analysis: Robinhood Chain’s active trading mainly comes from trading terminals such as GMGN and OKX; Robinhood Wallet transactions account for less than 1% of confirmed trades

Odaily News ARK Invest’s Head of Digital Asset Research, Lorenzo Valente, stated on X platform that after analyzing on-chain data of Robinhood Chain at the contract level, he believes that current on-chain active trading primarily comes from existing crypto trading users, rather than a large-scale influx of new crypto users brought by Robinhood.

Valente noted that Robinhood Wallet's Swap routes through the 0x Settler contract, which is currently the only on-chain activity that can be clearly identified as coming from Robinhood users, accounting for less than 1% of total transaction volume. Even when including some unrecognized long-tail activity, his estimate is only about 5%. The remaining trading activity mainly comes from trading terminals such as GMGN, Axiom, and OKX.