Viewpoint: Most of the transactions on Robinhood come from Degen traffic such as GMGN and OKX, rather than new cryptocurrency users added by Robinhood

ARK Invest researcher Lorenzo Valente stated that after analyzing the contract-level data of Robinhood Chain, he believes that most of the trading activity on the chain may not be contributed by the newly introduced crypto users from Robinhood.

Valente noted that the only wallet activity that can be clearly confirmed as coming from Robinhood users is the Swap transactions conducted by Robinhood Wallet through the 0x Settler contract, but this portion of transactions accounts for less than 1%; even if some unidentifiable long-tail transactions are included, the proportion of transactions related to Robinhood users may only be about 5%. The remaining trading activities mainly come from trading terminals like GMGN and OKX, which are basically consistent with the Degen trading behavior of these platforms on other public chains.

Valente concluded that the current situation presented by Robinhood Chain resembles "the same group of Degen, just on a new chain." Robinhood Chain itself is an open, permissionless Layer 2 network, and any EVM-compatible wallets and applications can connect, so on-chain trading activity does not necessarily equate to new users from Robinhood.