Robinhood has kicked off its blockchain push with a bang: its public testnet logged 4 million transactions in the first week. CEO Vlad Tenev announced on X Thursday that developers are already building applications on the Layer 2 chain, which targets tokenized real-world assets and onchain financial services.
4M Transactions in One Week
The public testnet launched last Tuesday after six months of private testing. Built as an Ethereum Layer 2 using Arbitrum technology, the network saw rapid developer activity from day one, reflecting surging interest in tokenized finance infrastructure. Tenev described the chain as a permissionless platform designed for high-throughput financial applications.
Developer Ecosystem and Partners
Developers are experimenting with tools for tokenized equities and exchange-traded funds. Robinhood has integrated partners including Alchemy, LayerZero, and Chainlink to support infrastructure, cross-chain communication, and reliable data feeds. The fast start strengthens the company's long-term blockchain strategy as it pivots from declining crypto trading revenue toward tokenization and blockchain-powered financial services.
Tokenized Stocks and Revenue Decline
Robinhood recently outlined plans to expand tokenized stock offerings, including 24/7 trading, near-real-time settlement, and self-custody options to give investors greater control over assets. Meanwhile, the firm's Q4 crypto transaction revenue dropped 38% year over year to $221 million. Despite the decline, leadership continues to highlight tokenization as a major long-term opportunity, framing the shift as part of a broader transformation in financial markets.
Mainnet Timeline and Industry Implications
Robinhood expects mainnet launch later this year, though no specific date has been shared. Growing developer interest may shape final features and performance targets. The company views blockchain as a way to improve settlement efficiency and global accessibility. The testnet phase remains critical, as feedback from trading and asset management use cases will influence the platform before mainnet deployment.