BlockBeats News, August 12th. Last week, the average daily transaction volume on the Robinhood Chain reached 11.6 million, setting a new network record, representing a growth of about 30% from the previous week. The total value locked (TVL) surged to $473 million, a weekly increase of 32%. However, the average daily active addresses only grew by 3.3% week over week and remained 11% below the peak on July 16th. Despite a temporary increase in active addresses on Thursday due to the listing of Cashcat Meme coin on the Robinhood app, the weekly average remained almost unchanged. The rapid growth in transaction volume and TVL compared to the stagnant user base indicates a clear deviation, with current on-chain activities mainly driven by the same group of users trading at a higher frequency rather than attracting new participants.

The changes in the stablecoin structure of the Robinhood Chain further confirm this trend. The scale of Ethena's yield-bearing synthetic dollar, USDe, on the Robinhood Chain has reached $253 million, accounting for approximately 43% of the total stablecoin supply on the chain. A month ago, this figure was only $17 million, with Robinhood's native stablecoin, USDG, dominating. The network's dollar denomination is shifting from a medium of exchange to yield-bearing synthetic dollars, indicating that capital is more stationary than liquid.