David Puell of Ark Invest revealed that activity on Robinhood Chain mirrors that of other blockchain networks, driven largely by the same degen crowd moving between chains in search of quick opportunities, while confirming that Robinhood's official wallet accounts for less than 1% of daily on-chain transactions.
On-chain data shows the majority of activity comes from cross-chain terminals and bot routers, which make up 39.4% of transactions, followed by Uniswap DEX infrastructure at 7.8%, while Robinhood Wallet activity remains minimal, indicating that genuine adoption from Robinhood's user base is still limited.
This analysis comes amid Robinhood Chain's record trading volume surge, but the data suggests the momentum is largely driven by professional traders and bots rather than the app's core user base.
Analysts view this trend as a challenge for Robinhood in converting its real users into on-chain participants, raising questions about the long-term sustainability of the network's activity without broader retail adoption.