TLDR Tech / Crypto
Dear Robinhood, please do not build a memecoin chain
Robinhood Chain has posted strong early traction, including 300K+ daily active addresses, $1B+ in daily spot DEX volume (second among all chains), $40M in annualized fees, and $300M+ in TVL anchored by Morpho, Ethena, and Uniswap. Memecoin trading accounts for the majority of that DEX volume, threatening the chain's long-term viability. Memecoins launched on Base in early 2024 are down 90% this year and 99% from peak, destroying retail trust and reinforcing Robinhood's association with the GME-era speculative cycle rather than credible financial infrastructure. The preferred path redirects liquidity toward tokenized stocks, RWAs, and prediction markets. The bull case holds that 100M MAUs by 2030 at $100 ARPU produces $10B in consumer revenue, topping the current analyst FY29 consensus of $8.78B.
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