Robinhood Chain Activity Is Mostly ‘Degen Flow,’ ARK Researcher Says
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Cryptocurrency News | Cryptocurrency Prices | Market CapRobinhood Chain activity is mostly ‘degen flow,’ ARK researcher says
Robinhood Chain has recorded less than 1% of its analyzed transactions through a contract clearly linked to Robinhood Wallet users, according to ARK Invest research director Lorenzo Valente. According to Lorenzo Valente’s analysis, contract-level data indicates that most trading on…
Robinhood Chain Activity Surges While Wallet Adoption Stays
ARK Invest’s researcher reveals that Robinhood Chain activity is largely driven by existing crypto traders and external platforms rather than Robinhood Wallet users. The findings highlight the difference between blockchain transaction growth and actual user adoption as the network expands through decentralized applications and speculative trading activity.
The contract analysis of Lorenzo Valente, director of digital asset research at ARK Invest, suggests that most of Robinhood Chain's activity comes from already existing crypto traders and external platforms, not necessarily from new users incorporated by Robinhood.
According to ChainCatcher, ARK Invest researcher Lorenzo Valente stated that after analyzing Robinhood Chain contract-level data, he believes that most of the chain's current transaction activity may not be contributed by newly acquired crypto users of Robinhood. Valente stated that the only wallet activity definitively attributed to Robinhood users is swap transactions conducted by Robinhood Wallet through the 0x Settler contract, but this acco…
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