Kerbrat from Robinhood Promotes Tokenization While Memecoins Dominate Its Tokenless L2
Robinhood Crypto's senior vice president, Johann Kerbrat, has emphasized the company's focus on building the technical network infrastructure for tokenization, calling it "just the beginning," rather than on launching tokens. The centerpiece is Robinhood Chain, a tokenless, EVM-compatible layer-2 network built on Arbitrum technology, which settles on Ethereum and uses ETH for gas fees. The network's primary offering is stock tokens, providing 24/7 blockchain-based exposure to companies like Nvidia and Apple for users outside the U.S., though these tokens confer no legal shareholder rights.
Despite its focus on tokenized real-world assets (RWAs), currently valued at around $12.81 million, memecoins overwhelmingly dominate trading volume on Robinhood Chain. Research indicates over 99% of trading volume comes from memecoins, with the network's mascot-inspired token, $CASHCAT, surging over 5,500% in a week. Kerbrat, who recently called assets without utility "not a long-term purpose," acknowledged the chain is also "great for memes."
The network has seen significant growth since launch. DeFiLlama data shows a Total Value Locked (TVL) of approximately $536 million, a stablecoin market cap of around $634 million, and 24-hour DEX trading volume of about $440 million. Notably, Ethena's USDe stablecoin has grown to constitute nearly 43% of the network's stablecoins. In mid-July, the chain was processing over 7 million daily transactions, surpassing Coinbase's Base.
Robinhood is currently covering gas fees for eligible wallet users on swaps, bridges, and perps, but this subsidy is set to end in September. Separately, Robinhood reported Q2 cryptocurrency transaction revenue of $100 million, a 38% year-over-year decline, while its prediction markets generated $156 million, exceeding crypto revenue for the first time.
cryptonews.ru8h ago
