Robinhood Chain Revenue Surges to $4.3 Million per Day

Retail brokerage Robinhood's stock price surged to $122.91 on Wednesday, up 14.88% from its previous close, after a strong performance in recent days.

The company's Layer 2 network, called Robinhood Chain, has been gaining traction since its launch on July 1, with over $3.8 million in network revenue generated on September 1, making it the top-performing blockchain network globally that day.

Robinhood Chain's growth is significant, capturing approximately 38% of total network revenue across the entire industry, and annualizing to around $1.57 billion - equivalent to 30% of Robinhood's own annualized revenue base.

The company's financials are also strong, with second-quarter revenues reaching a record $1.31 billion, up 32% year-over-year, and net income rising 48% to $573 million.