Robinhood Chain debut quickly turned into a memecoin test

Robinhood's new Layer 2 is getting real usage fast, but the first breakout asset is not a tokenized stock. It is CASHCAT, a memecoin tied to Robinhood's early company lore, which climbed to nearly $150 million in market cap and more than $159 million in 24-hour volume within the chain's first week.

Robinhood Chain launched this month as a permissionless network built on Arbitrum, with plans for tokenized equities, real-world assets, DeFi lending, and AI-focused finance. Yet CASHCAT spread through Uniswap V3 pools and third-party tools such as Noxa.fun and Pump.fun, not through Robinhood's own app approval flow. That shows how open market access on the chain can create trading activity outside formal listings.

Data from a Dune dashboard by Adam_tehc showed CASHCAT made up about 79% of aggregate market cap and 74% of volume across the top 25 memecoins on Robinhood Chain. Daily transactions jumped from about 1.2 million on July 7 to nearly 2.8 million on July 8. Token deployments through Noxa.fun rose from 1,858 to 6,675 over the same period.

DefiLlama data put Robinhood Chain at roughly $107.8 million in total value locked, with stablecoins near $246.8 million and active RWA market cap around $12.5 million. The early signal is clear: permissionless trading is arriving faster than Robinhood's RWA thesis.