Robinhood Chain Surges to New Heights, Driving Stock Price to $122.91
Robinhood's stock price surged to $122.91 on Wednesday, representing a 14.88% increase from its previous day's close at $106.99. The company's market capitalization reached $110.506 billion, with a trailing price-to-earnings ratio of 46.17.
The reason behind the stock's rally lies not in its cryptocurrency trading revenue, which fell 38% year-over-year to $100 million in the second quarter. Instead, it can be attributed to the success of Robinhood Chain, the company's Ethereum Layer 2 network built on Arbitrum's Orbit technology stack.
Rozing to new heights, Robinhood Chain generated over $3.8 million in network revenue on September 1, surpassing all other blockchain networks globally and capturing approximately 38% of total industry revenue. In the trailing 24 hours, it booked $4.3 million in on-chain revenue against $4.45 million in fees.
The significance of these numbers lies not only in their magnitude but also in the fact that Robinhood Chain has been operational for just nine weeks, placing it tenth by decentralized finance TVL, ahead of Polygon and Avalanche networks.