Morning Minute: Robinhood Chain Explodes Onto the Crypto Scene – Decrypt

Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. And check out our new day by day information present masking the entire prime tales in 5 minutes, downloadable on Apple Pod or Spotify.

GM!

At the moment’s prime information:

• Crypto majors rebound 3% throughout the board; BTC at $64.3k
• Circle receives OCC approval for nationwide belief financial institution constitution; CRCL +10%
• A brand new draft of the Readability Act might come subsequent week as clock ticks
• Polymarket seeks regulatory approval to permit margin buying and selling
• Robinhood Chain memes explode as Cashcat jumps 80%, a number of others up 200%+

📈 Robinhood Chain Explodes Out of the Gate, Flipping Hyperliquid and Lifting Arbitrum

One week after launch, Robinhood Chain has already turn into one of many busiest networks in crypto.

The Arbitrum-powered blockchain processed $568 million in buying and selling quantity on Wednesday and topped $350 million extra by Thursday, with over 5.2 million transactions and 213,000 lively addresses in 24 hours. Robinhood crypto GM Johann Kerbrat put the first-week totals at greater than 17 million transactions, practically 350,000 addresses, roughly $250 million in protocol TVL, and over $1 billion in DEX quantity.

CEO Vlad Tenev leaned in, reposting it on X and stating: “Robinhood Summer season is right here.

The numbers stack up in opposition to much more established chains. On DefiLlama, Robinhood Chain’s 24-hour DEX quantity of round $433 million now ranks fifth amongst all blockchains, forward of Hyperliquid. Its complete worth locked (TVL) exploded greater than 7,000,000% over the week off a near-zero base to roughly $94 million, with stablecoin balances climbing previous $260 million. For a series that didn’t exist to the general public two weeks in the past, leapfrogging Hyperliquid on quantity is a press release transfer. Even when the exercise is ranging from nothing and closely memecoin-driven.

And meme cash are what’s fueling it—at the very least up to now. Tokens like Money Cat, which hit a $180M+ market cap, together with a wave of Robinhood-themed cash like Canine In Hood, Hoodrat, and Robinhood Summer season, have posted positive factors within the lots of and hundreds of p.c, minting large winners. One dealer even turned $800 into over $1 million and one other who parlayed $85 into $2 million.

The winners lengthen past the degens. Arbitrum’s ARB token jumped 20% to steer the highest 100, since Robinhood Chain runs on Arbitrum’s tech stack and routes 10% of its web protocol income again to the Arbitrum ecosystem. And OpenSea discovered an inflow of quantity and customers as the first protocol open for buying and selling Robinhood memes earlier this week (now Pump Enjoyable and Fomo app have them).

It’s a formidable begin for Robinhood Chain—however is it the appropriate transfer? Clearly leaning into memecoins has labored for a blockbuster debut. However memecoins are a fickle commerce and depart most members upset (and infrequently broke). We noticed what occurred to Solana post-Trump. The darling of the 2023-2025 memecoin cycle fell 70% and continues to be selecting up the proverbial items and scrambling to discover a new narrative. Definitely a warning for Vlad and the Robinhood workforce to heed.

Now, if that is only a bridge till RWAs are up and operating on their chain, possibly it really works out. And that’s the long-term imaginative and prescient. So that they’re going to let the degens have some enjoyable within the interim. Let’s simply hope they don’t make it their full schtick…

🌎 Macro Crypto and Markets

• Crypto majors are inexperienced up 2-3%; BTC +3% at $64.3k; ETH +3% at $1,798; SOL +2% at $79; HYPE +2%% at $68
• DEXE (+19%), APX (+14%) and MORPHO (+10%) led prime movers
• Oil -2% at $72; Gold even at $4,110
• Inventory futures are combined; DOW +0.2%, Nasdaq -0.2%
• Circle inventory is up 8% premarket after the corporate obtained OCC approval for a U.S. Nationwide Belief Financial institution constitution
• Coinbase Chief Authorized Officer Paul Grewal is departing the crypto big, ending a high-profile run wherein he led Coinbase’s authorized fights in opposition to the SEC and have become one of many trade’s most seen advocates
• SWIFT’s blockchain community is attracting main banks with 24/7 token transfers, a notable step because the spine of world financial institution messaging strikes onto blockchain rails
• A brand new draft of the CLARITY Act might drop as quickly as subsequent week, sources say, in a ultimate push for a late-July Senate vote, although it nonetheless lacks the bipartisan buy-in wanted to go earlier than the August 7 recess
• New Hampshire’s Government Council rejected a $100 million Bitcoin-backed bond proposal, a setback for state-level efforts to achieve Bitcoin publicity by way of public financing
• BitGo launched instruments to assist establishments cut back quantum computing threat of their Bitcoin holdings, letting purchasers migrate to quantum-resistant setups because the Q-Day debate intensifies

Company Treasuries & ETFs

Meme Coin Tracker

• Meme leaders have been inexperienced; DOGE +3%, SHIB +2%, PEPE +3%, PENGU +2%, TRUMP +1%, BONK +2%
• Robinhood chain memes all leveled up after an enormous in a single day transfer; Cashcat +80% to $180M, Juggernaut +110% to $17M, Hoodrat +400% to $15M and Tendies +64% to $6M led prime movers
• ANSEM fell one other 36% to $200M within the wake of the Robinhood meme transfer; TripleT +80% and Saylor +170% led Solana movers

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

🚚 What is going on in NFTs?

• NFT leaders have been combined; Punks even at 32.4 ETH, BAYC -1% at 9.15 ETH, Pudgy +3% at 4.58 ETH; Hypurr’s -2% at 200 HYPE
• Gremlin Cartel (+200%) and Gimboz (+28%) led prime movers