Robinhood Chain’s early activity appears to be driven largely by traders already active in crypto rather than a substantial influx of Robinhood customers, according to ARK Invest’s director of research for digital assets, Lorenzo Valente. Confirmed Robinhood Wallet swaps routed through the 0x Settler contract accounted for less than 1% of analyzed transactions, while Valente placed a generous upper estimate for Robinhood-linked activity at about 5% after including unidentified contracts. GMGN and OKX produced most identifiable activity outside that route. Because the permissionless Ethereum Layer 2 is built with Arbitrum technology and accepts external wallets and applications, its transaction, fee and decentralized-exchange figures cannot be treated as direct measures of Robinhood customer adoption. The chain launched its mainnet on July 1, recorded more than $47 billion in cumulative decentralized-exchange volume in under two months, and has received a 90-day Robinhood gas subsidy through the end of September.