Since the launch of the Robinhood Chain, on-chain RWA data has surged. Foreign media reports indicate that, based on publicly available statistics, over 334,000 wallets hold tokenized shares on the chain. This figure has attracted attention and prompted the market to re-evaluate the positions of the Robinhood Chain and Solana in the tokenized share market.
The number of holders is questioned.
The article points out that while Robinhood's RWA holders appear to have surpassed Solana's, this conclusion may not directly reflect actual adoption. The main controversy lies in the possibility that some addresses may be counted twice, and that liquidity pairings between memecoin and stock tokens may be included in RWA activity.
Robinhood blockchain proponents use this to emphasize the network's higher RWA holder count, but critics argue that such claims could exaggerate the actual user base. SolanaFloor stated that it has inquired with rwa.xyz about the methodology used to count RWA holders, but has not received a response as of press time.
On-chain data is easily amplified.
The article mentions that while on-chain data is transparent, it doesn't always accurately reflect the true investor structure. A common practice is to send tiny amounts of tokens to a large number of addresses, a practice known as "dusting," to quickly inflate the number of holders of an asset.
The article uses $ANSEM as an example, stating that in order to qualify for airdrops, some users distributed extremely small amounts of tokens across a large number of wallets. As a result, approximately 74% of the token's holder addresses held less than $10, significantly reducing the reference value of the "number of holders" metric.
Solana remains the top-traded platform.
If we shift our focus from the number of holders to trading volume, Solana currently maintains its lead. According to data cited by Blockworks, Solana's daily tokenized stock trading volume exceeds $48 million, with assets issued by Backpack Securities accounting for the majority.
According to Dune Analytics data, Robinhood Chain saw approximately $24 million in tokenized stock trading volume during the same period, surpassing most networks except Solana. This indicates that Robinhood Chain experienced rapid growth in its early stages, but has not yet dethroned Solana's leading position in the tokenized stock trading market.
