Robinhood's Blockchain Overtakes Solana and Ethereum in Daily Fees
Robinhood's blockchain has quickly become a popular venue for meme coin speculation and trading tokenized stocks, outperforming Solana and Ethereum in daily fees. The company launched its blockchain two months ago, using technology licensed from Arbitrum, and it is now capturing a significant share of the fees flowing towards Robinhood Chain.
In the same period, Solana collected $22.3 million in chain fees, while Robinhood Chain brought in $10.3 million, with Ethereum collecting $331.58 million across all its applications. Arbitrum's coin price jumped 30% on September 1 as market participants realized it captures a slice of the fees flowing towards Robinhood Chain.
Robinhood is successfully competing directly with Solana to capture capital from speculators, and Ethereum has been less exposed to speculation in recent years. The company can advertise its chain directly to its huge user base and utilize data about users to onboard them to its network.