Kerbrat from Robinhood Promotes Tokenization While Memecoins Dominate Its Tokenless L2

Johann Kerbrat, Senior Vice President of Robinhood Crypto, says the company's work on tokenization is "just the beginning," and it prefers to focus on the network's technical infrastructure rather than token issuance.

Currently, the network is focused on its new stock tokens, which provide users with 24/7 access to tokenized versions of stocks from companies like Nvidia and Apple directly on the blockchain.

Does Robinhood Chain Have a Token?

As Cryptopolitan reported, Robinhood Chain decided to diverge from the strategy of most networks and launched without its own native token. It is a decentralized, EVM-compatible Layer 2 platform built on the Arbitrum tech stack, which settles on Ethereum and charges transaction fees in ETH.

Robinhood's focus on this network is its new stock tokens, which are 24/7 blockchain-accessible versions of shares from companies like Nvidia and Apple. They allow users to gain investment exposure but do not confer legal rights to the underlying shares. The tokens are available in over 120 countries but not to U.S. citizens.

Cryptopolitan reported findings from OAK Research indicating that over 99% of the network's trading volume comes from memecoins. The $CASHCAT token, named after Robinhood's feline mascot, surged over 5500% in a week, nearing a market cap of $200 million.

A July network review by CoinDesk found that the market for memecoins and stablecoins significantly overshadows that for tokenized real-world assets (RWA), which account for $12.81 million in the network's value, with about $10.68 million of that in stocks.

Tenney, who six days ago told CNBC that assets without utility "do not serve a long-term purpose," wrote that the chain was "great for memes too," and followed the $CASHCAT account.

Robinhood Chain's Successful Launch

DefiLlama estimates Robinhood Chain's Total Value Locked (TVL) at around $536 million, its stablecoin market cap at about $634 million, and its 24-hour DEX trading volume at approximately $440 million.

The volume of USDe in Ethena's network has grown from about $17 million a month ago to around $253 million, representing nearly 43% of the network's total stablecoins.

On July 13th, data from Growthepie showed the network was processing over 7 million transactions per day, surpassing Coinbase Base.

However, until the subsidy ends in September, Robinhood will cover gas fees for eligible wallet users on swaps, bridges, and perpetual orders for the first 90 days.

Cryptopolitan reported that Robinhood recorded crypto transaction revenue of $100 million in Q2, down 38% from a year earlier, while prediction markets brought in $156 million, surpassing crypto revenue for the first time. Total net revenue still grew 32% to $1.31 billion.