Robinhood Markets Inc. (NASDAQ:HOOD) has quickly turned its newly launched Ethereum (CRYPTO: ETH) Layer-two network into the leading blockchain by number of real-world asset holders.

RWAs Higher Than Any Network

According to 21Shares investment strategist Max Michielsen, Robinhood Chain now has roughly 328,000 holders of tokenized RWAs, more than any other blockchain network.

The milestone comes less than a month after the network’s mainnet launch.

Tokenized assets on the chain nearly doubled over the past week to around $24 million, excluding stablecoins, while the number of listed assets climbed to 97.

Robinhood can promote blockchain-based financial products directly to approximately 28 million funded brokerage accounts.

"Distribution is the product now, and Robinhood is demonstrating how quickly it compounds," the strategist added.

Robinhood Chain initially generated attention through meme coin trading, recording more than 17 million transactions and over $1 billion in decentralized exchange volume during its first week.

Activity surged after CEO Vlad Tenev said the network "works well for memes," helping trigger a short-lived memecoin rally.

CASHCAT, a token based on Robinhood’s original mascot, jumped between 700% and 962% following the post before subsequently declining.

Deposits Rise While Trading Slows

Robinhood Chain’s total value locked has continued climbing without a daily decline and currently stands at around $325 million, The Block reported citing DefiLlama data.

However, most measures of network activity peaked during the second week and have since weakened.

DEX volume witnessed a drop of 27% from the previous week, while daily active accounts fell 7% to an average.

Meanwhile, trading volume per active account declined to about $2,000 from a peak of approximately $2,800 two weeks earlier.

The chain’s turnover ratio, calculated by dividing DEX volume by TVL, dropped from 9.25 times during the second week of July to 1.68 times by last Friday.

That suggests capital is entering the network faster than it is being actively traded.

The trend may reflect demand for Robinhood Earn, which offers an estimated 7% annual percentage yield on the USDG stablecoin, rather than organic trading demand.

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