Robinhood’s newly launched blockchain has achieved substantial early trading activity, recording $570 million in daily volume on Uniswap shortly after debut, placing it second only to Ethereum.

The performance draws on the brokerage’s base of 27 million funded users. Activity has been concentrated in memecoins, contributing to the elevated figures during the initial launch period.

Observers are assessing whether the momentum can persist beyond the opening hype. The chain faces competition from established networks such as Solana.

Robinhood is positioning the development as part of a broader effort to build an integrated cryptocurrency platform that combines trading, payments and other services.