Launched in March and surpassed 750 million: Robinhood (HOOD.US) spree on the chain to besiege Coinbase (COIN.US)

According to Woofun AI, the power pattern of the US crypto industry is experiencing severe shocks, and Robinhood (HOOD.US) has shown strong momentum to replace Coinbase (COIN.US) as the number one crypto exchange in the US due to the exponential expansion of its on-chain business.

This transformation did not stem from a single product breakthrough, but rather a comprehensive result of surpassing traditional giants in multiple core dimensions. The market leader, which was once almost monopolized by Coinbase, is now facing an all-round shock from this integrated trading platform, which indicates that the industry's dominance may soon change.

The speed at which Robinhood Chain is rising is phenomenal, and its explosive growth in the early days of launch completely rewrote Layer 2's historical records. The chain officially launched its mainnet on July 1, and it took less than three months to complete the leap from cold launch to large-scale adoption. At the end of July, the cumulative number of transactions on the chain quickly surpassed 150 million, of which 100 million transactions were completed, setting the fastest record in EVM chain history. As of the latest data, Robinhood Chain's total transaction volume has surpassed 750 million. This figure not only highlights its strong network effect, but also proves its excellent ability to attract early users and liquidity, and lays a solid foundation for subsequent revenue explosions.

Entering September, Robinhood Chain's commercial profitability was further highlighted, and its revenue performance directly surpassed major competitors in the industry. According to the data, Robinhood Chain's weekly revenue reached $15.85 million in that month, which surpassed the two top US exchanges in terms of revenue scale, Coinbase and Hyperliquid.

At the same time, its on-chain transaction volume continued to rise to over 750 million transactions, forming a virtuous cycle where high transaction volume and high revenue coexist. This phenomenon of revenue overtaking in a very short period of time shows that Robinhood not only has an advantage in user acquisition, but has also established a new benchmark in the efficiency of converting actual profits through on-chain activities, posing a direct challenge to the profit model of traditional exchanges.

In addition to on-chain transactions, Robinhood has fully blossomed on various business lines such as prediction markets, tokenized stocks, and decentralized exchanges (DEX). In the forecasting market sector, the business's revenue in the second quarter surpassed crypto and stock trading to become one of the fastest-growing sectors. In terms of tokenized stocks, since its launch on July 1, Robinhood has rapidly accumulated over 328,000 holders and a market share of 44%. Although its stock token TVL is only $170 million, it far surpasses Ondo and xStocks in terms of the number of users.

Furthermore, its DEX trading volume is close to 50 billion US dollars, weekly revenue has exceeded 10 million US dollars, and since August, the market value of more than 6 memecoins has exceeded 100 million US dollars, making it the chain with the most significant wealth effect in this round of market.

Looking at the strategic path, there is a sharp contrast between Robinhood and Coinbase's expansion logic. Coinbase's path started as a pure crypto exchange and gradually expanded into an “Everything Exchange” covering a variety of assets. Robinhood, on the other hand, was originally a comprehensive trading platform for the public, and is now working to move more and more financial assets onto the chain. CEO Vlad Tenev previously revealed that Robinhood Chain quickly broke through 100 million transactions after launch, making it one of the fastest chains to reach this scale.

This reverse expansion strategy enabled Robinhood to use its user base in traditional finance to quickly drive the popularity of crypto assets, thereby gaining a unique first-mover advantage over the competition.

The advent of the Robinhood Chain is reshaping the Layer 2 competitive landscape and becoming a new disruptor after Arbitrum and Base. Over the past few years, Ethereum's Layer 2 leadership has changed hands several times, but Robinhood Chain has achieved impressive growth in just three months. Since the launch of the main network on July 1, it has quickly crossed the 100 million transaction mark, and since then the cumulative transaction volume has surpassed 750 million, making it the fastest EVM chain to reach this scale.

This achievement not only breaks the traditional practice of Layer 2 requiring a long period of time to accumulate users and liquidity, but also demonstrates its strong appeal in specific verticals—financial services and real-world assets (RWA) —and provides a new growth paradigm for the entire industry.

The surge in on-chain revenue and the explosion of meme tokens together form the core drivers of Robinhood Chain's financial performance. In July, its daily fee revenue was only 200,000 US dollars, but by the beginning of September, this figure once surpassed 4 million US dollars, and the following week's on-chain fee revenue further reached about 25 million US dollars. On September 1, the daily DEX transaction volume reached approximately US$1,595 million, on-chain DeFi deposits amounted to about US$738 million, and the stablecoin size was close to US$800 million. More notably, since August, more than 6 meme tokens on the chain have surpassed $100 million in market capitalization, including PONS, Artificial Inu, CASHCAT, MEME, INDEX, and FAMI. Among them, the market value of PONS was once close to 1 billion US dollars in early September, with a weekly increase of more than 200%, which greatly contributed to the simultaneous surge in on-chain fees and transaction volume.

This restructuring of the business model marks Robinhood's transformation from a traditional brokerage firm to an infrastructure player with an on-chain trading venue. As of the end of August, Robinhood had approximately 28.6 million depositing customers and $38.37 billion in platform assets. In August, its Crypto nominal trading volume reached 17.5 billion US dollars, an increase of 61% over the previous year; the predicted market contract volume reached 4.7 billion, an increase of about 15 times over the previous year.

According to data compiled by Woofun AI, Robinhood Chain's daily revenue quickly climbed from less than $200,000 at the end of August to around $4.1 million on September 2, then surged further to around $25 million in the following week.

This means that the “place” itself where user transactions take place has become a new source of revenue for Robinhood, drastically changing its original profit structure, making it no longer solely dependent on transaction commissions and interest income.

In the head-to-head battle with Coinbase, Robinhood's share and user advantage in forecasting markets and tokenized stocks was particularly evident. In the second quarter of 2026, Robinhood event contract revenue reached $156 million, an increase of more than tenfold over the previous year, surpassing the $100 million in crypto trading revenue and $129 million in stock trading revenue for the first time, and the total net revenue reached $1,308 million, an increase of 32% year over year. In August, it still recorded 4.7 billion contract transactions in the forecast market, an increase of 15 times over the previous year. In contrast, Coinbase predicted a 106% month-on-month increase in market contracts and revenue for the second quarter, with annualized revenue exceeding $100 million. In terms of tokenized stocks, after expanding to more than 120 regions on July 1, Robinhood held 328,000 holders, accounting for 44% of the market, growing 92% to 752,000 in 30 days.

Although its asset size of $44 million is lower than Ondo's $857 million and xStocks's $487 million, and DWF Labs data shows that its per capita holdings are only $134 (far lower than Securitize (SECZ.US)'s $4.9 million), its popularization strategy gave it an absolute advantage in terms of user base. While Coinbase maintains the lead in Crypto market share (10.3%), USDC holdings ($20 billion), and Subscription & Services revenue ($555 million), Robinhood's multi-dimensional attack has forced it to ignore this competition.

Looking ahead, Robinhood plans to announce a series of new products on September 29, including extending stock trading hours to the weekend, launching perpetual contracts, adding predictive market products based on corporate financial reports, and further promoting AI trading intelligence. If these products are launched, Robinhood's layout will no longer be defined as a “brokerage”, but will become a unified trading portal covering stocks, crypto, prediction markets, perpetual contracts, tokenized stocks, on-chain DeFi, and AI agents. This is in direct contrast to the “Everything Exchange” strategy proposed by Coinbase, which already had 88% of net revenue from non-BTC spot transactions in the second quarter of 2026, and Subscription & Services revenue of $555 million.

As of the end of August, Robinhood had 28.6 million depositing customers and $38.37 billion in platform assets, while Coinbase maintained its edge by relying on infrastructure such as Base, the USDC ecosystem, and institutional hosting. The core of this war is no longer simply a crypto business competition, but who can become the unified entrance to the next generation of finance after stocks, crypto, prediction markets, and RWA are all on the chain. When the two companies meet on the chain, it will be the concept of an “exchange” itself that will be redefined.