Robinhood Chain Heats Up; Top Memecoin Hits $200M

Chart of the Day — RWA volumes make new high
Trade of the Day — UNI breakout and retest
Alpha Leaks — SK Hynix hits US market, Bitwise ETF adds HYPE
News Roundup — Robinhood Chain, Circle, and Polymarket

RWA Perps Surge

Memecoins may be leading the charge again over on Robinhood Chain (more on that in the News Roundup below), but RWA trading is continuing to expand as crypto and TradFi become increasingly integrated.

This chart from DeFiLlama shows monthly RWA perps volumes, which in June surpassed $100 billion for the first time ever. You can also see how the leading RWA categories are public equities and equity indices.

Uniswap Breaks Out

UNI ripped out of a wedge and looks strong, but instead of chasing the trade, it seemed optimal to wait for a better entry, especially considering that just above the price was the SMA200–which may act as resistance–while the top of the wedge may now be working as support for a retest.

If it plays out, this one requires some patience, so go Premium to get the full details on this and other trades across crypto and stocks, with entries, stop losses, and take profit targets. Inner Circle members have been stacking wins on our trade setups. Go premium today to catch our signals.

Robinhood Chain Hits the Ground Running

After launching on public mainnet on July 1st, Robinhood Chain last week surged in activity and attention, reviving excitement in the crypto trenches. In case you missed it, Robinhood Chain was built by the exchange Robinhood, it is an Ethereum Layer-2 operating on Arbitrum, and it was built with tokenized RWAs as its intended focus.

However, it isn’t RWAs that are currently driving attention. Instead, the new token launches doing significant volumes are–you guessed it–memecoins, with CASHCAT, the leading token, hitting a $200 million market cap.

And a look at the latest onchain data shows some impressive growth:

● Daily active addresses surpassing 300,000.

● Daily fee revenue soaring to above $325,000 on Friday.

● Protocol TVL above $275 million.

● Cumulative transactions above 26.8 million.

Notably, the chain appears to be having no difficulties scaling as activity increases, with Token Terminal highlighting how block time has fallen to 100ms, even as transactions surge.

As for just how important memecoins have been to Robinhood’s rapid growth, the above stats from Adam Tehc on Dune show that over 75% of trading volume across two days last week came from memecoins.

Circle Gets Bank Charter

Circle has received approval from the OCC in the US to establish a national trust bank that will operate under the name Circle National Trust.

Circle states that this development “brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency”, and the plan is for the bank to offer fiduciary digital asset custody service, first to Circle, and then to international clients including banks and financial institutions.

It’s an important development as the charter means that Circle will have federally regulated custody infrastructure for USDC, with reserve management expected to follow. Also, it strengthens Circle’s regulatory moat, setting a higher compliance standard as banks and institutions increasingly build on public blockchains.

Polymarket Pushes for Margin Trading

Polymarket is looking to bring margin trading to its US platform, with the company applying for a futures commission merchant licence. If it receives approval, then the prediction markets leader would be able to handle customer orders and collateral in order to deliver trading on derivatives .

Trading with leverage has already become a core element within crypto, with Hyperliquid as a primary venue for perps trading, and many other platforms offering similar products.

Following that trend, introducing margin trading on outcome markets within a highly visible platform, and with CFTC oversight, would be a notable development.

Want to reach 100k+ crypto investors?