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Robinhood Chain bridges more than $70M of ETH in its first week
Token Terminal said the ETH bridged to Robinhood’s new layer-2 exceeded $70 million in week one, with Thursday inflows alone totaling 31,855 ETH.
Cointelegraph reports that Robinhood’s choice to build its new layer-2 chain on Ethereum is driving rapid ETH inflows. HashKey Group’s Tim Sun said Ethereum use positions the network as a settlement and liquidity foundation for tokenized assets, while Token Terminal estimated that more than $70 million in Ether was bridged to Robinhood’s chain during its first week.
According to Token Terminal, Thursday’s inflows were 31,855 ETH, worth about $55 million at the time. Token Terminal also said adoption could turn the chain into a meaningful new source of demand for ETH.
Cointelegraph adds that the chain reached 194,000 daily active users, with daily revenue around $39,000, equivalent to a $14 million annualized run rate, in its first week. DefiLlama data cited in the article put total value locked at 46,748 ETH, or roughly $83 million based on current market prices.
The report also notes that Uniswap founder Hayden Adams said much of the activity on Robinhood Chain is ETH-denominated. He described ETH as the base trading pair, a gas token for blockspace, and an asset burned on Ethereum’s mainnet to pay for data storage fees, arguing this can generate additional ETH demand as on-chain usage grows.