Robinhood Chain Daily DEX Volume Hits $1.69B, Own Users Only 1-2%

The sharp divergence between Robinhood Chain's on-chain activity and its own user base suggests the network is functioning less as a captive ecosystem and more as a neutral settlement layer for external liquidity. That Uniswap intermediates the vast majority of volume points to the chain's role as a low-friction venue for existing DeFi flows, not a driver of new retail participation. The open question is whether this externally sourced volume is durable or merely responsive to current incentive structures, and whether Robinhood can eventually convert its distribution into native user activity without relying on third-party aggregators.