--- title: "Can Robinhood Chain Draw Liquidity Away From Solana?" date: 2026-07-13T10:18:28+00:00 canonical: https://funkyonchain.pages.dev/en/p/robinhood-chain은-solana의-유동성을-빼앗을-수-있을까/ original: https://t.me/funkyonchain/2203 publisher: Funkyonchain lang: ko license: CC-BY-4.0 --- # Can Robinhood Chain Draw Liquidity Away From Solana? > [Market Insight] The Fourth Chain War Opened by a Cat Can Robinhood Chain Draw Liquidity Away From Solana? The Fourth Chain War Opened by a Cat: Can Robinhood Chain Challenge Solana’s Liquidity? [Market Insight] The Fourth Chain War Opened by a Cat Can Robinhood Chain Draw Liquidity Away From Solana? The Fourth Chain War Opened by a Cat: Can Robinhood Chain Challenge Solana’s Liquidity? 👉 Read the English version here: https://x.com/funky_onchain_/status/2076610661111717976?s=20 ━━━━━━━━━━━━━━━━━━━━ When Robinhood unveiled its own chain, the market expected tokenized stocks and RWA. But the first asset to draw attention after launch was not a stock. It was the cat-themed memecoin CASHCAT. Robinhood built financial infrastructure, but the market first chose an asset that was easy and quick to trade. This is less a failure than a first real-world test. The company that builds a chain can set its direction, but the market decides what catches on. ━━━━━━━━━━━━━━━━━━━━ **1️⃣ The criteria for chain competition are changing** In the past, speed, fees and reliability were important. But as performance differences among major chains have narrowed, other capabilities have become more important: 1. How easily a chain can attract users 2. Whether it can concentrate capital that is spread across the market 3. Whether it can retain that capital after a trend fades ETH is a chain where institutions and large pools of capital stay for extended periods. BNB uses Binance’s exchange and wallet to quickly concentrate capital in specific coins or themes. SOL is cheap and fast, and anyone can easily create a coin. That has fueled a surge in retail trading, but the proliferation of similar coins has also spread capital across more assets. Robinhood offers a fourth approach: bringing existing financial app users onchain. ━━━━━━━━━━━━━━━━━━━━ **2️⃣ Robinhood’s real strength is its user base, not its technology** As of the end of May 2026, Robinhood had approximately 27.7 million funded customers and approximately $377 billion in platform assets. If users can trade onchain through an interface resembling their existing brokerage app, crypto could feel like a new app feature rather than an unfamiliar world. That does not mean all 27.7 million customers currently use the chain. Robinhood Wallet is separate from the main app, and it has not yet been fully connected to existing accounts. The figure therefore represents the potential customer base, not current chain users. ━━━━━━━━━━━━━━━━━━━━ **3️⃣ CASHCAT was the spark that brought the chain to life** A new chain’s biggest problem is a lack of users, not technology. Memecoins can address that problem quickly. When users arrive and stablecoins move in, liquidity pools and trading tools follow. CASHCAT played that role on Robinhood Chain. However, CASHCAT’s approximately 74% share of trading volume refers to the memecoin market at a particular point in time, not to total DEX volume across the chain. Rather than dominating the entire chain, it was the leading coin concentrating early memecoin liquidity. The real question is not whether CASHCAT brought the chain to life. It is whether the chain can remain active after interest in CASHCAT fades. ━━━━━━━━━━━━━━━━━━━━ **4️⃣ High trading volume does not necessarily mean deep liquidity** As of July 13, 2026, Robinhood Chain recorded approximately $894 million in daily DEX volume, with approximately $138 million in TVL and $294 million in stablecoins. TVL is the amount of capital deposited in DeFi services. Dividing daily volume by TVL gives Robinhood Chain a ratio of approximately 6.5. By the same measure, SOL was at approximately 0.24, BNB at 0.21 and ETH at 0.02. That means trading is very active relative to deposited capital. But high volume does not necessarily mean a deep market. To assess liquidity, the following should also be considered: • Average trading volume over seven and 30 days • Price slippage on large orders • The number of returning users • The share of trading conducted by bots • Stablecoins remaining after the trend fades Robinhood has demonstrated trading activity and attracted attention. It has yet to demonstrate that capital will stay for the long term. ━━━━━━━━━━━━━━━━━━━━ **5️⃣ The RWA chain paradox** Robinhood Chain currently has approximately $294 million in stablecoins, but its RWA market is approximately $12.58 million. RWA products allow real-world assets such as stocks and government bonds to be traded onchain. Memecoins can be created and traded immediately, whereas RWA require arrangements and procedures involving custody, legal rights, KYC and geographic restrictions. It is therefore not surprising that RWA are growing slowly. The important question is not whether memecoin capital moves directly into RWA. It is: • Whether users who arrived for memecoins stay • Whether stablecoins remain on the chain • Whether some users later use lending services or tokenized stocks The retention of users and capital matters more than a direct movement of funds. ━━━━━━━━━━━━━━━━━━━━ **6️⃣ Solana faces fatigue but remains strong** Solana has seen growing PVP fatigue as a glut of similar coins competes for the same capital. But it remains a large ecosystem, with approximately $4.9 billion in TVL, $15 billion in stablecoins and more than 1.5 million daily active addresses. Robinhood is not immediately threatening Solana’s overall scale. What it is challenging is Solana’s position as the easiest and cheapest chain for onchain trading. However, if too many coins are issued on Robinhood and capital begins to fragment, it could repeat the problems Solana has faced. ━━━━━━━━━━━━━━━━━━━━ **🔄 The current four-way landscape** ETH → Where large pools of capital stay for the long term BNB → Where exchange influence concentrates capital SOL → Where anyone can easily issue and trade coins Robinhood → Where existing financial users are brought onchain Robinhood’s success will depend less on the price of CASHCAT than on the following indicators: • Whether stablecoins stay • Whether new users return • Whether trading beyond memecoins and lending increase • Whether the chain becomes easy to use through the main app • Whether chain operations and transaction ordering are transparent ━━━━━━━━━━━━━━━━━━━━ Robinhood is not yet a Solana killer. But it could change the rules of chain competition. In the past, chains had to attract users from scratch. Now, brokerages and exchanges can bring their existing users onchain. The real question, then, is whether Robinhood can turn existing financial users into new onchain users, not whether it can draw Solana’s existing capital away. CASHCAT is only the beginning. If users and stablecoins remain after the excitement fades, Robinhood Chain will have succeeded in getting started. If they all leave, it will have been a temporary casino under a familiar brand rather than a sustainable market. A chain’s success is determined not by its highest-volume day, but by what remains after the trend fades. ━━━━━━━━━━━━━━━━━━━━ For informational purposes only. This report represents a market hypothesis and does not constitute financial or legal advice. Invest at your own risk. This material is for informational purposes and is not an investment recommendation. You are responsible for all investment decisions. --- 출처 / Source: Funkyonchain — https://funkyonchain.pages.dev/en/p/robinhood-chain은-solana의-유동성을-빼앗을-수-있을까/ 원문 / Original Telegram post: https://t.me/funkyonchain/2203