Robinhood Chain mainnet launches; CASHCAT hits ~$150M

Robinhood opened the public mainnet of Robinhood Chain this month, a permissionless Layer 2 built on Arbitrum designed to support tokenized stocks, real-world assets, DeFi lending and on-chain wallets. The mainnet went live with Uniswap-style liquidity and other partners connected at launch.

Within seven days a memecoin called CASHCAT reached roughly $150 million in market capitalization and became the largest source of retail trading on the chain. CASHCAT traded more than $159 million in a single 24-hour period and represented about 79% of the aggregate market cap and 74% of the trading volume among the top 25 Robinhood Chain memecoins on a public analytics dashboard. The second-largest memecoin on the chain was roughly 16 times smaller by market cap.

CASHCAT acquired liquidity, price charts and trading volume through external decentralized exchanges and third-party launch and routing services rather than through Robinhood’s app-level listing process. The token moved through Uniswap V3-style pools and third-party launchpads to reach traders and aggregators on-chain.

On-chain activity increased sharply in the first week. Daily transactions rose from about 1.2 million on July 7 to nearly 2.8 million on July 8, a 133% jump. Token deployments via a third-party launchpad climbed from 1,858 to 6,675 over the same two-day span, a 259% increase. New-token creation accounted for 0.155% of daily transactions on July 7 and 0.238% on July 8, indicating faster growth in supply creation than in overall transaction volume.

Decentralized finance metrics at launch were modest. Total value locked measured near $107.8 million, the stablecoin market cap was about $246.8 million and the active real-world-asset market cap registered around $12.5 million. CASHCAT’s ratio of daily volume to market cap was consistent with same-day turnover and high-velocity trading rather than long-term holding.

Risks surfaced alongside the rally. Copycat tokens and impersonator accounts circulated, and most of CASHCAT’s liquidity sat in a single new-chain DEX pair that can produce sharp price slippage when orders are large relative to the pool. A 2026 academic study of 34,988 memecoins found that about 5.15% stopped trading within 24 hours of launch.

The token’s name referenced an early company naming idea. Founders Vlad Tenev and Baiju Bhatt once considered the name CashCat before choosing Robinhood, a link that appeared to help the anonymous memecoin gain attention from retail users despite not being listed in the app.

In a July 2 post, Robinhood founder Vlad Tenev wrote that crypto’s future runs through real-world assets and noted that Robinhood Chain is being built to serve RWAs while also functioning for memecoins.

Financial context for the company: Robinhood’s crypto revenue fell 47% year over year to $134 million in the first quarter of 2026. Total net revenue for the quarter rose 15% to $1.07 billion and platform assets reached $307 billion.