Robinhood Chain Swells with Over $70 Million in Ether Bridging

The Robinhood Chain, a layer-2 blockchain network built by Robinhood, saw over $70 million in Ether bridged to it during its first week. The amount was reported by Token Terminal.

According to Token Terminal, the daily active users on the chain reached 194,000, while daily revenue grew to $39,000, equivalent to a $14 million annualized revenue run rate. This figure is supported by DefiLlama, which shows a total value locked of 46,748 ETH, worth around $83 million at current market prices.

Uniswap founder Hayden Adams noted that most transactions on the Robinhood Chain are denominated in Ether. 'It's the base pair for trading, the highest volume asset, and the gas token to pay for blockspace,' he said. It also burns ETH on L1 to pay data storage fees.

Andri Fauzan Adziima, research lead at Bitrue Research Institute, called it 'strongly bullish' and stated that early volume validates the L2 flywheel as a 'meaningful new demand sink.'