ARK research finds Robinhood Wallet represents only 0.7% of on-chain activity, with cross-chain terminals and bots dominating 40% of volume.
Macro & Markets ·
An analysis of Robinhood Wallet activity on its chain found that confirmed Robinhood user transactions represent under 1% of activity, with a generous upper estimate of roughly 5% when accounting for unidentified transactions. The remainder of on-chain activity derives from trading terminals and bots—specifically GMGN, Axiom, and OKX—executing the same patterns they perform across other blockchains.
The research examined contract-level data to distinguish between new users entering crypto through Robinhood and existing participants reusing familiar tools on a new chain. Robinhood Wallet routes swaps through 0x's Settler contract, which serves as the primary traceable marker of Robinhood user behavior. Cross-chain terminals and automated trading activity together account for approximately 40% of volume.
The data suggests Robinhood Chain activity represents largely the same cohort of traders migrating across chains rather than meaningful onboarding of retail users into crypto. Whether this pattern changes as chain maturity increases, or what proportion of longer-tail unidentified transactions may belong to Robinhood users, remains unclear from the current analysis.