Robinhood Chain Sees Success Despite No Token Launch
Robinhood's SVP Johann Kerbrat says his firm's tokenization work is 'just the beginning', but for now, they're focusing on building a strong technical infrastructure. The Robinhood Chain is a permissionless, EVM-compatible layer-2 built on Arbitrum's tech stack that settles to Ethereum and charges gas in ether.
The network has been gaining traction with its new Stock Tokens, which give users 24/7 on-chain versions of equities like Nvidia and Apple. These tokens are available in over 120 countries but not to U.S. persons. However, a significant portion of the chain's trading volume comes from memecoin activity, with CASHCAT, a cat-themed token, climbing more than 5,500% in a week.
Tenev, who recently stated that assets without utility 'do not serve a lasting purpose', seems to be embracing the meme aspect of Robinhood Chain's success. The network has seen a hot start, with DefiLlama listing its total value locked at about $536 million and stablecoin market cap near $634 million.