ROBINHOOD CHAIN DEPOSITS CLIMB BUT VOLUME AND USERS FADE

Summary from the TLDR Crypto newsletter

Robinhood Chain's TVL has climbed to $325 million in under a month, but DEX volume fell 27% week-over-week to $553 million daily and active accounts dropped 7% to roughly 275,000, revealing a split between deposit growth and on-chain activity. The turnover ratio's collapse from 9.25x to 1.68x confirms capital is arriving faster than it is being traded, pointing to yield-seeking behavior rather than organic speculative demand. CEO Vlad Tenev's remark that the chain "works well for memes" sparked a CASHCAT surge of up to 962% during launch week, while the Robinhood Earn program's 7% APY on USDG now appears to be the main deposit driver. Robinhood's Q2 earnings report this week may clarify whether the team orients toward Real World Asset projects or doubles down on the memecoin-driven model that defined its opening weeks.