Robinhood Chain surpassed Ethereum in 24h revenue ($2.66M) with $683M TVL, driven by AI agent activity ($77M volume), RWA tokens (AMC trading 8x premium), and meme coins.
AI & Agents ·
Robinhood Chain recorded $683 million in total value locked and generated $2.66 million in daily revenue, positioning it as the second-largest chain by that metric and surpassing Ethereum over a 24-hour span. The surge reflects concurrent activity across three asset categories: AI agents accumulated $77 million in trading volume during their first week on the chain, tokenized equities including AMC tokens commanded significant premiums—trading at $130 on Robinhood compared to $20 elsewhere—and meme coins launched continuously, with PONS reaching a $443 million market cap. A Uniswap stock token achieved $1 billion in cumulative volume with $130 million in daily turnover, while integration of projects like Cashcat into the Robinhood app widened retail access.
The convergence of these three product categories on a single chain represents an unusual alignment of market demand. Tokenized stocks offered direct arbitrage opportunities given the pricing disparities, while AI agent activity suggested developer and bot operator adoption independent of retail speculation. Meme coin launches operated in parallel, indicating either sustained capital allocation across multiple token types or sequential rotation among participants.
Questions remain about sustainability: whether the revenue spike persists beyond the initial surge, how much of the volume stems from arbitrage versus genuine economic activity, and whether the three segments compete for liquidity or operate in distinct user cohorts. The corroboration of Robinhood Chain's fees exceeding both Ethereum and Base suggests the trend is measurable across metrics, though duration and composition of inflows remain unclear.