Robinhood Chain's real-world assets jump fivefold as tokenized stocks start trading in bigger size

When Robinhood Chain archetypal launched, its enactment was dominated by speculative memecoin trading alternatively than the archetypal crushed it was built — tokenization.

However, the momentum has yet started to shift, little than 2 weeks later.

Real-world assets present transportation an progressive marketplace worth of astir $70 million, according to DefiLlama, a astir fivefold leap from the debased tens of millions of dollars, which was a tiny portion of the web astatine conscionable 4%, portion memecoins and stablecoins accounted for astir of the activity. The tokenized equities for which the concatenation was designed are yet trading successful larger sizes.

A tokenized GameStop stock is doing $26.6 cardinal successful regular measurement connected the exchange, with Nvidia astatine $14 cardinal and SpaceX astatine $6.4 cardinal adjacent behind. Twelve Robinhood-based tokenized stocks are present clearing much than $500,000 a day, with 5 supra $1 million.

A twelve tokenized stocks are present trading connected Robinhood Chain, led by GameStop. (Shaurya Malwa/CoinDesk)

In its earliest days, the chain's busiest marketplace was CASHCAT, a memecoin built astir Robinhood's abandoned archetypal name. The institution was concisely "CashCat" earlier its founders settled connected Robinhood. The token, which Robinhood has nary portion in, spiked much than 1,700% aft CEO Vlad Tenev followed its account, past fell. It is present down astir 75% from its peak, portion a fig of existent equities trades successful its place.

Total worth locked has astir tripled since mid-July to astir $312 million, according to DefiLlama, and Robinhood Chain is present clearing much than $600 cardinal successful regular decentralized-exchange volume, putting it among the much progressive networks successful crypto.

Robinhood Chain's locked worth has much than doubled since mid-July. (Shaurya Malwa/CoinDesk)

Its transaction number has besides drawn attention, with much than 138 cardinal successful 30 days, per Token Terminal. But the chain's most-traded tokens are inactive overwhelmingly memecoins.

On DEX Screener, the apical of Robinhood Chain's trending database is filled with tokens similar “Hoodrat,” “Vladhood” and “Swole Doge,” not the tokenized equities the web was built for, which commercialized connected Uniswap but fertile good down the measurement rankings.

Volumes of Robinhood Chain tokens crossed DEXs. (DEXScreener)

The tokenized stocks make astir $55 cardinal successful regular volume, nether a tenth of the chain's astir $600 cardinal successful full DEX trading, the information shows. The remainder is dominated by memecoins.

Stablecoins stay the azygous largest beingness connected the chain, with a combined marketplace worth successful the hundreds of millions of dollars, and memecoins, specified arsenic the Robinhood mascot-themed CASHCAT, that defined the chain's archetypal weeks, are inactive active and heavy traded.

The critique 3 weeks agone was that Robinhood had built costly infrastructure and attracted lone speculation, with small motion that the tokenized-stock concern it pitched would materialize.

That concern is present materializing, successful the signifier of tens of millions of dollars successful real-world assets and a twelve equities trading successful existent size. However, it remains tiny compared to the chain’s stablecoin and memecoin ecosystems, and it volition request to support increasing to conscionable Robinhood’s archetypal imaginativeness for tokenization.

But arsenic the information indicates, the tokenized banal enactment is moving toward the transportation alternatively than distant from it arsenic the institution builds towards bringing millions of its retail customers onchain.

Read more: Inside Robinhood’s high-stakes stake to onboard millions of casual users onto decentralized finance