Robinhood Chain has recorded lower than 1% of its analyzed transactions by means of a contract clearly linked to Robinhood Pockets customers, in response to ARK Make investments analysis director Lorenzo Valente.
In accordance with Lorenzo Valente’s evaluation, contract-level information signifies that almost all buying and selling on Robinhood Chain comes from current on-chain merchants relatively than new cryptocurrency customers coming into by means of Robinhood.
Valente, ARK Make investments’s director of analysis for digital belongings, examined which sensible contracts generated transactions on the community. His overview sought to separate exercise that may very well be linked on to Robinhood merchandise from trades routed by means of exterior wallets and functions.
Was debating this with the boys from @therollupco yesterday: is Robinhood Chain exercise net-new customers onboarded to crypto, or simply the identical degens ?
Dug into the contract-level information. My learn: overwhelmingly the latter.
Robinhood Pockets routes swaps by means of 0x’s Settler… pic.twitter.com/61Cgy8VOhN
— Lorenzo Valente (@LorenzoARK) September 4, 2026
Robinhood Pockets sends swaps by means of the 0x Settler contract, making that route the clearest supply of transactions from the corporate’s pockets customers, in response to Valente. Transactions involving the contract represented lower than 1% of the exercise included in his evaluation.
Permitting for contracts that might not be recognized raised the attainable Robinhood-linked share to about 5%, he estimated. Valente described the estimate as beneficiant as a result of among the unidentified exercise might even have come from exterior buying and selling companies.
Robinhood Chain exercise comes primarily from exterior platforms
A lot of the identifiable quantity exterior the 0x Settler route got here by means of GMGN and OKX, Valente mentioned. Each platforms give merchants entry to on-chain belongings with out requiring them to make use of Robinhood Pockets as their fundamental entry level.
GMGN capabilities as a buying and selling terminal for customers in search of newly issued tokens and different speculative belongings throughout a number of blockchains. OKX additionally presents a Web3 pockets and decentralized alternate instruments that may hook up with Ethereum Digital Machine networks.
Evaluating the transaction patterns throughout chains, Valente mentioned the exercise on Robinhood Chain resembled the conduct already seen from customers of the identical companies elsewhere. He described the community as attracting the “similar degens” to a brand new blockchain, relatively than displaying clear proof that Robinhood had launched a separate group of customers to on-chain markets.
Valente framed the statement as his studying of the contract information, not a buyer depend provided by Robinhood. Wallets may work together by means of aggregators, customized contracts, or routes that make their authentic supply troublesome to determine, limiting how exactly public blockchain information can assign transactions to particular person platforms.
The findings concern transaction origins relatively than the variety of folks utilizing every pockets. One deal with might belong to a single person, a buying and selling bot, an software, or a service that mixes transactions for a number of prospects.
An open community complicates Robinhood person counts
Robinhood Chain operates as a permissionless Ethereum Layer 2 constructed with Arbitrum expertise. EVM-compatible wallets and functions can join with out holding a Robinhood brokerage account, whereas builders can deploy contracts with out proscribing entry to the corporate’s prospects.
Such entry means the community’s whole transactions, charges, and decentralized alternate quantity can’t routinely be handled as Robinhood buyer exercise. A commerce made by means of GMGN or OKX nonetheless seems on Robinhood Chain, even when the dealer by no means enters by means of Robinhood’s pockets interface.
The excellence issues as a result of the community has generated massive buying and selling and income figures since its July 1 mainnet launch. Crypto.information beforehand reported that three main functions produced about 93% of measured software income throughout one 24-hour interval.
GMGN led that snapshot with roughly $1.11 million, adopted by the Pons token-launch platform with about $1.03 million and Uniswap with roughly $327,707. The focus supported the view {that a} small group of crypto-native companies drove a lot of the community’s early charge exercise.
On Sept. 2, Robinhood Chain generated $4.01 million in chain income from $4.45 million in whole charges, in response to DeFiLlama information cited in a separate report. Its cumulative decentralized alternate quantity had additionally crossed $47 billion in beneath two months, whereas GMGN and Pons accounted for a lot of the memecoin buying and selling.
Robinhood has lined transaction prices throughout the community’s first 90 days, with the gasoline subsidy scheduled to run by means of the top of September. The free gasoline program has allowed merchants and functions to execute transactions with out paying the standard community charge themselves.
Tokenized shares kind a smaller however rising market
Robinhood launched the chain partly as infrastructure for tokenized shares, real-world belongings, and decentralized finance. Buying and selling exercise, nevertheless, has additionally unfold into memecoins and newly issued tokens that aren’t central to the brokerage’s stock-token technique.
Uniswap processed $1 billion in cumulative tokenized-stock quantity on Robinhood Chain by Aug. 21. The entire lined swaps concerned a number of stock-linked tokens relatively than belongings deposited on the community or buying and selling in a single product.
Inventory tokens stay unavailable to buyers in the USA. Robinhood has supplied the merchandise throughout greater than 120 international locations, in response to its August earnings name, permitting eligible abroad prospects to achieve value publicity to U.S. shares by means of blockchain-based devices.
For American readers, Robinhood Markets stays the direct listed publicity to the corporate’s blockchain technique by means of its Nasdaq-traded HOOD shares. On-chain transactions generated by exterior companies shouldn’t be handled as equal to new U.S. brokerage accounts, cryptocurrency prospects, or income reported in Robinhood’s monetary statements.
Robinhood reported 28.4 million funded prospects on the finish of the second quarter, up 1.9 million, or 7%, from a yr earlier. Its funding accounts elevated 9% to 29.9 million, whereas whole platform belongings reached $369 billion, in response to the corporate’s second-quarter outcomes.
Robinhood’s buyer base stays a separate metric
Supporters of the community have pointed to Robinhood’s current buyer base as a attainable route for bringing extra folks on-chain. BitMine Chairman Tom Lee mentioned in August that entry to hundreds of thousands of funded accounts might make Robinhood Chain an necessary supply of latest Ethereum customers.
Early community information has not but established that connection, in response to Valente’s contract overview. Confirmed Robinhood Pockets routing represented solely a small a part of the transactions he examined, whereas buying and selling terminals utilized by skilled crypto individuals accounted for many of the exercise he might determine.
Robinhood mentioned throughout its second-quarter earnings name that it served greater than 1 million accounts exterior the USA. The corporate additionally reported quarterly income of $1.3 billion, up 32% from a yr earlier, and mentioned it added almost 1 million funded prospects throughout the quarter.
