Robinhood Chain Draws $70 Million of Ether in First Week

Robinhood’s layer-2 blockchain, Robinhood Chain, attracted a sizable inflow of Ether in the first week after its launch.

Cointelegraph reported on July 10 that on-chain data platform Token Terminal said more than $70 million of Ether had been bridged to Robinhood Chain during its first week. If the trend continues, it could generate meaningful new demand for Ether.

Robinhood launched Robinhood Chain on July 1 as an Arbitrum-based Ethereum layer-2 network. The network uses Ether to pay gas fees. The company has described it as a blockchain focused on artificial intelligence and real-world asset tokenization. Robinhood also currently offers tokenized US stocks to users in more than 120 countries.

Token Terminal said Robinhood Chain recorded 194,000 daily active users. Daily revenue was about $39,000, implying an annualized figure of roughly $14 million. DefiLlama data showed total value locked at about 46,748 Ether, or about $83 million at current prices.

Uniswap founder Hayden Adams said most activity on Robinhood Chain is centered on Ether. It functions as the base asset for transactions, the most actively traded asset and the gas token used to pay for block space.

Tim Sun, a senior researcher at HashKey Group, said Robinhood Chain’s buildout within the Ethereum ecosystem is structurally positive. Rising bridged assets, wallet addresses and on-chain transactions would also lift demand for Ether, he added. Robinhood’s decision to build its own financial ecosystem on Ethereum also shows that the Ethereum mainnet remains the core settlement and liquidity foundation for tokenized assets.