Robinhood Chain posted new highs in both activity and locked assets last week, according to a report cited by The Block on August 11. The network averaged 11.6 million transactions per day, roughly 30% more than the previous week and its highest level since launch.

At the same time, total value locked rose 32% to $473 million. The gains in transactions and TVL came without a comparable jump in users, pointing to heavier activity from existing participants rather than a broad influx of new accounts.

Transaction growth outpaced user growth

The reported jump in on-chain activity was not matched by a similar increase in daily active accounts. Average daily active accounts rose only 3.3% week over week.

Even after that increase, active accounts remained 11% below the network's peak on July 16. That gap suggests the latest rise in usage was driven more by current users doing more on the chain than by a large wave of newcomers.

Locked value rose sharply

Robinhood Chain's total value locked reached $473 million after a 32% increase over the same period. TVL is commonly used as a measure of how much capital is deposited into a network's applications and infrastructure.

With transaction counts and locked assets both moving higher while active accounts stayed comparatively flat, the recent expansion appears concentrated in deeper use from the existing base rather than broad user growth.

USDe became a much larger share of the network

A major change over the past month was the composition of stablecoins on the chain. Ethena's synthetic dollar, USDe, grew to $253 million on Robinhood Chain, equal to about 43% of the total stablecoin supply.

That marks a sharp increase from just $17 million a month earlier. Over that earlier period, Robinhood's own stablecoin, USDG, had been the leading asset on the network.

What the shift may indicate

The Block said chains that move away from conventional dollar-backed stablecoins toward yield-seeking synthetic dollar assets often attract more capital into deposits than into trading activity.

That interpretation fits the latest figures on Robinhood Chain: TVL increased strongly, transactions hit a record, and active accounts changed only modestly. The next confirmed step will be whether those trends persist in coming weekly data, especially as USDe's share of the chain's stablecoin base has expanded rapidly.

Source: en.bloomingbit.io