Robinhood Wallet accounts for less than 1% of on-chain activity on its own chain

Robinhood built its own blockchain. Then other people showed up to use it instead. ARK Invest research director Lorenzo Valente published an analysis of smart-contract activity on Robinhood Chain in September 2026, roughly two months after the network’s public launch. His conclusion: transactions routed through the Robinhood Wallet’s primary swap mechanism accounted for less than 1% of total on-chain volume. Specifically, activity flowing through the 0x Settler contract, the standard pathway for Robinhood Wallet swaps, came in at 0.5% of all transactions. Who is actually using Robinhood Chain Robinhood Chain is an Ethereum-compatible Layer-2 network that went live on July 1, 2026. The pitch was straightforward: give Robinhood’s tens of millions of retail brokerage users a seamless on-ramp into on-chain finance, backed by the familiarity of the Robinhood brand. The volume materialized. Robinhood Chain logged hundreds of millions of transactions and meaningful decentralized exchange activity in the weeks after launch. The problem is who generated it. Valente’s analysis found that the identifiable volume was driven primarily by external platforms, with GMGN and OKX standing out as the...