Robinhood Launches Public Testnet for Ethereum Layer 2 Blockchain
Robinhood has launched the general public testnet for Robinhood Chain, an Ethereum Layer 2 community constructed on Arbitrum, which has a complete worth locked (TVL) of over $2.3 billion.
The testnet permits builders to start out constructing apps and infrastructure on Robinhood Chain, which the corporate stated is designed to help tokenized real-world belongings (RWAs), lending platforms, perpetual futures exchanges, and different on-chain monetary providers, in line with a press launch considered by The Defiant.
Johann Kerbrat, Robinhood’s head of crypto, stated in an unique interview with The Defiant that the testnet is an early step towards constructing a broader on-chain monetary ecosystem.
“We predict that it’s actually going to speed up all the event of on-chain monetary providers and all this tokenization future that we’ve been speaking [about] for a very long time,” Kerbrat informed Camila Russo, founding father of The Defiant. “So the testnet is basically step one to put down the groundwork for an ecosystem that may assist outline all of the tokenized reward belongings that we’re planning on launching.”
The transfer comes as extra monetary corporations undertake on-chain expertise and start integrating merchandise straight on blockchain networks. One space seeing particularly quick development is tokenized RWAs. Distributed Asset Worth has reached $23.8 billion, up about 11% over the previous month, in line with RWAxyz information.
In keeping with the discharge, the testnet provides builders entry to primary community instruments, documentation, and Ethereum improvement software program constructed on Arbitrum. Robinhood stated some infrastructure suppliers are already connecting to the community, with extra anticipated to affix as testing continues.
Builders may even achieve entry to testnet-only belongings, together with inventory tokens, together with direct testing by way of Robinhood Pockets within the coming months.
Kerbrat described Robinhood Chain as permissionless, that means anybody can deploy purposes. Nonetheless, apps that seem contained in the Robinhood app would nonetheless want to satisfy inside product necessities, he stated.
Robinhood additionally plans to be one of many first main builders on the community, Kerbrat stated, and in the end desires to maneuver extra of its personal infrastructure on-chain.
“The primary developer to construct on the chain is basically going to be Robinhood,” he stated. “And our imaginative and prescient is not only to have one or two merchandise there, however to have the whole Robinhood infrastructure to be slowly changed by the blockchain.”
Kerbrat revealed that early companions concerned within the launch embody Alchemy, LayerZero, and others, that are serving to help the primary section of the general public testnet.
“However the extra we proceed to construct, the extra we’ll additionally launch our personal merchandise which are going to be both in partnership or straight revenue-made product,” he added. “However I feel for us, the thought is that it isn’t only a income chain solely, but in addition one thing that different builders can really construct on prime of.”
Robinhood has already rolled out tokenized inventory merchandise in Europe, with the choices increasing shortly – Kerbrat stated they grew from about 200 belongings at launch final June to roughly 2,000 at this time.
“So we [grew] 10x in lower than a 12 months. And that actually exhibits how versatile our tokenization engine is,” Kerbrat stated. “And we predict that coming from there, we’re actually going to have the ability to use this engine for something.”
