Robinhood Chain New User Real Portrait: 492,000 Addresses On-Chain, Only 1.7% Touched DeFi

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 the user dataset with mainstream DeFi protocols such as AAVE, Morpho, Ethena, and Pendle, only 1.7% of these addresses had any record of DeFi interaction — a figure far below the historical low benchmark of 20.6% seen in other protocols, representing a 12-fold gap.

In an analysis of the on-chain behavior of 11,272 active addresses over 7 days, hood.fun (a Memecoin launchpad) attracted 2,171 wallets, Uniswap attracted 1,658 wallets, NFT minting involved 156 wallets, while the only on-chain lending market, Morpho, recorded zero active wallets. Furthermore, the median wallet balance on-chain was only $8.2, with 112 addresses contributing approximately 50% of the trading volume. DefiLlama shows that the on-chain TVL stands at $119 million, but the entire lending ledger contains only 7 wallets, with 2 of them accounting for 99.7% of the funds.

Analysts point out that Robinhood Chain has indeed achieved real new user acquisition, but these users are currently limited to Memecoin speculation. Whether they can be converted into genuine DeFi users remains to be verified by tracking data 30 to 60 days later.