Ethena’s USDe experienced remarkable growth on Robinhood Chain, surging from $17 million to $253 million in one month, now representing 43% of stablecoins on this Ethereum layer 2 network. The total value locked in the network reached nearly $493 million, with an average of 11.6 million daily transactions, a 30% increase. However, the number of active accounts grew only 3.3%, remaining approximately 11% below its July 16 peak. Memecoins account for over 99% of trading volume on the network, as illustrated by the CASHCAT token which rose more than 5,500% in one week to reach a market cap near $200 million. This gap between growing liquidity and limited user adoption indicates the network attracts more speculative capital than sustainable users.
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