Robinhood Chain activity is mostly ‘degen flow,’ ARK researcher says

Robinhood Chain has recorded less than 1% of its analyzed transactions through a contract clearly linked to Robinhood Wallet users, according to ARK Invest research director Lorenzo Valente. Summary Less than 1% of analyzed transactions passed through the confirmed Robinhood Wallet swap route. Valente estimated Robinhood-linked activity could reach about 5% after including unidentified contracts. GMGN and OKX accounted for much of the remaining activity identified in the analysis. Robinhood Chain remains open to outside wallets, trading terminals and EVM-compatible applications. According to Lorenzo Valente’s analysis, contract-level data indicates that most trading on Robinhood Chain comes from existing on-chain traders rather than new cryptocurrency users entering through Robinhood. Valente, ARK Invest’s director of research for digital assets, examined which smart contracts generated transactions on the network. His review sought to separate activity that could be linked directly to Robinhood products from trades routed through outside wallets and applications. Was debating this with the boys from @therollupco yesterday: is Robinhood Chain activity net-new users onboarded to cry...