The platform has also expanded its tokenized stock offering to more than 120 countries, while growing to nearly 194,000 daily active users and over $80 million in total value locked. Analysts believe the network could create additional long-term demand for ETH by using it as the native gas token and primary trading asset.
Robinhood Chain Fuels ETH Demand
Robinhood’s new Ethereum layer-2 blockchain is already gaining traction just one week after launch. In fact, more than $70 million worth of Ether was bridged to the network, according to Token Terminal.
Robinhood Chain is an Arbitrum-based layer-2 network that uses ETH as its native gas token. It launched on July 1 and is designed to support real-world asset tokenization. The network has already attracted a lot of activity, and Token Terminal now believes that continued adoption could become a meaningful new source of demand for Ethereum.
The platform also expanded its tokenized stock offering to customers in more than 120 countries, which could only strengthen Ethereum’s role in the growing real-world asset sector, where the blockchain and its layer-2 networks currently account for more than half of the market.
Early adoption has been strong. Token Terminal reported that Robinhood Chain reached around 194,000 daily active users and is generating approximately $39,000 in daily revenue. This equates to an annualized run rate of roughly $14 million. Data from DefiLlama also shows the network’s total value locked climbed to nearly 47,000 ETH, worth more than $80 million.
Analysts believe the network could strengthen Ethereum’s long-term fundamentals. Uniswap founder Hayden Adams explained that most activity on Robinhood Chain is denominated in ETH, which serves as the network’s primary trading asset, gas token, and the asset used to pay Ethereum mainnet data storage fees.
Others argue that every transaction on Robinhood Chain creates recurring demand for ETH while helping onboard Robinhood’s large user base into Ethereum’s ecosystem.
ETH’s price action over the past week (Source: CoinCodex)
Over the past week, ETH saw its price climb by more than 3%. As a result of this, the altcoin was trading hands at around $1,770 at press time. ETH’s price is also up by more than 8% on the monthly time frame.
