$3.13 Million NFT Trading Surpasses Ethereum on Robinhood Chain

The Robinhood ($HOOD) chain, Ethereum Name Service (ENS), Jupiter (JUP), and HyperLiquid (HYPE) have all announced expansions in on-chain usage and operational restructuring between August 9 and 15. This week's changes have focused more on trading activities, capital efficiency, and governance adjustments rather than single price issues.

Ublockchain reported on the 16th at 8:43 PM KST that the daily trading volume of NFTs on the Robinhood chain reached $3.13 million (approximately 4.4 billion KRW), surpassing Ethereum (ETH). The average daily trading volume for the week was 11.6 million transactions, an increase of about 30% from the previous week, while the total value locked (TVL) rose by 32% to $473 million (approximately 669.3 billion KRW).

However, the increase in trading and deposits did not directly translate to an expansion in the user base. The number of daily active accounts only increased by 3.3%, remaining 11% lower than the peak on July 16. The amount of USDe on the chain grew from $17 million a month ago to $253 million (approximately 358 billion KRW), indicating that stable asset deposits contributed to the increase in TVL.

The Robinhood chain is an Ethereum Layer 2 that prominently features tokenized stocks and real-world assets (RWA). We previously reported on the increase in average daily trading volume and deposits on the Robinhood chain. This week's figures demonstrate that both meme coin and NFT activities, along with stable asset deposits, have simultaneously boosted the chain's metrics.

The ENS DAO passed and executed the proposal for the 'Next Era of ENS DAO', transitioning the ENS Foundation into an operational body with a full-time executive director, staff, and a five-member board. The ENS tokens held by the DAO account for 54.6% of the total supply and remain under the control of token holders, while the foundation received a one-time allocation of 1 million ENS for employee compensation purposes.

The ENS Foundation will handle external relations with organizations such as the Internet Corporation for Assigned Names and Numbers (ICANN), the Internet Engineering Task Force (IETF), and the World Wide Web Consortium (W3C), as well as manage the '.ens' top-level domain, regulatory communications, and brand protection. ENS Labs will continue to be responsible for protocol and product development. We previously reported that ENS approved the establishment of an operational foundation and completed on-chain execution.

An additional time lock will be added to endorsement transactions on the 9th. The ENS Security Committee can prevent manipulations that exceed the foundation's authority. The foundation's directors are appointed and dismissed by token holders, and the first five-member board includes Executive Director Alexander Urbelis, ENS founder Nick Johnson, Kartik Talwar, Brett Sun, and Anthony Leutenegger.

In the Solana (SOL) ecosystem, Jupiter has launched Lend v2. The new version is designed to utilize deposited and borrowed assets as trading liquidity. The optional features of smart collateral and smart debt connect USDC, USDT, Solana, and JupSOL to liquidity pools or offset some costs with transaction fees generated from borrowed assets.

The scale of Jupiter's lend deposits is approximately $1.9 billion (about 26.885 trillion KRW), with active loans around $823 million (approximately 11.645 trillion KRW). The structure of using the same assets for both lending and trading liquidity is employed to increase capital turnover in DeFi. However, profits are generated only when actual trades flow in and the feature is selected.

HyperLiquid plans to automatically allocate unused USDC from HLP to the HyperCore native lending pool to earn interest after the next network upgrade. Currently, HLP's TVL is about $188.7 million (approximately 26.7 billion KRW), and the idle cash in the main account is about $148.7 million (approximately 21.04 billion KRW), accounting for about 79% of the total.

The supply of USDC in HyperLiquid's native lending pool is approximately $176 million (about 24.9 billion KRW), with loans around $112 million (approximately 15.85 billion KRW). The utilization rate is 63.7%, with an annualized borrowing rate of 5% and an annualized supply rate of about 2.87%. This indicates a shift from a simple market-making and liquidation fund pool to a vault with automatic capital allocation features.

Justin Drake, a researcher at the Ethereum Foundation, stated that in the Ethereum L1 hashing scheme, they are steering towards traditional hash functions like SHA or BLAKE instead of Poseidon. Improvements in binary field-based SNARK design have brought the zero-knowledge proof performance of traditional hash functions close to that of Poseidon. This roadmap aims for production-grade leanVM (leanVM) by 2027 and the deployment of consensus, data, and execution layers by 2028.

Security issues were also raised. Research published at the 35th USENIX Security Symposium on x402 payments tested 15 major payment service providers, including Coinbase ($COIN), Thirdweb, PayAI, and Mogami, finding at least one security rule violation on all platforms. The researchers categorized risks such as free usage, asset theft, service disruption, and gas fee abuse but clarified that they did not actually transfer the assets of service providers.

The supply of the native stablecoin USDm from MegaEthereum is approximately $18 million (about 2.55 billion KRW), which has decreased by over 95% from its peak of about $600 million (approximately 849 billion KRW) in May. USDm was launched in collaboration with MegaEthereum and Athena (ENA), with reserves structured to be placed in the BlackRock BUIDL fund.

This week's project trends indicate that while the usage of infrastructure is expanding, the burden of operational and security verification is also increasing. The Robinhood chain has seen growth in trading volume and deposits, but the increase in active accounts has been limited, while ENS and Jupiter have changed their operational structures and capital utilization methods, respectively. HyperLiquid's automatic allocation feature for HLP is expected to be implemented after the next network upgrade.