Robinhood Chain’s strong rise has triggered competitor "anxiety," with the next bull market cycle start point worthy of anticipation.

BlockBeats News, July 12, Robinhood Chain launched its mainnet on July 1. Technically, the network is based on Ethereum L2 Arbitrum Orbit. In terms of development direction, the Robinhood team has explicitly stated that the network will focus on on-chain finance, tokenized RWAs (such as stock tokens NVDA, AAPL, etc.), DeFi, and AI-native applications.

However, similar to the rise of Base and Solana, the "script" of Robinhood Chain's ascension involves attracting crypto-native funds and projects. An explosively popular meme coin is clearly a convenient way to attract attention, and they have indeed succeeded.

On the 8th, Robinhood CEO Vlad Tenev "fired the cannon" for the meme coin CASHCAT, subsequently igniting a frenzy of hype on Robinhood Chain. As of the time of writing, the DEX trading volume in the past 24 hours has exceeded $877 million, ranking second on the entire chain. The DEX trading volume in the past week has exceeded $2.3 billion, second only to BSC's $4.65 billion, ranking fifth. In the midst of a bearish crypto market cycle, such rapid growth is nothing short of a miracle for Robinhood Chain, which has been live for less than two weeks.

The migration of funds to Robinhood Chain has also been swift. Over the past week, the amount of ETH bridged from the Ethereum mainnet to Robinhood Chain has grown by about 10 times, surpassing $100 million in total.

In addition to funds and emotions, the shift in project team allegiance has caused even more anxiety among competitors. Since its launch two weeks ago, several mainstream projects from the Base and Solana ecosystems have explicitly supported Robinhood Chain, including Base's token issuance protocol Bankr and Solana's token issuance platform Bags. On the other hand, the burning of funds from the BSC ecosystem CZ donation wallet is also intriguing.

BlockBeats believes that the meme hype frenzy may cool off at any time, but the vision of Robinhood Chain's "on-chain finance" is more promising. Beyond the meme craze, investors may need to pay more attention to the network's project dynamics in DeFi, stock tokenization, and VC tokenization. Perhaps the beginning of the next crypto bull market lies in the emergence of Robinhood Chain.