Robinhood Chain racks up $1B DEX volume in debut week

Robinhood's new Arbitrum-based network has drawn heavy early traffic powered by meme tokens, as Circle gained a key banking license and its shares advanced. A fresh version of the Clarity Act may surface next week amid ongoing legislative deadlines.

Robinhood Chain processes more than $1 billion in DEX volume during its opening week. The blockchain recorded $568 million in trading on Wednesday and another $350 million by Thursday, logging over 5.2 million transactions plus 213,000 active addresses inside a single day. Robinhood crypto GM Johann Kerbrat placed the seven-day aggregates above 17 million transactions, close to 350,000 addresses, about $250 million in protocol TVL and above $1 billion in DEX volume. Source: Decrypt ↗

Robinhood Chain now sits fifth in 24-hour DEX volume among all blockchains. Its TVL climbed more than 7,000,000 percent in seven days from almost nothing to roughly $94 million, and stablecoin holdings exceeded $260 million. Meme-driven activity has dominated so far, sending tokens including Cash Cat to a market cap above $180 million while several others posted triple- and quadruple-digit percentage gains. Source: Decrypt ↗

Circle receives OCC approval for a U.S. national trust bank charter. Its stock rose 10 percent on the news and was up 8 percent in premarket trading. The approval marks a regulatory milestone for the stablecoin issuer. Source: Decrypt ↗

A new draft of the Clarity Act could arrive next week. Lawmakers are working against the clock on the legislation that would provide regulatory clarity for crypto markets. Details on the draft's contents were not disclosed. Source: Decrypt ↗

Polymarket is seeking regulatory approval to offer margin trading. The prediction market platform's move would expand its offerings if granted. No timeline for a decision was provided. Source: Decrypt ↗