Robinhood Chain Hits $800M TVL, 200M Transactions in First Month

Just over a month after going live, Robinhood Chain has amassed close to $800 million in total value locked and processed more than 200 million transactions. Johann Kerbrat, who leads Robinhood's crypto business, said the team chose an Ethereum layer-2 network to take advantage of existing security and decentralization, allowing the company to focus its resources on product development. The L2 network is part of Robinhood's drive to move brokerage services on-chain. It gives users access to about 200 tokenized stocks, buying and selling of real-world assets, stablecoin lending and borrowing, and perpetual futures trading. Kerbrat also flagged developer activity as an important measure of network adoption. He said Robinhood Chain is designed for financial products such as tokenized stocks and derivatives, while meme coins will also be supported to meet user demand and provide liquidity. Robinhood wants to bring in people who have never touched crypto before, he said, rather than compete with other blockchains for existing users.