Robinhood Chain Sets Record 11.6 Million Daily Transactions as TVL Surges 32%

Robinhood Chain set records for both daily transactions and total value locked.

Crypto news outlet The Block reported on August 11 that the network averaged 11.6 million transactions a day last week, up about 30% from the previous week and the highest level since launch. Total value locked, or TVL, climbed 32% over the same period to $473 million.

Average daily active accounts, by contrast, rose just 3.3% from a week earlier and remained 11% below the peak reached on July 16. While transactions and TVL increased, the user base was largely flat, suggesting existing users traded more frequently rather than a wave of new users joining the network.

The stablecoin mix also shifted sharply. Ethena's synthetic dollar stablecoin USDe now accounts for $253 million on Robinhood Chain, or about 43% of the total stablecoin supply. Just a month ago, USDe holdings stood at only $17 million, while Robinhood's own stablecoin, USDG, was the dominant asset.

The Block said networks shifting from conventional dollar-based stablecoins to yield-seeking synthetic dollar stablecoins tend to draw capital into deposits rather than trading. That aligns with rising TVL alongside stagnant active accounts.