows the chain's July 2 launch and the $3.1 billion in DEX volume reported in mid-July, but the rapid USDe adoption marks a new phase where capital is parking for yield rather than purely transacting. The divergence between soaring TVL and flat user growth raises questions about the chain's long-term engagement, but the raw activity numbers are a material positive for Robinhood's crypto revenue trajectory.
At the time of this announcement, HOOD was trading at $94.40 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $84.9B. The 52-week trading range was $63.52 to $153.86. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.