11.6 million transactions a day, and the same traders doing them

Robinhood Chain averaged 11.6 million transactions a day between August 3 and 9, a record and about 30% more than the week before. Total value locked rose 32% in the same week to USD 473 million.

The number that did not move was users. Daily active accounts were up 3.3% week over week and still 11% below the July 16 peak. The Block's read: the same cohort is trading more often, not a new cohort arriving.

Where the money went

USDe, Ethena's yield-bearing synthetic dollar, grew from USD 17 million to USD 253 million on the chain in a month and now makes up about 43% of the stablecoin float, ahead of Robinhood's own USDG. Capital that parks in a yield token shows up as TVL without showing up as trades, which is consistent with the split between activity and users.

What our data shows

Our Chain Pulse card tracks transactions and addresses from Blockscout and TVL from DefiLlama every day. Transaction counts on August 29 reached 12.4 million, above the record week, with the USDG/WETH 0.01% pool alone clearing 820,000 swaps from roughly 37,000 buyers. Read that as bots and arbitrage, not retail.