Robinhood Blockchain Network on Track for $160M Annual Fees by 2028

Robinhood's blockchain network is on track to generate up to $160 million in annual fees by 2028, according to a report from Bernstein. The forecast is based on the shift in trading activity on the chain toward tokenized stocks, which now account for about 27% of total volume.

The growth in tokenized stock trading has led to an increase in revenue rankings for the network, with it currently leading by daily fees. In just over two months since its launch, the Robinhood chain has generated $2.13 million in fees over the past 24 hours, according to DefiLlama data.

Bernstein analysts attribute the growth in tokenized stock trading to liquidity and 'reflexive demand' created by Uniswap automated market-making pools pairing memecoins with stock tokens. This is seen as a key mechanism driving activity on the chain, and one that could help stabilize volumes even if memecoin trading becomes volatile.

However, not everyone is optimistic about tokenized stocks. AMC's CEO Adam Aron has criticized Robinhood's offering, calling it 'outrageous' and unrelated to AMC. This raises concerns about reputational and regulatory sensitivity around tokenized equities.