Robinhood Chain’s on-chain activity surged in its first week following its July 1 launch, with cumulative addresses approaching 200,000 and total value locked reaching approximately $234 million. The network attracted a memecoin frenzy, a Pump.fun integration on July 8, and the migration of prediction market World from Solana. The token CASHCAT emerged as the dominant memecoin, posting a 1,320% gain in 24 hours with a market capitalization near $137 million. CEO Vlad Tenev shifted his stance, now stating memecoins work great on the network despite his earlier description of such assets as largely a dead end. Despite the memecoin activity, the largest single TVL driver was Ethena’s $50 million USDG deposit into Morpho, pushing protocol TVL up 160% in a single day.
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