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

marsbitPubblicato 2026-07-10Pubblicato ultima volta 2026-07-10

Introduzione

Robinhood Chain 主网上线一周后链上活动暴涨，累计地址近20万，总锁仓量（TVL）达2.34亿美元。增长由多重因素推动：CEO Vlad Tenev转变立场，称该链“同样非常适合Meme币”；发币平台Pump.fun接入，降低了交易门槛；预测市场项目World宣布从Solana迁移至此。Meme币CASHCAT价格在24小时内飙升超1300%，成为关注焦点。然而，数据揭示TVL暴涨的核心驱动力并非Meme币交易，而是稳定币质押。Ethena向借贷协议Morpho的USDG资金池注入约5000万美元，直接推动TVL单日增长超160%。链上绝大部分流动性由稳定币和借贷业务支撑。尽管Robinhood Chain最初定位为代币化现实资产（RWA）的基础设施，但目前RWA业务规模仅约1280万美元，占比微小。链上初期增长主要由投机交易和稳定币理财需求驱动，其规划的核心赛道仍处于缓慢起步阶段。

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，其主要增长驱动力是什么？

A其增长受到多重因素推动。短期引爆点来自于 Meme 币炒作热潮（特别是CASHCAT）、Pump.fun平台的接入引流，以及World项目从Solana的迁移。但真正撑起其总锁仓价值（TVL）的核心驱动力是稳定币资金，特别是Ethena向Morpho协议存入的约5000万美元USDG稳定币，这使得TVL单日暴涨超160%。

QRobinhood Chain 的 CEO Vlad Tenev 对于 Meme 币的态度发生了什么变化？

A他的态度在几天内发生了彻底反转。在7月2日主网上线当天，他在CNBC采访中表示Meme币基本是“死路一条”，认为没有实际应用价值的代币难以持久。然而到了7月7日，他在X平台发文，改口称Robinhood Chain“非常适合Meme币”。

Q根据文章，Robinhood Chain 上真正构成TVL主体的是哪类资产？

A根据文章数据和分析，构成Robinhood Chain总锁仓价值（TVL）主体的并非Meme币，而是稳定币。Ethena存入的约5000万美元USDG稳定币是TVL暴涨的核心，Morpho协议承载了链上绝大部分DeFi流动性，其中稳定币（以USDG为主）占据了链上资产价值的大头。

Q文章指出，Robinhood Chain 最初的核心定位与当前实际生态发展存在什么差距？

A存在显著差距。Robinhood Chain最初的定位是为代币化股票和各类现实世界资产（RWA）打造的基础设施。然而上线首周的实际数据显示，其RWA业务规模（如代币化美国国债、股票等）仅为约1280万美元，占比极低。目前链上活跃度和TVL主要由投机性的Meme币交易和追求收益的稳定币存款驱动，核心的RWA业务仍处于缓慢起步阶段。

QPump.fun 平台为 Robinhood Chain 带来了什么具体影响？

APump.fun平台（一个源于Solana生态的发币和交易平台）在7月8日宣布支持Robinhood Chain代币交易，这大大降低了交易者参与该链Meme币的门槛。用户无需跨链桥，即可通过SOL在该平台上无缝交易所有热门的Robinhood链代币，从而为Robinhood Chain引入了大量的交易者和流动性，助推了Meme币热潮和链上交易量的增长。

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