TechFlow news, July 15, according to on-chain researcher clemh59's data, Robinhood Chain attracted 492,793 new addresses within 11 days of launch, but after cross-referencing with user datasets of mainstream DeFi protocols such as AAVE, Morpho, Ethena, and Pendle, only 1.7% of addresses had prior DeFi interaction records, far lower than the historical lowest benchmark of 20.6% for other protocols, representing a 12-fold gap from that benchmark.
In a behavioral analysis of 11,272 active addresses over 7 days, hood.fun (Memecoin launchpad) attracted 2,171 wallets, Uniswap attracted 1,658 wallets, NFT minting attracted 156 wallets, while the number of active wallets for Morpho, the only lending market on-chain, was 0. Additionally, the median wallet holding on-chain was only $8.2, 112 addresses contributed approximately 50% of the trading volume, DefiLlama shows the on-chain TVL is $119 million, but the entire lending ledger has only 7 wallets, among which 2 account for 99.7% of the funds.
Analysts pointed out that Robinhood Chain indeed achieved real new user acquisition, but this batch of users currently remains at the level of Memecoin speculation; whether they can be converted into real DeFi users still awaits verification by tracking data after 30 to 60 days.
