Robinhood Chain tokenized stocks hit $70M in market value, with GameStop doing $26.6M daily volume and Nvidia at $14M, while memecoins still dominate trading.
Robinhood Chain's real-world assets have climbed to about $70 million in active market value, a roughly fivefold jump from the low tens of millions that dominated its earliest days, according to DefiLlama. The tokenized equities the network was built for are finally trading in larger size.
A tokenized GameStop share now does $26.6 million in daily volume on the exchange. Nvidia sits at $14 million and SpaceX at $6.4 million, the data shows. Twelve Robinhood-based tokenized stocks now clear more than $500,000 a day, with five above $1 million.
The shift marks a departure from the chain's speculative origins. When Robinhood Chain first launched, its busiest market was CASHCAT, a memecoin built around Robinhood's abandoned original name. The company was briefly "CashCat" before its founders settled on Robinhood. The token, which Robinhood has no part in, spiked more than 1,700% after CEO Vlad Tenev followed its account, then fell. It is now down about 75% from its peak.
Total value locked has roughly tripled since mid-July to about $312 million, per DefiLlama. Robinhood Chain now clears more than $600 million in daily decentralized-exchange volume, putting it among the more active networks in crypto. Its transaction count has also drawn attention, with more than 138 million in 30 days, according to Token Terminal.
The chain's most-traded tokens remain overwhelmingly memecoins. On DEX Screener, the top of Robinhood Chain's trending list is filled with tokens like "Hoodrat," "Vladhood" and "Swole Doge," not the tokenized equities the network was built for. Those equities trade on Uniswap but rank well down the volume rankings.
The tokenized stocks generate roughly $55 million in daily volume, under a tenth of the chain's nearly $600 million in total DEX trading, the data shows. Stablecoins remain the single largest presence on the chain, with a combined market value in the hundreds of millions of dollars.
The critique three weeks ago was that Robinhood had built expensive infrastructure and attracted only speculation, with little sign that the tokenized-stock business it pitched would materialize. That business is now materializing, in the form of tens of millions of dollars in real-world assets and a dozen equities trading in real size. It remains small compared to the chain's stablecoin and memecoin ecosystems, and it will need to keep growing to meet Robinhood's original vision for tokenization.
The data indicates the tokenized stock activity is moving toward the pitch rather than away from it as the company builds towards bringing millions of its retail customers onchain.
Read more: Inside Robinhood's high-stakes bet to onboard millions of casual users onto decentralized finance
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