Robinhood Chain hits 11.6 million daily transactions as USDe fuels TVL growth

Robinhood Chain averaged 11.6 million daily transactions last week, a record for the network and ~30% above the prior week's daily average. Meanwhile, total value locked (TVL) in the chain stands at $473 million, up 32% from the prior week.

Despite all this, the average number of daily active accounts is up just 3.3% week-over-week and still 11% below the July 16 peak. Active accounts briefly spiked on Thursday following the spot listing of the Cashcat memecoin on the Robinhood app, yet the weekly average barely moved.

There is a clear divergence in the number of transactions and TVL growing against a stagnating user base. This indicates that Robinhood Chain has simply been facilitating the same cohort of users from weeks ago, and that they’ve just been trading in higher frequencies, as opposed to the chain attracting entirely new participants.

Robinhood Chain’s stablecoin mix also deserves its own watch, as there is now $253 million of USDe in the chain, now making up ~43% of the chain's total stablecoin float. Quite impressive considering there was only $17 million of USDe on Robinhood Chain just a month ago, with Robinhood’s native USDG being the dominant stablecoin.

A network whose dollar base is rotating toward a yield-bearing synthetic dollar is one where capital parks rather than transacts, which lines up with the chain’s rising TVL and a stagnated number of active accounts.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.