Robinhood Chain records 11.6 million daily transactions, TVL rises to 473 million

Robinhood Chain averaged 11.6 million daily transactions last week, a record and approximately 30% higher than the previous week's average. Total value locked (TVL) in the chain reached 473 million dollars, up 32% from the prior week. However, the average number of daily active accounts increased only 3.3% week-over-week, remaining 11% below the peak on July 16. A brief spike in active accounts occurred on Thursday after the Cashcat memecoin was listed on the Robinhood app, but the weekly average saw minimal change. The growth in transactions and TVL contrasts with a stagnating user base, suggesting that existing users are trading more frequently rather than attracting new participants. Additionally, USDe stablecoin in the chain has grown to 253 million dollars, accounting for approximately 43% of the total stablecoin supply, up from 17 million dollars a month ago. This shift indicates a trend towards a yield-bearing synthetic dollar, aligning with the rising TVL and stagnant active accounts.

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