ARK Invest research director Lorenzo Valente said Ethereum is receiving only a tiny share of the economics generated by Robinhood Chain, despite serving as its settlement layer. According to figures he cited, Robinhood Chain has produced about $816,000 in total revenue since launch. Of that amount, Arbitrum, acting as the middleware provider, takes 10%, or roughly $80,000, while Ethereum has received just $1,538, equal to around 0.15%.
Valente said the profit split across the three parties is about 89% for Robinhood, 10% for Arbitrum, and 0.15% for Ethereum. He argued that the interpretation depends on how ETH is viewed: if ETH is treated as money, Robinhood building on Ethereum is a bullish signal; if ETH is treated as a cash-flow-generating asset, the setup is bearish. He also said Robinhood chose Ethereum for its technical strength and customization needs rather than using a single-layer-1 chain such as Solana or Sui. In his view, the market is not pricing Ethereum’s settlement layer correctly, and a fairer split would be 75% for Robinhood, 10% for Arbitrum, and 15% for Ethereum.
PANews reported on July 14 that ARK Invest research director Lorenzo Valente said Ethereum has received only $1,538 as the settlement layer for Robinhood Chain, or about 0.15% of the chain’s total revenue since launch.
Valente said Robinhood Chain has generated about $816,000 in total revenue. Under the current split, Robinhood keeps roughly 89%, while Arbitrum, serving as the middleware provider, takes 10%, or about $80,000. Ethereum’s share stands at around 0.15%.
Valente argues the market is underpricing Ethereum’s settlement layer
He said the reading changes depending on how ETH is classified. If ETH is viewed as money, Robinhood building on Ethereum is a bullish signal. If it is viewed as a cash-flow asset, he said, the arrangement is bearish.
Valente added that Robinhood chose Ethereum because of its technical capabilities and customization options, rather than opting for a single layer-1 network such as Solana or Sui. In his words, Ethereum is "selling its most valuable settlement layer at marginal cost," and the market has not assigned it the right price.
He said a more reasonable allocation would be 75% for Robinhood, 10% for Arbitrum, and 15% for Ethereum.
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