Robinhood Chain got 492,793 addresses in 11 days. I checked how many had ever touched DeFi: 1.7%

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Every chain launch claims it is bringing new users on-chain. Usually it is the same crowd rotating from one chain to the next. I have a dataset of everyone active on AAVE, Morpho, Ethena and Pendle: 371,330 humans active in the last 90 days, bots stripped. When I join a new protocol's users against that set, the median protocol turns out to have recruited about half of them straight out of the same pool. Across the 17 protocols I have measured: Rysk (options, HyperEVM): 79.9% of its users were already in the set Kittenswap: 71.4% Aerodrome: 57.3% Velodrome: 52.9% HyperSwap: 51.1% Project X: 44.6% QuickSwap: 20.6%, the lowest I had ever measured Robinhood Chain: 1.7%. That is 12x below the floor. So they genuinely did bring new people on-chain, which almost nobody does. Then I looked at what those people actually do. Across a 7-day sample of 11,272 active addresses, counting distinct wallets per app: hood.fun (memecoin launchpad): 2,171 wallets Uniswap, where the coins graduate: 1,658 wallets NFT mints: 156 wallets Morpho, the only lending market on the chain: 0 wallets Other things that fell out: The median wallet holds $8.20. 13.9% hold more than $1,000. DefiLlama prints $119M of TVL for the chain. The entire lending book is 7 wallets, and 2 of them are 99.7% of it. 112 addresses produce ~50% of all transactions, so the ~10M tx/day headline is meaningless. The address count survives, because those bots are few addresses making a lot of transactions. So: real onboarding, zero DeFi. Whether these people do anything beyond memecoins is the open question. Do you think it'll be a success or a flop?   submitted by   /u/clemh59 [link]   [comments]