The Arbitrum Orbit-powered Robinhood Chain has hit 324,000 daily active users just three weeks after going live, surpassing Coinbase’s Base layer-2 network on activity. The milestone comes far earlier than most analysts anticipated and signals that retail traders have rapidly adopted the network despite its recent launch.

Total value locked on Robinhood Chain reached a record $588.9 million on July 21, according to on-chain data. The TVL surge coincides with a wave of memecoin trading that has flooded the network’s limited DeFi ecosystem, eclipsing volume from the tokenized stocks and real-world assets the chain was originally designed to support.

The network’s reliance on speculative tokens rather than its intended use case raises questions about the durability of its early lead. While Base benefited from Coinbase’s institutional pipeline and established DeFi protocols, Robinhood Chain is drawing users through high-risk memecoin launches that could exit just as quickly as they arrived.

For Arbitrum, the Orbit chain’s early success validates the thesis that application-specific rollups can attract meaningful activity in a competitive L2 landscape. However, sustaining growth beyond the memecoin cycle will require Robinhood to onboard the regulated asset trading infrastructure that originally justified the chain’s creation.