Robinhood launches L2 to ignite ETH optimism, Saylor's remarks spark controversy

The launch of Robinhood Chain has injected new vitality into the Ethereum ecosystem. This new Layer-2 network, based on Ethereum as the core settlement environment, attracted more than US$141 million in cross-chain ETH inflows in the first week of its launch. Currently, the number of wallets holding ETH on the chain has exceeded 500,000 (Data source: Cointelegraph).

At the same time, on-chain activities and asset tokenization trends also provide support for Ethereum's overall narrative. Analysts pointed out that Ethereum dominates the real-world asset (RWA) space, and valuation signals suggest that compared to the bear market in 2022, ETH's current price may be lower than a reasonable level corresponding to its online lockdown value.

Core Points

· Robinhood Chain's cross-chain ETH amount exceeded US$141 million in the first week of launch, and the number of wallets holding ETH exceeded 500,000.
·In the past 24 hours, DEX transaction volume on Robinhood Chain reached US$877.56 million, showing rapid user growth.
·Some commentators are beginning to revisit the traditional view that Layer-2 growth is a negative for Ethereum (due to reduced L1 fees).
·Ethereum has a 47% market share in the RWA sector and is regarded as a key catalyst.
·Differences on fundamental valuations: Lisk analysts believe that the ratio of TVL to ETH value in Ethereum presents a distorted valuation pattern similar to the bear market in 2022.

Robinhood Chain attracts liquidity and wallet growth

Robinhood Chain's early development momentum is believed to have improved market sentiment for Ethereum. The network runs with ETH as a native Gas token, and Cointelegraph pointed out that approximately $141 million of ETH has been linked to the network since its launch.

Wallet distribution is also accelerating growth. Data shows that the number of wallets holding ETH on the network exceeds 500,000. In the past day, Robinhood Chain's daily DEX transaction volume reached US$877.56 million, surpassing Ethereum L1 and rival Base Layer-2 networks.

The important thing about Robinhood Chain, as a spin-off project associated with the Robinhood brand, is that it extends the familiar EVM compatibility narrative beyond pure cryptocurrency native users. Robinhood's business covers tokenized shares to customers in 120 countries, which supporters believe enhances the appeal of EVM-compatible infrastructure.

Why Layer-2 activity may not be the bad sign expected

The Layer-2 network has long been seen as a potential resistance to Ethereum. The core criticism is simple: if transactions are migrated from the Ethereum main network to L2, Ethereum L1 may lose some of the activity generated by supporting fees, and the validator may not be compensated accordingly.

But Cointelegraph points out that even some former ETH skeptics are reassessing this stance. Influencer Ansem believes that the lighter implementation and Robinhood L2 provide "clever" support for the long-delayed ETH bullish logic. Mike Dudas of 6th Man Ventures called Robinhood Chain the most bullish event in Ethereum-related developments in years.

Although these are opinions rather than market data, they highlight a question crucial to investment decisions: Will the new L2 network simply divert demand away from Ethereum L1, or will it strengthen the entire EVM value chain by attracting users, liquidity and DeFi transactions into a system that uses ETH as the underlying asset for Gas and settlement?

RWA concentration and TVL-value distortion argument

In addition to its retail-oriented narrative, Cointelegraph also highlights the connection between Ethereum and real-world assets. The report cited Rwa.xyz data and pointed out that Ethereum accounted for 47% of the market share in RWA activities.

In addition, Leon Waidmann, head of research at Lisk, made a valuation argument based on a comparison of the total locked value (TVL) of Ethereum to the market value of ETH. Waidmann said Ethereum's $260 billion TVL has exceeded ETH's $210 billion market value, a gap he called a "distortion" and suggested ETH may be "undervalued." He also linked this relative valuation model to the bear market situation in 2022.

This comparison is of reference value for investors, but it is not comprehensive. TVL may be affected by changes in token incentives, cross-chain assets and DeFi risk appetite. But the direction of the argument is clear: if the value locked on Ethereum continues to expand and the market value of ETH fails to follow up, then relative valuations may become a factor supporting ETH market sentiment.

What should we pay attention to after the outbreak of Robinhood Chain

Robinhood Chain's early indicators-cross-chain ETH, wallet count and high DEX transaction volume-are the most tangible evidence yet. But the uncertainty is whether these activities will continue and how they will translate into continued demand for ETH as competition intensifies in the L2 network.

Investors and developers should pay attention to whether daily DEX trading volume will remain stable beyond the launch period; how the number of ETH that continues to cross the chain changes relative to the user base; and whether broader RWA and DeFi flows will continue to strengthen Ethereum's dominance-especially as TVL and valuation narratives continue to align with price expectations.