Robinhood Chain Hits $774M TVL as CASHCAT Jumps 120%

Robinhood's Ethereum Layer 2 network, launched just over five weeks ago, has accumulated roughly $774 million in total value locked (TVL), a 20% increase over the past week, according to DefiLlama data as of Aug. 6. The chain, built on Arbitrum's stack, was intended to support tokenized US equities and other regulated assets, but those holdings currently amount to less than $30 million.

The bulk of the TVL sits in lending and asset-management protocols. Morpho, the lending market behind Robinhood's own on-chain earn product, accounts for about $332 million, while Ethena, which issues a yield-bearing dollar-pegged token, holds roughly $236 million. Together, the two represent nearly three-quarters of the total. A narrower "DeFi" reading of TVL, which excludes certain yield and asset-management categories, stands at $435 million. Bridged TVL is above $1.2 billion.

At the same time, the chain's largest native token is CASHCAT, a cat-themed meme coin created by outsiders and self-described on its website as "fan fiction with a ticker." The token trades near 8.7 cents, up 120% over the week and 22% in a day, with a market capitalization of about $86 million, still below its mid-July peak of roughly 22 cents. CASHCAT's market cap is more than three times the value of all tokenized real-world assets on the chain, which sit at approximately $27.6 million.

The initial memecoin frenzy has cooled. Noxa, the launchpad behind July's wave of token launches, stopped accepting new launches on July 11 and went offline two days later, after collecting an estimated $12 million in fees. Daily token deployments have fallen from around 35,000 to roughly 10,000, but TVL has continued to climb, indicating that growth is now driven by DeFi deposits rather than speculation. Robinhood is also subsidizing gas fees for the first 90 days after launch, which inflates transaction volume numbers.

Robinhood CEO Vlad Tenev's comments have reflected the pivot. Days before CASHCAT surged, he described assets without utility as a dead end. After the token generated large returns for early wallets, he posted that the chain "works great for memes too." The situation creates potential regulatory exposure: a listed, regulated broker now operates a permissionless chain where third parties can deploy tokens at will, and the largest native asset is a memecoin. Meanwhile, Robinhood reported record Q2 revenue of $1.31 billion, including a more than tenfold jump in prediction-markets revenue, and moved forward with listing its venture fund as RVII. For investors, the gap between the chain's stated purpose and its actual usage remains the most important metric to watch.