Robinhood Chain, the Ethereum layer 2 the brokerage built to carry its tokenised shares, has passed 100 days in operation, and the company has put numbers against it. Cumulative trading in its stock tokens, which are blockchain instruments that track the price of a listed share, has reached about $15bn, with roughly 200,000 holders, according to The Defiant's account of the company's figures. The same report notes that Morpho, the lending protocol that supplies much of the chain's credit infrastructure, shows around $1.1bn deposited on the network.

Those are cumulative and stock figures respectively, and they should be read as such. $15bn of turnover over 100 days is a flow number: it counts every trade, in both directions, and tells you how busy the venue has been rather than how much sits on it. The 200,000 holder count is a headcount of addresses or accounts holding at least one token, not a measure of size. The Morpho deposit figure is a snapshot of what is parked in lending markets on a given day.

What the chain's own figures say

The independent numbers are in the same neighbourhood. DefiLlama records total value locked on Robinhood Chain at $1.05bn today, flat over the week at a 0.1 percent decline, with an all-time peak of $1.06bn set yesterday. Stablecoin supply on the chain stands at $1.07bn. Decentralised exchange volume over the past 24 hours was $1.03bn, up 79 percent on the day but down about 13 percent on the week.

Total value locked, or TVL, is the dollar value of assets sitting inside the chain's protocols. That it has barely moved in a week while daily DEX volume ran close to $1bn is the more interesting pairing: the capital base is steady, the turnover on top of it is not. Uniswap V4 handled $488.5m of that 24 hour volume and Uniswap V3 $455.6m, with Fables at $90.2m, Ramses CL V2 at $25.7m and Metric V1 at $19.2m, according to DefiLlama.

Fees, and what they imply about usage

The chain collected $2.9m in fees over 24 hours and $166.7m over 30 days, DefiLlama records. Fees are the cleanest proxy for activity that nobody can inflate by moving money between their own wallets, because every transaction pays them. A 30 day total of $166.7m against a TVL of $1.05bn is a high ratio by layer 2 standards, which is what you would expect from a chain whose dominant use is trading rather than parking collateral.

The gap between trading and deposits

The two headline numbers describe different businesses. $15bn of stock token turnover is a brokerage statistic. $1.1bn of Morpho deposits is a DeFi statistic, and it suggests the credit layer on the chain is roughly the size of the chain's entire TVL as DefiLlama measures it, which would mean lending accounts for most of what is locked there. The honest reading is that Robinhood Chain is, at 100 days, a trading venue with a lending market attached, not a general-purpose network with many kinds of activity.

What has not been published is the breakdown that would settle the question of adoption: how many of the 200,000 holders hold more than a token's worth, how concentrated the $15bn of turnover is across tickers, and how much of the stock token float moves at all in a given week. A board of hundreds of tickers where a handful carry most of the volume is the normal shape of a young tokenised equity market, and nothing in today's figures contradicts that.

What to measure from here

The 100 day mark is an anniversary, not an inflection. The figures worth tracking over the next hundred days are whether TVL breaks out of the $1.05bn band it has held all week, whether the fee run rate holds near $166.7m a month, and whether the holder count grows faster than the turnover, which would mean the tokens are being held rather than flipped.