Robinhood Chain Overtakes Solana, BNB in Fee Revenue, Sees 31% Upside for Stock

Robinhood's layer-2 blockchain network, known as Robinhood Chain, has surpassed both Solana and BNB Chain in fee revenue since its launch on July 1. Bernstein analysts estimate that daily transaction fees on Robinhood Chain range from $2 million to $4 million, with a cumulative total of approximately $33 million over the past 15 days.

This significant growth is attributed to the network's rapid expansion, with total value locked (TVL) reaching around $1.5 billion and decentralized exchange trading volume exceeding $50 billion. Additionally, tokenized stock holdings have increased by a factor of 14 since the launch, from roughly $10 million to about $140 million.

The fee-sharing structure favors Robinhood, with approximately 90% of fees accruing to the company, while Arbitrum receives around 10%. Ethereum earns less than 1% as a data fee. The surge in stablecoin supply has also been notable, reaching over $1 billion, with USDG accounting for about 66% and USDe for approximately 33%.