Robinhood’s Kerbrat pushes tokenization as memecoins rule its token-less L2
Robinhood Crypto SVP Johann Kerbrat says the agency’s tokenization work is “just the start,” selecting to direct focus to the community’s technical infrastructure over issuing a token.
The community is at the moment specializing in its new inventory tokens, which give customers entry to 24/7 onchain variations of equities like Nvidia and Apple.
Does Robinhood Chain have a token?
Per Cryptopolitan’s earlier reporting, Robinhood Chain determined to deviate from the technique of most networks and shipped with out a native token. It’s a permissionless, EVM-compatible layer-2 constructed on Arbitrum’s tech stack that settles to Ethereum and costs gasoline in ether.
Robinhood’s focus for the chain is its new Inventory Tokens, that are 24/7 onchain variations of equities like Nvidia and Apple. They offer customers financial publicity however no authorized declare on the precise shares. They’re obtainable in over 120 international locations, however to not U.S. individuals.
Cryptopolitan reported OAK Analysis findings that greater than 99% of the chain’s buying and selling quantity has come from memecoin exercise. A cat-themed token named $CASHCAT, a nod to Robinhood’s previous mascot, climbed greater than 5,500% in every week towards a roughly $200 million market cap.
CoinDesk’s July assessment of the community discovered that the memecoin and stablecoin market dwarfs the tokenized real-world belongings, which account for $12.81 million on the chain, with about $10.68 million of it in shares.
Tenev, who informed CNBC six days in the past that belongings with out utility “don’t serve an enduring objective,” posted that the chain “works nice for memes too” and adopted the $CASHCAT account.
Robinhood Chain’s sizzling begin
DefiLlama at the moment lists Robinhood Chain’s whole worth locked at about $536 million, with a stablecoin market cap close to $634 million and 24-hour DEX quantity round $440 million.
Ethena’s USDe has ballooned from roughly $17 million a month in the past to about $253 million, close to 43% of the chain’s stablecoin provide.
On July 13, information from Growthepie confirmed the community clearing greater than 7 million each day transactions to edge previous Coinbase’s Base.
Nonetheless, till the subsidy runs out in September, Robinhood will cowl gasoline for eligible pockets customers on swaps, bridges and perps for the primary 90 days.
Cryptopolitan reported that Robinhood reported $100 million in second-quarter crypto transaction income, down 38% yr over yr, whereas prediction markets pulled in $156 million and outpaced crypto for the primary time. Complete internet income nonetheless rose 32% to $1.31 billion.
