Robinhood Chain surpasses Solana on memecoins, RWA growth: Can it hold the lead?

Robinhood Chain has turn out to be a key Solana challenger on memecoin hypothesis and real-world asset (RWA) tokenization metas. 

In line with on-chain knowledge, the brand new Ethereum L2 surpassed PumpSwap (Solana’s core memecoin engine). Robinhood Launchpad’s weekly quantity hit $1.23B, eclipsing PumpSwap’s $1.22B for the primary time.

Value noting that Robinhood Chain has solely been stay for a few month. Nevertheless, a couple of memecoin tasks, similar to Money Cat, exploded after its debut. This kicked off a memecoin FOMO within the L2. 

However its clout goes past the memecoin mania. Its preliminary RWA imaginative and prescient appears to be enjoying out as nicely.

Robinhood sees sturdy RWA traction

Equally, Robinhood Chain is now main in tokenized inventory asset holders, outpacing Solana [SOL]. In line with Token Terminal knowledge, the L2 had about 330K tokenized inventory asset holders. Solana adopted intently at 281K customers. BNB Chain closed out the highest 3 listing with 214K holders. 

Nevertheless, dominating the variety of tokenized stockholders doesn’t translate to general worth held. 

Token Terminal knowledge confirmed that Robinhood Chain dominance solely translated to 1% of the +$2B held within the tokenized inventory market. 

In different phrases, Robinhood Chain’s RWA adoption has been commendable. However its general worth of holdings was nonetheless lagging. It stays to be seen whether or not this can scale the worth of its tokenized inventory holdings because of its huge distribution channel. 

That stated, as of writing, the memecoin craze appears to have cooled off a bit. The L2’s DEX quantity dropped by practically half from its month-to-month peak of $900M to about $500M. 

Whether or not the above on-chain traction will ultimately enhance the fintech’s inventory, HOOD, stays to be seen. The chain has made a cumulative $3M since its debut. The determine might improve if the on-chain traction and its RWA guess play out.

Forward of the Q2 earnings name, analyst consensus has remained bullish on HOOD inventory. The analysts, led by Bernstein and Goldman Sachs, count on HOOD to hit $122. This means a possible upside of 31% from the present worth of $92.7. 

Closing Abstract

• Robinhood Chain is difficult Solana on memecoin hypothesis and RWA dominance.
• The L2 has generated $3M as analysts count on Robinhood’s inventory, HOOD, to rally 31% to $122.