Robinhood Chain 一周出圈：Meme 带流量，稳定币撑起 TVL

Foresight NewsPubblicato 2026-07-09Pubblicato ultima volta 2026-07-09

Introduzione

Robinhood Chain主网上线一周内，链上活跃度因Meme币热潮、Pump.fun平台接入及World项目从Solana迁移等因素而暴涨。数据显示，其累计地址数近20万，总锁仓量约2.34亿美元。CEO Vlad Tenev调整了其早期否定Meme币的立场，转而认可该链也适合此类资产。Pump.fun的支持降低了交易门槛，而Meme币CASHCAT价格一度飙升。然而，推动TVL增长的主要动力并非Meme币交易，而是Ethena向Morpho协议的USDG稳定币资金池存入约5000万美元，提供了约7%的年化收益。虽然链上DEX交易量显著，手续费低廉，但其主打的现实世界资产业务目前规模仅约1280万美元，远低于稳定币和借贷的贡献。目前，该链呈现出散户投机交易与机构稳定币资金并行的局面。

撰文:The Defiant 团队

编译:Saoirse,Foresight News

本周,Meme 币炒作热潮、Pump.fun 平台接入,加上一款应用宣布从 Solana 迁移至这条上线仅一周的新区块链,多重因素共同推动 Robinhood Chain 链上活跃度暴涨。但值得注意:链上规模最大的一笔资金流入来自稳定币质押,而非 Meme 币交易。

根据 Entropy Advisors 在 Dune Analytics 发布的网络看板数据:这条搭建在 Arbitrum 之上的二层网络,累计地址数量逼近 20 万个,协议总锁仓量(TVL)约 2.34 亿美元。

该公链 7 月 1 日正式开放主网对外访问,意味着几乎全部增长都诞生于上线后的一周之内,并且近两日链上活动持续加速。

Robinhood 活跃地址数。数据来源:Dune Analytics

CEO 官立场彻底反转

战略风向转变始于最高管理层。7 月 7 日晚间,CEO Vlad Tenev 在 X 平台发文:「我们打造 Robinhood Chain,目标是打造最适合现实世界资产(RWA)的公链...... 但这条链同样非常适合 Meme 币。」

这番表态推翻了他几天前的观点。7 月 2 日主网上线当天,他在 CNBC 采访中表示,Meme 币基本已是死路一条。在他看来,不存在实际应用价值的代币难以长期存续,代币化现实资产才是加密行业更具备可持续性的赛道。

Robinhood 当初在伦敦主题演讲《Robinhood 呈现:世界是平的》上正式启动主网时,一直将这条链定位为代币化股票与各类现实资产的基础设施;上线首日便完成与 Uniswap、Chainlink、Alchemy、BitGo 的集成。

Pump.fun 引流大量交易者

7 月 8 日,诞生于 Solana 生态的发币平台 Pump.fun 宣布支持 Robinhood Chain 代币交易,大幅降低交易者参与该链 Meme 币的门槛。

平台官方在 X 平台发文:「用户现已可以在 Pump.fun 应用交易 Robinhood Chain 代币!无需跨链桥,能够使用 SOL 无缝交易,平台支持所有热门 Robinhood 链代币。」

Pump.fun 联合创始人 Alon Cohen 表示,本次更新只是平台现有多链交易工具的功能延伸,并非独立新增业务。他发帖称:「Pump.fun 不只是用于发行平台原生代币,它支持全部跨链交易。现在即可交易 Robinhood 代币,Solana 渠道交易零手续费。」

World 项目迁出 Solana 生态

Robinhood Chain 成功从 Solana 生态抢夺项目资源。链上预测市场 World 于 7 月 1 日登陆 Solana,可在 Phantom 钱包内直接使用。如今,项目官方宣布将整体迁移至这条新生公链。

项目团队 7 月 8 日在 X 平台公告:「World 已经决定从 Solana 迁移至 Robinhood Chain。」团队称,经过过去 24 小时审慎评估后做出本次战略调整,并对 Solana 基金会与社区表达感谢。

CASHCAT 掀起 Meme 币行情

当下热度最高的代币是 CASHCAT,名称源自 Robinhood 股票交易时代早期吉祥物「Cash Cat」,代币在 Robinhood Chain 部署的 Uniswap V3 交易所交易。

CoinGecko 数据显示,7 月 8 日 CASHCAT 成交价格约 0.1373 美元,24 小时涨幅高达 1320%,市值接近 1.37 亿美元,24 小时交易量约 1.94 亿美元;当日价格震荡区间 0.0089 美元~0.1475 美元。

用户规模从零起步快速扩张

抛开 Meme 币行情,链上监测数据显示生态全方位增长。6 月测试网阶段活跃地址几乎归零,7 月初日活跃地址飙升至数万人,累计独立地址逼近 20 万。

去中心化交易所交易量表现亮眼,7 月 7 日单日交易额峰值接近 4 亿美元,绝大多数交易经由 Uniswap V3、V4 以及 PancakeSwap V3 完成。同时链上手续费维持低位,Gas 价格约 0.021 Gwei,单笔交易平均手续费仅 0.005 美元。

Robinhood 链去中心化交易所交易量。数据来源:Dune Analytics

TVL 暴涨核心驱动是 Ethena 稳定币,并非 Meme 币

虽然市场目光集中在 Meme 币炒作,但拉动 Robinhood Chain 总锁仓量飙升最关键的因素,是一笔稳定币资金存入。Ethena 向借贷协议 Morpho 内由 Steakhouse Financial 管理的 USDG 资金池注入约 5000 万美元。Morpho 是 Robinhood 链上理财产品 Robinhood Earn 的底层协议,该产品可为 USDG 提供大约 7% 的年化收益率。

DefiLlama 数据显示,这笔资金进场直接推动协议总锁仓量单日涨幅超 160%。Morpho 承载了链上绝大部分可统计 DeFi 流动性,稳定币(以 USDG 为主)占据链上资产价值大头。

Robinhood 链总锁仓价值。数据来源:Dune Analytics

数据反映公链两条并行发展主线:机构稳定币资金与借贷业务夯实底层资金体量;Pump.fun 助推的散户 Meme 币热潮,持续拉高交易笔数与活跃用户。如果混淆两者关系,会严重夸大 Meme 交易对总锁仓指标的贡献。

RWA 业务规模依旧占比微薄

尽管 Robinhood Chain 主打 RWA 叙事,但代币化现实资产业务当前体量占比极低。美国国债、股票、ETF、大宗商品等代币化资产总规模仅约 1280 万美元,远远不及稳定币与借贷资金撑起的总锁仓规模。

Robinhood 推出的股票代币属于代币化债务凭证,可以追踪美股、ETF 价格,但持有者不享有股东投票权。产品面向全球 120 多个国家开放,不对美国境内用户提供服务。

这一差距概括了 Robinhood Chain 上线首周现状:投机交易、追求理财收益的稳定币存款带来初期流动性与链上活跃度,而公链最初规划的核心赛道 —— 代币化证券业务,仍处于缓慢起步阶段。

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Domande pertinenti

QRobinhood Chain上线一周后，其链上总锁仓量（TVL）达到约多少亿美元？主要驱动力是什么？

A根据文章，Robinhood Chain上线一周后总锁仓量（TVL）约2.34亿美元。主要驱动力并非Meme币炒作，而是Ethena向借贷协议Morpho管理的USDG资金池注入了约5000万美元的稳定币，该资金池是Robinhood Earn产品的底层协议，能为用户提供收益。

QRobinhood Chain的CEO在关于Meme币的立场上发生了怎样的转变？

ACEO Vlad Tenev的立场发生了反转。在主网上线当天的采访中（7月2日），他认为Meme币缺乏实际价值，基本是死路一条，并强调代币化现实资产（RWA）才是可持续赛道。但几天后（7月7日），他在X平台发文表示，虽然打造这条链的目标是服务于现实世界资产（RWA），但这条链“同样非常适合Meme币”。

Q哪些因素共同推动了Robinhood Chain链上活跃度在短期内暴涨？

A主要有三个因素：1. Meme币炒作热潮。2. Solana生态的发币及交易平台Pump.fun宣布支持Robinhood Chain，大幅降低了用户交易该链Meme币的门槛。3. 链上预测市场项目World宣布从Solana迁移至Robinhood Chain。

Q文章中提到当前热度最高的Meme币是什么？它有什么特点？

A当前热度最高的Meme币是CASHCAT。其名称源自Robinhood股票交易服务早期的一个吉祥物“Cash Cat”。该代币在Robinhood Chain部署的Uniswap V3交易所交易，曾在文章提及的7月8日创下1320%的24小时涨幅，市值接近1.37亿美元。

Q与Robinhood Chain最初设定的核心目标相比，其上线首周的实际业务构成有何差距？

ARobinhood Chain最初设定的核心目标是打造代币化现实资产（RWA）的公链。然而，上线首周的实际业务构成与此有显著差距：由稳定币借贷构成的理财业务和Meme币投机交易带来了绝大部分的流动性和活跃度，而代币化的美国国债、股票等现实资产（RWA）总规模仅约1280万美元，占比极低，仍处于缓慢起步阶段。

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