Analyst: Robinhood Chain Activity Driven by Degen Traders, Not New Robinhood Users

ARK Invest researcher Lorenzo Valente analyzed contract-level data on Robinhood Chain and concluded that the majority of transaction activity does not originate from new Robinhood crypto users. Only about 1% to 5% of transactions are linked to Robinhood Wallet users, while the bulk of activity mirrors Degen trading patterns seen on other chains from platforms like GMGN and OKX. As an open, permissionless Layer 2 network, Robinhood Chain is accessible to any EVM-compatible wallet, leading to the conclusion that the current traffic is primarily existing Degen