Robinhood's new Layer-2 blockchain has launched to a strong start. Uniswap's total value locked on the Robinhood Chain surpassed $30 million within the first week of the network's July 1 launch. This contributed to a broader chain TVL exceeding $100 million.
The activity centered on two asset categories: tokenized stocks and memecoins. The lending protocol Morpho also established a significant presence early on.
The surge in on-chain activity has impacted Uniswap's governance token, UNI, which climbed 14% in value. Trading volume on a new chain represents a potential new revenue stream for liquidity providers and token holders.
Robinhood Chain's rapid growth, driven by deploying established protocols like Uniswap, positions it ahead of many other Layer-2 networks at the same stage.