Robinhood's L2 Out-Trades Ethereum on Day 14—Meme Cats Apparently Ship Faster Than L1s 🐱

Robinhood Chain ranked third across all networks by 24-hour decentralized exchange volume, trailing only Solana ($SOL) and BNB Smart Chain (BSC) while surpassing Ethereum ($ETH), according to DefiLlama data. The layer-2 network, live since July 1, recorded roughly $811 million in daily DEX volume, compared with $1.21 billion on Solana and $1.05 billion on BSC.

Bernstein analysts led by Gautam Chhugani flagged the early traction in a Monday research note, estimating $3.1 billion in DEX volume across the chain's first seven days—a total that placed it among the top five networks. More than 65,000 users now hold approximately $13 million in tokenized stocks and $300 million in stablecoins on Robinhood Chain, the broker said.

On-chain data from Dune shows that meme coin activity led the early surge. Cash Cat (CASHCAT), a token referencing Robinhood's early branding, logged $299 million in volume across 304,907 trades, the highest of any asset on the network. Bernstein said deeper liquidity followed once crypto-native traders participated, though the initial week leaned heavily on speculation.

The broker framed the launch as evidence of convergence between tokenized real-world assets and decentralized finance. "Strong early adoption highlights the growing convergence of tokenized real-world assets with the broader DeFi ecosystem, as industry participants continue to innovate across multiple business models for regulated asset tokenization," the note stated.

Robinhood has signaled plans to steer activity toward tokenized stocks, commodities, and perpetual futures, while separately expanding its agentic AI trading tool from equities into crypto. Event contracts on Robinhood's platform climbed from 300 million in Q1 2025 to 8.8 billion in Q1 2026, per Artemis. The network's first days now set up the question of whether speculative flows convert into lasting demand for tokenized assets.