TLDR
- Robinhood L2 testnet records 4 million transactions in seven days.
- The chain is built on Arbitrum as an Ethereum Layer 2 network.
- Testnet supports tokenized stocks, ETFs, and real-world assets.
- Mainnet launch is planned later this year with no set date.
Robinhood’s Layer 2 testnet recorded four million transactions within its first week, CEO Vlad Tenev said. The network is built on Ethereum using Arbitrum technology. The company aims to support tokenized real-world assets and onchain financial services.
Tenev shared the update in a post on X. He said developers are already building applications on the network. He added, “The next chapter of finance runs onchain.”
Testnet Launch and Early Activity
Robinhood launched the public testnet for Robinhood Chain last Tuesday. The blockchain operates as an Ethereum Layer 2 network built on Arbitrum. The company conducted six months of private testing before the public release.
The testnet recorded four million transactions during its first week. This figure reflects early developer engagement with the platform. Developers can use the network to test applications before the mainnet launch.
Tenev said the Layer 2 network is designed for tokenized real-world assets and financial services. He noted that developers have already started building on the platform. The company has not released detailed data on user numbers or transaction types.
Focus on Tokenized Assets and Financial Services
Robinhood Chain is designed as a permissionless blockchain platform. It aims to support high-throughput financial applications. The network includes native support for tokenized equities and exchange-traded funds.
The company also plans to enable tokenization of other real-world assets. Robinhood has stated that the network will support round-the-clock trading. It also plans near-real-time settlement and self-custody features.
Robinhood integrated several infrastructure providers before the public launch. These partners include Alchemy, LayerZero, and Chainlink. The integrations are intended to support network operations and cross-chain functionality.
Tenev previously described tokenization as a long-term shift in finance. He said it “can’t be stopped” and will expand across the financial system. The company continues to develop its blockchain products as part of that strategy.
Crypto Revenue and Market Conditions
Robinhood reported a decline in crypto transaction revenue during the fourth quarter of last year. The company recorded $221 million in crypto transaction revenue. That figure marked a 38% decrease compared to the previous year.
The company continues to invest in blockchain infrastructure despite lower crypto revenue. The Layer 2 testnet activity suggests ongoing interest in tokenized assets. However, Robinhood has not provided financial projections linked to the new chain.
The mainnet launch of Robinhood Chain is expected later this year. The company has not announced a specific date. The public testnet will remain active as developers continue testing applications.
Robinhood’s blockchain initiative adds to its broader digital asset strategy. The company has expanded crypto offerings in recent years. It now seeks to combine traditional finance products with blockchain-based systems.
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