Robinhood Chain volume overtakes Hyperliquid in 24-hour DEX volume. The newly launched Ethereum Layer-2 blockchain processed more than $440 million over the past 24 hours.
Consequently, it has now flipped popular Hyperliquid in the rankings.
Why Robinhood Chain volume overtakes Hyperliquid
According to DeFiLlama data, Robinhood Chain recorded almost $375 million in 24-hour DEX volume. The chain has climbed to fifth place based on the DEX volume by Chain metric, with almost $900 million in 7-day DEX volume. Meanwhile, Hyperliquid saw $296 million in 24-hour DEX volume, with $656.28 million in total DEX volume over the past 7 days.
This milestone comes just one week after Robinhood Chain’s mainnet launch on the Arbitrum Orbit stack. In its debut week, the Layer-2 chain amassed nearly $1 billion in cumulative DEX volume, around $100 million in TVL, and more than 350,000 addresses.
Moreover, Token Terminal data also shows ETH bridged from Ethereum L1 to Robinhood Chain is up 70x in one week, passing $70 million. The chain uses ETH as gas.
Catalysts behind the massive demand
Santiment reported that Robinhood Chain is buzzing amid RWA tokenization, DeFi tools, and CASHCAT mania. “Bulls see a TradFi-to-DeFi bridge, while skeptics question stock-token rights and lasting demand,” it added.
The primary catalyst behind the surge is hype from CEO Vlad Tenev. He took to X, saying: “While we’re building Robinhood Chain to be the best chain for RWA … it works great for memes too.”
He also declared “Robinhood Summer is here” as the chain acts as a bridge between retail brokerage and on-chain trading. Furthermore, Robinhood covers gas fees for eligible users via its Wallet until September 29.
CASHCAT rockets as meme coin frenzy intensifies
Cash Cat (CASHCAT) price rocketed more than 1000% in just the last 3 days amid the hype. The meme coin named after Robinhood’s early days mascot jumped nearly 60% in the past 24 hours, currently trading at $0.1455.
Lookonchain reported that a wallet (0x6f5b) named “Ansem-2” spent $233K to buy 2.79 million CASHCAT. This was another catalyst. The wallet is linked to the Solana wallet CLM6E4, which held 10.5 million ANSEM. Consequently, this sparked speculation of ANSEM buying CASHCAT.