Svmuu News: According to data from on-chain researcher clemh59, Robinhood Chain attracted 492,793 new addresses within 11 days of its launch. However, after cross-referencing user datasets from mainstream DeFi protocols such as AAVE, Morpho, Ethena, Pendle, only 1.7% of these addresses had a history of DeFi interactions—far below the 20.6% historical low benchmark for other protocols, representing a 12-fold gap.
In an analysis of the behavior of 11,272 active addresses over a 7-day period, hood.fun (a memecoin launchpad) attracted 2,171 wallets, Uniswap attracted 1,658 wallets, NFT minting attracted 156 wallets, while Morpho—the only on-chain lending market—had zero active wallets. Furthermore, the median on-chain wallet balance was just $8.2, with 112 addresses contributing approximately 50% of the trading volume. DefiLlama shows the on-chain TVL at $119 million, but the entire lending ledger consists of only 7 wallets, two of which hold 99.7% of the funds.
Analysts point out that while Robinhood Chain has indeed attracted genuine new users, these users are currently limited to speculating on memecoins. Whether they can be converted into true DeFi users remains to be verified by follow-up data in 30 to 60 days.