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ETH Robinhood Chain: L2 Network without Native Tokens
Johann Kerrat, senior vice president of Robinhood Crypto, said the company's tokenization efforts were "just beginning" and chose to focus on the network's technical infrastructure rather than issuing tokens.
The network is currently focusing on its new stock tokens, which allow users to access 24/7 on-chain versions of stocks such as Nvidia and Apple.
Does Robinhood Chain have tokens?
Robinhood Chain decided to deviate from the strategy of most networks and go online without native tokens. It is a permission-free, EVM-compatible Layer-2 network built on Arbitrum's technology stack, settled on Ethereum, and uses Ethereum as a Gas fee.
Robinhood's focus on the chain is its new stock tokens-these are 24/7 on-chain versions of stocks such as Nvidia and Apple. They provide holders with economic exposure but do not confer legal claims on the actual shares. These tokens are available in more than 120 countries, but are not open to U.S. users.
According to OAK Research, more than 99% of the chain's trading volume comes from minicoin activity. A cat-themed token called CASHCAT (a tribute to Robinhood's old mascot) soared more than 5,500% in a week, with a market value of nearly $200 million.
A review of the Internet found that the mein and stablecoin markets far exceed tokenized real-world assets, with the latter accounting for only US$12.81 million in the chain, of which approximately US$10.68 million comes from stocks.
Tenev told CNBC six days ago that "assets without practicality cannot last long," but later posted that the chain was "also very useful for memin" and paid attention to the CASHCAT account.
Robinhood Chain's Hot Start
DefiLlama currently shows that Robinhood Chain has a total locked value of approximately US$536 million, a stablecoin market value of approximately US$634 million, and a 24-hour decentralized exchange trading volume of approximately US$440 million.
Robinhood Chain's TVL has steadily increased since its launch.
Ethena's USDe expanded from approximately US$17 million to approximately US$253 million in one month, close to 43% of the chain's stablecoin supply.
On July 13, data showed that the network's daily transaction volume exceeded 7 million, slightly higher than Coinbase's Base network.
However, before the subsidy expires in September, Robinhood will pay Gas fees for redemption, cross-chain bridges and perpetual contracts for eligible wallet users within the first 90 days.
Robinhood reported cryptocurrency trading revenue of US$100 million in the second quarter, down 38% year-on-year, while forecast market revenue to reach US$156 million, exceeding cryptocurrency revenue for the first time. Total net income still increased 32% to US$1.31 billion.
