Robinhood Chain quickly rose to second place among all EVM spot DEXs for daily active wallets on July 20, just three weeks after its mainnet launch. According to Dune data, the network recorded 191,855 active wallets that day out of 864,665 tracked across all EVM chains. This put Robinhood Chain ahead of Base and Polygon, with only BNB Chain ahead of it. For a chain that launched on July 1, overtaking two well-established networks shows an unusually fast rate of adoption.
A 28 Million-User Head Start
Robinhood started with a level of distribution that most new chains never see. About 28 million users could access the network from day one, and the main DeFi infrastructure was already running instead of being delayed. Uniswap and Morpho were both available at launch, and Morpho alone held most of the chain’s total value locked, which is close to $This order of events is important. Most new chains wait months for lending markets and real liquidity, often acting as just an execution layer at first.
Chains focused on memecoin speculation usually see quick spikes and then drop off just as fast. Robinhood Chain started with both a user base and a working DeFi stack, giving its wallet growth a solid base even after the initial launchpad excitement fades.ctivity cools.
Launchpad Leadership Changed, Wallets Didn’t Slow
Several token launchpads have already competed for dominance on the chain. Noxa built an early lead, and for roughly two weeks no rival came close — at one point it out-earned Solana’s Pump.fun in fees over a several-day stretch. That run ended abruptly on July 11, when Noxa halted new token launches after bot-driven copycat tokens flooded the platform. Its website and domains went offline days later.
Pons.family took over the top spot, leading launchpad token volume with $90.2 million by July 20. Noxa’s collapse dragged down CASHCAT, the chain’s leading memecoin, along with broader DEX volume. Active wallet counts, however, kept rising through the transition:
- Robinhood Chain wallets: 191,855 (July 20)
- Total EVM DEX wallets tracked: 864,665
- Morpho TVL share of chain’s ~$266M total: majority
- Pons.family launchpad volume: $90.2M
The Numbers Come With Caveats
There are some important points to keep in mind. The number of active wallets does not equal the number of unique users, since one person can have several addresses. Launchpad volatility is also a real risk. Noxa’s sudden shutdown showed how quickly a leading platform and its infrastructure can vanish.
There is also a difference between what the chain promised and what is happening now. Robinhood promoted the network as focused on tokenized real-world assets, but RWAs currently make up only $49 million, which is a small part of the $266 million in TVL and the trading volume on its launchpads. So far, the growth has come from DeFi and token speculation, not from the asset-tokenization use case the chain was meant to highlight. It is still unclear if that original idea will match the current trading activity.
