GMTrade Says It Will Leave Solana For Robinhood Chain After World.xyz Move

GMTrade said it will leave Solana and move to Robinhood Chain, putting another Solana-native trading project inside the new migration chatter around Robinhood’s RWA-focused Layer 2.

The perp DEX framed the decision around heavy competition on Solana and fading visibility from Solana co-founder Anatoly Yakovenko, known as Toly on X. “The competition on Solana is too tough,” the team wrote, adding that “retweets from @toly started drying up” before it decided there was “no other choice.”

The wording keeps part of the announcement inside Crypto Twitter’s meme cycle, but the claim follows World.xyz’s decision to migrate from Solana to Robinhood Chain after a 24-hour review. World.xyz’s move pushed Robinhood Chain into Solana builder discourse days after the network’s mainnet launch.

Robinhood Chain Pushes For RWA Apps

Robinhood launched Robinhood Chain Public Mainnet on July 1 as a Layer 2 built using the Arbitrum Platform, with Uniswap, Pleiades, Alchemy, BitGo and Chainlink listed among early ecosystem and infrastructure partners.

The network is built around real-world assets, tokenized stocks, lending, borrowing and DeFi primitives tied to Robinhood Wallet. Robinhood also opened Stock Tokens to eligible users in more than 120 countries, with the products designed for 24/7 trading on Robinhood Chain and use inside decentralized applications, including lending pools and trading collateral.

Early DeFi liquidity has already started to move through the network. Robinhood Chain protocol TVL rose from $83 million to $147 million after Ethena seeded $50 million into a Steakhouse Financial USDG vault, pushing Morpho into the center of the chain’s first lending activity.

Solana Still Holds The RWA Trading Lead

GMTrade’s public app still describes the protocol as the leading RWA perp DEX on Solana, with wallet-based trading and exposure to crypto, FX, commodities and stock-linked markets. A move would be notable because GMTrade’s pitch has been closely tied to Solana’s low-fee trading environment.

Solana still has one of the stronger RWA trading narratives in crypto. Solana tokenized equity volume reached $380 million in 24 hours during a recent xStocks and Backpack-led trading burst, while derivatives positioning later expanded as traders watched the chain’s tokenized-equity activity.