Robinhood Chain has overtaken Polygon to become the tenth-largest blockchain by total value locked, according to data from DefiLlama. Robinhood Chain holds $790.9 million in TVL compared to Polygon's $787.7 million as of September 3, marking a gain of one ranking position from the previous day.
The shift occurs as competition intensifies among mid-tier blockchains for developer and user adoption. Polygon, launched in 2017 as a scaling solution for Ethereum, has long held a top-ten position but has faced mounting pressure from newer chains offering faster settlement times and lower fees. Robinhood Chain, a blockchain developed by Robinhood Markets to support its trading and financial products ecosystem, entered the TVL rankings at a smaller scale but has grown its on-chain activity through integrations with the company's platform.
TVL rankings are calculated by summing the value of cryptocurrency assets deposited into smart contracts across a blockchain. The metric does not account for how actively those assets are being traded or used. A chain's TVL can fluctuate daily based on price movements, user deposits and withdrawals, and liquidity migration between protocols.
Robinhood Chain's ascent into the top ten comes as the company has expanded its blockchain infrastructure to support decentralized finance applications. The chain operates as a Layer 1 blockchain and offers lower transaction costs relative to Ethereum mainnet. Polygon, by contrast, runs as a Layer 2 solution that batches transactions before settling them on Ethereum, and has accumulated TVL across hundreds of deployed applications ranging from lending protocols to automated market makers.
The displacement of Polygon by a single chain represents a narrow margin in the competitive environment. At $3.2 million separating the two, a moderate shift in liquidity positions either chain could reverse the ranking within days. The top three blockchains by TVL remain Ethereum at over $30 billion, Lido at roughly $18 billion, and Tron at approximately $10 billion, according to DefiLlama data.
Robinhood Chain entered the measurable TVL rankings significantly later than established competitors. Its movement into the top ten, even by a marginal threshold, follows the fragmentation of liquidity across blockchains and the willingness of platforms with distribution advantages to build proprietary blockchain infrastructure. Whether Robinhood Chain sustains the tenth-place position depends on continued user adoption and the stability of asset values locked within its ecosystem.
The number to watch is whether Robinhood Chain's TVL holds above Polygon's for the remainder of September, or if institutional and retail liquidity flows reverse the ranking.
