Robinhood Chain's on-chain capital has shifted from circulation to settlement, with a daily transaction volume reaching 11.6 million transactions, hitting a record high. Meanwhile, the number of active addresses has remained stagnant during the same period.

August 12th, The average daily transaction volume on Robinhood Chain reached 11.6 million transactions last week, setting a new network record, with a growth of about 30% from the previous week; total value locked (TVL) soared to $473 million, a 32% increase on a weekly basis. However, the average daily active addresses only saw a 3.3% increase compared to the previous week, still 11% below the peak on July 16th—although on Thursday, the active addresses briefly spiked on the Robinhood app's listing of Cashcat Meme coin, the weekly average remained almost unchanged. The rapid growth in transaction volume and TVL diverging significantly from the stagnant user base, with current on-chain activity primarily driven by the same group of users trading at a higher frequency rather than attracting new participants.

The changes in the stablecoin structure of Robinhood Chain further confirm this pattern. The scale of Ethena's yield-bearing synthetic dollar USDe on Robinhood Chain has reached $253 million, accounting for approximately 43% of the total stablecoin supply on the chain, whereas a month ago this number was only $17 million, with Robinhood's native stablecoin USDG dominating at that time. The network's dollar base is transitioning from a medium of exchange to yield-bearing synthetic dollars, indicating that capital is being parked rather than circulated.