Robinhood Blockchain Fees to Hit $160M Annually by 2028: Bernstein

Robinhood's blockchain network is on track to generate up to $160 million in annual fees by 2028, according to analysts at Bernstein. The prediction comes as tokenized stocks now account for about 27% of total volume on the chain, while memecoin trading has declined from its initial dominance.

The shift towards tokenized stock trading is seen as a self-reinforcing trend, with Uniswap's automated market-making pools pairing memecoins with stock tokens generating 'reflexive demand' for both assets. This means that activity connected to one side of the pairing can spill over into demand for the other side.

The Robinhood chain has already emerged as a leader in daily fees, with DefiLlama data showing it generated $2.13 million in fees over the past 24 hours. While this growth is driven by tokenized stock trading, Bernstein notes that memecoin trading can be volatile, and paired liquidity and cross-asset engagement may help stabilize volumes.