Robinhood Chain Outage Disrupts Tokenized Stock Trading Boom
R Robinhood Chain's blockchain experienced a brief outage on Friday, halting block production for over 14 minutes and disrupting network activity. The disruption occurred as the network was busy with tokenized stock trading, which has seen an explosive growth in recent months.
The data from the Robinhood Chain block explorer revealed that no new blocks were produced during the outage, although transactions continued to show up in the explorer. This suggested that block generation was suspended throughout the network, according to blockchain experts.
The issue was first reported by news aggregators on social media, who stated that Robinhood Chain's block generation had halted. A follow-up update reported that production of blocks has been resumed, but intermittently. Data from the explorers suggested, however, that the network was not yet stable.
The outage coincided with a downturn in Robinhood Markets stock after strong US jobs data spurred risks of a Fed rate hike. The HOOD stock price dropped 3.78% to around $120 during premarket trading.