Robinhood Chain surpasses Base in daily active users within three weeks of launch, TVL soars from less than $5 million to $589 million

According to Artemis data, Robinhood Chain recorded 323,969 daily active users on July 21, surpassing Base’s 274,520 and marking the second time since its mainnet launch on July 1 that it has overtaken Base. On the same day, TVL hit a new high of $588.9 million, growing 14% in a single day, whereas at the end of June this metric was less than $5 million. Morpho accounted for $260.6 million, or 44% of TVL, while Ethena represented 26%.

Onchain stablecoin supply reached $438.8 million, a 30% weekly increase. Spot DEX 24-hour trading volume was $624 million, also surpassing Base’s $603 million. However, the primary driver of this activity was meme coin trading rather than the tokenized stocks that the chain targets, with tokenized stock market cap at just $19.3 million. Base still leads by a wide margin in most metrics: DeFi TVL is around $4.64 billion, 15 times that of Robinhood Chain, stablecoin supply is $4.84 billion, 11 times higher, and perpetual contract trading volume is $255.5 million, far exceeding Robinhood Chain’s $13.5 million. Robinhood Markets shares rose over 8% on the launch day, and closed at $107.55 on July 21.