Robinhood Chain flips Hyperliquid – 2 metrics show speculative interest
The brand new Ethereum Layer 2 (L2) Robinhood Chain has surpassed Hyperliquid and BNB Chain in speculative curiosity.
Every week in the past, Robinhood’s DEX quantity (which tracks buying and selling quantity and broader speculative curiosity) was lower than $10M.
As of writing, the day by day DEX quantity has hit a file stage of $600M, making it the fourth dominant chain in speculative exercise.
Up to now two days, it has successfully surpassed BNB Chain and Hyperliquid on this entrance because of Robinhood’s CEO’s memecoin wager.
As Robinhood Chain-based memecoins like CashCat [CASHCAT] went viral and posted huge good points, the FOMO attracted customers and capital inflows.
Robinhood’s memecoin frenzy sparks L2 debate
If the memecoin mania persists, it might surpass Base in DEX quantity to turn out to be the third-largest place for speculative buying and selling.
Value stating that Uniswap crossed $1B in quantity on Robinhood Chain since launch, additional underscoring how loopy the memecoin mania is on the brand new L2.
However critics have been opposing the memecoin push. Most questioned the necessity for one more Ethereum Layer 2 (L2) if its use case is dangerous memecoin hypothesis. The talk has since advanced as to whether L2 development advantages ETH’s worth.
For Bankless’ David Hoffman, L2s aren’t useful to ETH.
By now it appears extra clear that L2s are largely unbiased blockchains and the overwhelming majority of economics shouldn’t be captured by ETH (by design).
Uniswap CEO Hayden Adam countered that many of the pairs on the chain are denominated in ETH and can ultimately assist burn extra ETH, particularly if the RWA narrative picks up momentum.
Do Layer 2s really assist Ethereum?
The L2 roadmap has been underneath heavy criticism. With company chains resembling Stripe’s Tempo, SWIFT, and extra, the criticism has deepened.
For lawyer Gabriel Shapiro, the whole roadmap was ‘poorly executed’ to profit ETH worth.
The roadmap was simply very poorly executed in order that it’s principally unfavourable to ETH & leaves the L2s with an excessive amount of optionality to turn out to be L1s, no actual lock-in.
Ethereum’s finest shot at scaling was by way of L2s, and up to date upgrades have made them cheaper and attracted extra visitors.
However this has additionally lowered the variety of ETH burned, making the asset inflationary and denting its ‘retailer of worth’ narrative.
Whether or not the renewed L2 debate will drag ETH’s market sentiment and worth stays to be seen. As of writing, Ethereum [ETH] traded at $1.8K, a key inflection level that might set off the subsequent leg of worth restoration or one other pullback.
Closing Abstract
- Robinhood L2 has turn out to be the fourth largest on-chain place for speculative buying and selling, flipping BNB Chain and Hyperliquid
- Amid the hype, Ethereum L2s are underneath scrutiny once more for being non-beneficial to ETH’s worth
