Robinhood Chain Attracts More Than $70 Million of Ether in First Week

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

Cointelegraph reported on July 10 that on-chain data platform Token Terminal estimated more than $70 million worth of Ether was 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 as its gas token, and the company described it as a blockchain focused on artificial intelligence and real-world asset tokenization. Robinhood is also offering tokenized US stocks to users in more than 120 countries.

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

Uniswap founder Hayden Adams said most activity on Robinhood Chain is conducted using Ether. Ether serves as the unit of account for transactions, the most actively traded asset on the network and the gas token used to pay for block space.

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