Robinhood Chain surpasses Solana on memecoins, RWA growth: Can it hold the lead?
The L2's speculative activity has slowed by half towards the end of July.
Robinhood Chain has become a key Solana challenger on memecoin speculation and real-world asset (RWA) tokenization metas.
According to on-chain data, the new Ethereum L2 surpassed PumpSwap (Solana’s core memecoin engine). Robinhood Launchpad’s weekly volume hit $1.23B, eclipsing PumpSwap’s $1.22B for the first time.
Worth noting that Robinhood Chain has only been live for about a month. However, a few memecoin projects, such as Cash Cat, exploded after its debut. This kicked off a memecoin FOMO in the L2.
But its clout goes beyond the memecoin mania. Its initial RWA vision seems to be playing out as well.
Robinhood sees strong RWA traction
Similarly, Robinhood Chain is now leading in tokenized stock asset holders, outpacing Solana [SOL]. According to Token Terminal data, the L2 had about 330K tokenized stock asset holders. Solana followed closely at 281K users. BNB Chain closed out the top 3 list with 214K holders.
However, dominating the number of tokenized stockholders does not translate to overall value held.
Token Terminal data showed that Robinhood Chain dominance only translated to 1% of the +$2B held in the tokenized stock market.
In other words, Robinhood Chain’s RWA adoption has been commendable. But its overall value of holdings was still lagging. It remains to be seen whether this will scale the value of its tokenized stock holdings due to its massive distribution channel.
That said, as of writing, the memecoin craze seems to have cooled off a bit. The L2’s DEX volume dropped by nearly half from its monthly peak of $900M to about $500M.
Whether the above on-chain traction will eventually boost the fintech’s stock, HOOD, remains to be seen. The chain has made a cumulative $3M since its debut. The figure may increase if the on-chain traction and its RWA bet play out.
Ahead of the Q2 earnings call, analyst consensus has remained bullish on HOOD stock. The analysts, led by Bernstein and Goldman Sachs, expect HOOD to hit $122. This implies a potential upside of 31% from the current value of $92.7.
Final Summary
- Robinhood Chain is challenging Solana on memecoin speculation and RWA dominance.
- The L2 has generated $3M as analysts expect Robinhood’s stock, HOOD, to rally 31% to $122.
