Robinhood Chain Surpasses Coinbase's Base in Daily Users Amid Memecoin Frenzy

R Robinhood's Ethereum Layer-2 blockchain has surpassed Coinbase's Base network in daily active users, according to on-chain data from Artemis.

The milestone was achieved three weeks after launch and marks a significant accomplishment for Robinhood Chain, which has been operating since July 1. On July 21, the chain registered 323,969 daily active addresses compared to Base's 274,520.

However, the fine print reveals that more than 80% of Robinhood Chain's cumulative decentralized exchange volume has come from memecoin speculation, not tokenized equities as initially marketed. This is a stark contrast to the chain's promise of regulated, institutional-grade financial infrastructure.

The numbers have been striking, with the chain's decentralized finance total value locked reaching approximately $305 million by DeFiLlama's methodology on July 22, an 11% gain in a single 24-hour window. Stablecoin supply has reached $439 million, up approximately 30% week-over-week.