The upstart Robinhood Chain just had its busiest day yet, and the rush is looking a lot more like a memecoin casino than the market for tokenized stocks it was built to host.
Apps on the chain earned about $2.66 million over 24 hours, second only to Solana's $5.07 million and ahead of every other network, DefiLlama data shows. That is twice what apps on Ethereum brought in and six times those on Base. App revenue refers to money those applications earn from users, not revenue collected by Robinhood itself.
The blockchain processed 5.52 million transactions on Aug. 30, an all-time high, while trading on decentralized exchanges reached roughly $875 million, according to onchain data.
Those are venues where trades happen directly between users without a company holding the money. Uniswap, the largest of them, accounted for most of the total, with about $432 million through its newest version and another $357 million through the previous one.
About 22,600 tokens were launched in a single day through Pons, data shows, a Robinhood Chain app that lets anyone create and trade a new token straight from their crypto wallet, up more than 40% from the day before.
Most of those are the kind of highly speculative coins that can be created in minutes, rather than businesses putting stocks or other traditional assets onchain. Pons' listings range from animal-themed memecoins to tokens built around whatever joke or narrative traders happen to be chasing that day.
GMGN, a memecoin trading tool, along with Pons and Uniswap produced about 88% of the total. App revenue refers to money those applications earn from users, not revenue collected by Robinhood itself.
Robinhood launched the Ethereum-compatible network on July 1 with tokenized stocks as its flagship use case, allowing traditional assets to be represented and traded on a blockchain.
CoinDesk found barely two weeks later that memecoins had already taken over much of the trading. Robinhood-themed coins were multiplying, while tokenized stocks represented only a small fraction of the assets being used on the network.
The speculative activity has accelerated alongside the broader crypto rally. Cash Cat, one of the network's biggest memecoins, more than doubled in the week through Aug. 25 as traders moved into increasingly smaller tokens.
Robinhood Chain's transaction count has climbed from well below one million a day in early July to more than 5 million. But two months in, the busiest thing on it is a launchpad that produced 22,600 tokens in a day.
Read more: Robinhood Chain's real-world assets jump fivefold as tokenized stocks start trading in bigger size