Four Pillars Researcher Claims Robinhood Chain is Still Preparing for Growth

On October 20, Four Pillars researcher 100y published an article stating that Robinhood Chain has not perished, its ecosystem remains resilient, and it is preparing for the next round of growth. The chain is set to launch on July 1, 2026, positioned as an on-chain financial network for tokenized stocks. The revenue from Robinhood's crypto business dropped from 27.2% in Q1 2025 to 12.6% in Q1 2026.

Data shows that on September 4, Robinhood Chain's daily network fees were approximately $8.27 million, while the total revenue from the crypto business in Q2 2026 was around $100 million. After the market weakened, fees fell over 99% from their peak, with daily fees in mid-October around $30,000 to $40,000, less than 1% of the peak. 100y pointed out that the surge in fees was due to network congestion in September, as the chain uses the Arbitrum tech stack, and the base fee index rises when usage exceeds target processing capacity.

As of the publication date, the on-chain Total Value Locked (TVL) was approximately $1.1 billion, with the Steakhouse USDG Vault accounting for about half, at around $540 million and still rising, and approximately 75,000 deposit wallets. Stocks and ETFs account for more than half of the issued Real World Asset (RWA) tokens, with an associated outstanding value of about $150 million. The spot trading volumes on September 4 and October 7 were approximately $3.27 billion and $3.24 billion, respectively, and daily trading volumes have remained at least around $600 million to $700 million since then. Robinhood has strategically invested in the perpetual platforms Lighter and Arcus. 100y believes that the next round of growth will depend on the scale of the treasury and stock tokens, meme trading, perpetual activities after the points period, and more builders and new on-chain financial primitives.

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