Robinhood’s new Ethereum Layer 2 blockchain, Robinhood Chain, has processed four million transactions in its first public testnet week, CEO Vlad Tenev reported. Despite a 38% quarterly decline in the company’s crypto transaction revenue to $221 million, developer activity on the network for tokenized assets is rising. The firm is pushing forward with plans to expand 24/7 tokenized trading, with a mainnet launch expected later this year.
The public testnet for Robinhood’s new blockchain recorded four million transactions in its first week. CEO Vlad Tenev stated that “developers are already building on our L2, designed for tokenized real world assets and onchain financial services.”
Robinhood officially launched the public testnet last Tuesday. The network is an Ethereum Layer 2 solution built using technology from Arbitrum, following six months of private testing.
The chain is designed to be permissionless and support a high volume of transactions. It aims to facilitate tokenized stocks, exchange-traded funds, and other real-world assets.
Robinhood collaborated with infrastructure providers like Alchemy, LayerZero, and Chainlink. The strong early transaction volume indicates significant initial developer interest.
This testnet momentum contrasts with recent financial performance. The company revealed a 38% decline in crypto transaction revenue, which fell to $221 million in the fourth quarter.
Nevertheless, the company continues to advance its blockchain strategy. Last month, Tenev revealed plans to expand tokenized stocks with features like 24/7 trading and self-custody.
Robinhood has not set a specific date for the mainnet launch of Robinhood Chain. It is anticipated to occur later this year.
