Robinhood Chain memecoin trading hit $443M a day, then fell 96%

Robinhood built a blockchain to bring Wall Street onchain. Within weeks, traders were using it to pair cat-themed memecoins with tokenized shares of real companies. Daily trading volume in memecoin-stock token pairs on Robinhood Chain climbed to $443 million in early September, according to CryptoQuant. Trading activity has since dropped 96%, which tells you how long the party lasted. From zero to $443 million and back again Robinhood Chain went live in July. At launch, volume in memecoin-stock token pairs was essentially nonexistent. By early September, that figure had reached $443 million per day, CryptoQuant data shows. The hybrid pairs briefly outpaced the product Robinhood actually set out to sell. On September 2, memecoin-stock token pairs recorded $217 million in volume. Direct stock token trading came in at $127 million that same day. A token called CASHCAT hit a market capitalization of $250 million on August 27. Then the volume disappeared. Activity in these pairs has fallen 96% from its peak. The decline coincided with reports of coordinated rug-pull activity on the chain. What Robinhood Chain was built to do Robinhood Chain is an Ethereum layer-2 network that runs on th...