- Robinhood Chain averaged a record 11.6 million daily transactions last week.
- Transactions jumped around 30% week-over-week, while TVL rose 32% to $473 million.
- Daily active accounts increased just 3.3% and remain 11% below the July peak.
- USDe now makes up around 43% of the chain's stablecoin supply, with $253 million on the network.
- The growth appears to be coming mainly from existing users trading more, rather than a big wave of new users.
Robinhood Chain processed a record 11.6 million transactions per day last week, up around 30% from the previous week.
At the same time, total value locked (TVL) on the network climbed 32% to $473 million.
However, user growth has been much weaker.
The average number of daily active accounts increased just 3.3% week-over-week and remains about 11% below the July 16 peak. Active accounts briefly jumped on Thursday after the Cashcat memecoin was listed on the Robinhood app, but the spike did not have a major impact on the weekly average.
This creates a clear gap between network activity and user growth.
In simple terms, the same group of users appears to be doing more transactions, rather than Robinhood Chain attracting a large number of new users.
Another important development is the rapid growth of USDe, Ethena's synthetic dollar.
Robinhood Chain now holds around $253 million in USDe, making up roughly 43% of the network's total stablecoin supply. Just one month ago, there was only around $17 million of USDe on the chain.
The growing share of USDe could also help explain the increase in TVL. Unlike a traditional stablecoin, USDe is designed to generate yield, which can make it attractive for users looking to park capital rather than actively trade it.
The key question for Robinhood Chain is whether this rising activity eventually translates into real user growth, or whether the network continues to see higher activity mainly from its existing user base.
