RobinStreet

Every order on a layer 2 passes through a single piece of software that decides what happened and in what order. Here is what that machine controls, what it cannot control, and where the failure modes sit.

Robinhood's $25bn Crypto Pile Is Customer Property, Not a Treasury

Crypto Briefing reports that the roughly $25bn of digital assets sitting at Robinhood is held for brokerage customers, not bought by the company for its own balance sheet. The distinction matters for anyone counting corporate demand.

Robinhood Chain Memecoin Volume Peaked at $443m a Day, Then Fell 96 Percent

Crypto Briefing reports that daily memecoin trading on Robinhood Chain reached $443m before collapsing by 96 percent. The chain's overall figures tell a steadier story: total value locked set a record of $1.05bn today.

A stock token has no automatic link to the share it names. The price holds because someone can profitably move between the two, and the explainer is really about who that someone is and what stops them.

A share does things while you hold it. It pays dividends, splits, gets taken over and votes. An explainer on how each of those events is supposed to travel from the share register to a token balance, and the places the signal gets lost.

Robinhood Wallet Routes Stock Token Swaps Through an RFQ System With 190 Tokens

Robinhood Wallet has added Arcus as a routing provider for Stock Token swaps, giving eligible users access to more than 190 tokens, The Block reported.

Robinhood Says the SEC's Innovation Exemption Is a Constraint, Not a Door, for Stock Tokens

Johann Kerbrat, who runs Robinhood's crypto arm, told The Block the firm is still working through the terms of the SEC's innovation exemption before it can bring tokenized stocks to American users.

Robinhood Puts 10x Crypto Perps, AI Agents and Weekend Stock Trading in One App

At its HOOD Summit, Robinhood said it is rolling out perpetual futures with up to 10x leverage through its own derivatives arm and Bitstamp, adding user-built AI trading agents and extending US equity trading into the weekend.

The team behind efrogs, the pixel frog collection that grew up on Linea, has renamed itself GrowBlocks and opened the testnet of its browser world on Robinhood Chain. Season 0 runs for one month on test credits with no value, and every XP point is recorded. The most XP goes to players who build plazas, launch coins and bring others. Press release, with a disclosure.

Ten Pons V2 Launches Shared One Trick: Wallets Exempted From the Anti-Sniping Tax

An onchain analyst has tied $18.4m of extracted value on Robinhood Chain to a single operation that used Pons' own anti-sniping tax as a filter, according to The Block.

TALIS Puts Structured Products on Robinhood Chain's Stock Tokens

TALIS has launched a protocol on Robinhood Chain that builds structured markets around tokenized equities, the kind of payoff engineering that normally lives inside a bank's derivatives desk.

Robinhood Chain Holds Second Place in Tokenized Stock Balances, Behind BNB Chain

Token Terminal counts 4.3 million tokenized-stock holder balances across chains, with Robinhood Chain on 1.3 million and Solana on 997,000. The metric counts balances, not people.

Robinhood's Chief Executive Says Crypto Event Contracts Are Already Beating Sports Bets

Vlad Tenev told an audience that contracts on crypto outcomes are outpacing sports wagers on the broker's prediction markets, and could become its largest category within a few years.

Robinhood's Stock Token Holder Count Is Up 160 Percent in a Month While the Chain Trades Memecoins

Holder counts for Robinhood's tokenized equities rose about 160 percent over 30 days, Crypto Briefing reported. On the same chain, daily swap volume hit $1.85bn and the busiest venues were general-purpose DEXs.

Zappin Opens on Robinhood Chain With a 90 Percent Cashback Offer Paid in ETH

A new application has gone live on Robinhood Chain promising to return most of what users spend in ether. The chain it launched on is carrying $997.6m of locked value and $1.76bn of daily swaps.

Wall Street Analysts Name the Firms That Gain From the SEC's Tokenised Stock Opening

Goldman Sachs and Citizens told clients the SEC's five-year exemption puts custody, tokenisation infrastructure and stablecoin settlement in play, with Coinbase, Robinhood and Circle named as the near-term beneficiaries.

A tokenized equity only trades as well as somebody's balance sheet allows. This is a walk through the three kinds of market maker standing behind an onchain share, the hedge each one runs, and the hours when all of them step back.

Robinhood Chain Crosses $1bn Locked on the Day Its Fees Collapse 97 Percent

The chain set a record for value locked at $1.00bn on Friday, according to DefiLlama, while CoinDesk reported seven-day average fees down 82 percent and per-transaction fees down 97 percent with activity barely moving.

Almost every tokenized equity trade on a Layer 2 passes through a single machine that decides which transaction goes first. Here is what that machine can and cannot do to you, and what the escape hatch actually is.

In listed equity markets a clearing house stands between buyer and seller and guarantees the trade. Onchain there is no such party. The risk does not vanish, it moves to the issuer, the venue and the pool.

The Robinhood Chain memecoin fell from $0.090 to $0.0032 on Thursday afternoon when 799 addresses sold 24 percent of the supply in 75 minutes with nothing in the way. Take the same token, the same sellers and the same afternoon, and launch it through Mosh instead: 71 percent of the supply sits in a vault nobody can sell from, the sellers would have needed 83 percent of the float, and the only large holder is a capped market maker.

A chain publishes its transfers one at a time. The Hoods, a live map presented by UGLY, draws them all at once: 3.28 million transfers between 60,263 addresses in six hours, each coin's crowd in its own neighbourhood, with the newest trades running across the screen as they land. What it shows, where the figures come from, and what a community can do with it.

A tokenized share is not the share. It is a claim that a market maker can usually, but not always, convert back into one. The size of the gap between the two prices is a readout on how hard that conversion is at any given moment.

Robinhood Chain Tops Hyperliquid on Daily App Revenue as Locked Value Peaks at $931m

The chain's total value locked reached an all-time high of $931.2m on Tuesday, according to DefiLlama, on a day when it also out-earned Hyperliquid on 24-hour application revenue. Swap volume, meanwhile, fell.

The efrogs team has released UGLY RUN, a free browser runner starring the UGLY dog, and is opening it with a one-week public test. Players who post a run on X get on the board; the top 10 at the end of the week each win an efrog. More on the project's plans is due after the test. Press release, with a disclosure.

A tokenized stock trade settles the moment the block confirms. The share behind it still settles the next business day. Everything interesting in onchain equities lives in that gap.

A Bank Builds a 2030 Arbitrum Case on One Robinhood Chain Line Item

Standard Chartered's Geoff Kendrick put Arbitrum at $10 by the end of 2030, roughly seventy times the current price, resting the case on the 10 percent cut Arbitrum takes from chains built on its stack. That line was created by Robinhood Chain in July and has since fallen 93 percent.

Two Robinhood Engineers Charged Over Trades Placed Before Listing News

Federal prosecutors say two engineers at Robinhood took positions in tokens on Hyperliquid ahead of the company's own listing announcements between 2025 and 2026, each clearing more than $50,000.

The Bundle That Cannot Sell: How Mosh Turned Bundle Cat's Launch Wallets Into Its Market Maker

Bundle Cat, the first token launched through Mosh on Pons, filled an 8 ETH raise, earned it back in fees within a minute and locked about 72 percent of its supply in vaults that AI agents trade but cannot empty. The team has published how the system works and what it plans to do with the fees.

Robinhood Chain Hits a Record $930m Locked as Daily Swaps Near $2bn

Total value locked on the Ethereum layer 2 set an all-time high on Monday, DefiLlama data show, while a day of DEX volume approaching $2bn came with a 30 percent jump in fees.

Robinhood Says Redemptions and Votes Are Coming to Its Stock Tokens

Chief executive Vlad Tenev and crypto chief Johann Kerbrat both said in-kind redemption and voting rights are on the roadmap for Robinhood Stock Tokens, after criticism of what holders actually own.

Three tickers, half the volume: 41 listings sat out the week

Half of this week's $271.5m in tokenized stock volume on Robinhood Chain went through three tickers, and 41 of the 196 listings did not trade at all.

A chain can hold under a billion dollars of capital and route more than that in a single day. Understanding why the three headline numbers move independently is the difference between reading a chain and guessing at it.

Total value locked gets the headlines, but stablecoin supply is the harder number to fake and the one that tells you what a chain is actually for. Here is how the two relate, and what the ratio between them means.

Robinhood's Crypto Volume Rebounded 61% in August, and Most of It Was Not the App

Monthly operating data shows crypto trading volume up 61% from July but still 38% lower than a year earlier. Bitstamp, the exchange Robinhood acquired, accounted for $10.1bn of the month's total while app trading fell 46% year on year.

A Custom AMM Lands on Robinhood Chain and Its Token Triples Off a Record Low

Daniele Sesta says Equilibra, an automated market maker with adaptive fees and an optional auto-repeg, is in testing on Robinhood Chain. The HeyAnon token it sits under had printed an all-time low the previous day.

Coinbase Drops the Social Experiment and Puts Robinhood Chain in Its Wallet

The Base App is Coinbase Wallet again after just over a year, and the self-custody app now supports more than ten networks including Robinhood Chain, alongside perpetuals, prediction markets and tokenized stocks.

Robinhood Chain's Daily Take Fell 83% From Its Peak While Volume Kept Climbing

The chain collected $943,728 on 10 September against $5.44m on 4 September, The Defiant reported, even as decentralised exchange volume rose. Gas per transaction has fallen from $0.43 to $0.077.

On Robinhood Chain, a Healthcare Stock Is Now a Trading Pair for a Memecoin

Traders on Robinhood Chain are pairing memecoins directly against tokenized equities rather than against stablecoins, Cointelegraph reports, building a corner of DeFi where the quote asset is a share.

A stock token trades in an automated pool that has no idea what the share is worth. Everything that keeps the two numbers together, arbitrage, oracles, redemption, depends on a price feed that closes when the exchange does.

Tenev Draws the Line: A Company Should Not Get a Veto Over Its Own Stock Token

Robinhood's chief executive told CNBC that public companies should not hold veto power over third-party securities referencing their shares, and conceded that holders of the tokens have no voting rights.

One Launchpad Doubled Robinhood Chain's Volume, and the Fee Line Went With It

Pons pushed Robinhood Chain to a record daily fee take and doubled DEX volume, according to The Block. DefiLlama shows the chain now holding $901.0m of total value locked, up 20.1 percent on the week.

The Market Was Closed and $1bn of Stock Tokens Changed Hands Anyway

The 42 largest tokenized equities traded $1.01bn across Saturday and Sunday, roughly matching the previous Friday's session, with Robinhood Chain taking $572.8m of it. Another $398.3m went through on Labor Day.

Robinhood Buys Into Its Own Clearing House for Prediction Markets

Robinhood began routing football event contracts to Crypto.com's CFTC-regulated exchange on Tuesday and will take equity stakes in both Crypto.com and OG.com, the prediction-market venue being spun out at a $5 billion valuation.

Almost every tokenized-equity chain, Robinhood Chain included, runs behind a single ordering machine. Here is what that machine decides, what it cannot decide, and what your position looks like during an outage.

Robinhood Books Its First Underwriting Role, on the Oura IPO

The brokerage best known for retail order flow and, lately, for a layer 2 chain of its own has taken an underwriting seat on the initial public offering of the smart-ring maker Oura, according to Crypto Briefing.

Volume held, participants did not: trading listings fall from 187 to 111

Volume held roughly flat over the week while the number of listings that traded fell from 187 to 111. Three tickers accounted for half of it.

A tokenized share does not trade against an order book. It trades against a curve, and on most chains that curve is built from ranges chosen by a handful of providers. Here is how the depth actually gets there, and what happens when it leaves.

Traders Are Pairing Memecoins Against Tokenized Shares, and the Pools Are Swallowing the Float

A token called BONER ended up holding half the tokenized Hims & Hers shares in existence on Robinhood Chain. The pattern has spread, and it turns thin equity floats into memecoin liquidity.

The Row Over One Cinema Chain's Token Became an Argument About How Stocks Should Go Onchain At All

Hayden Adams likened Robinhood's and Ondo's stock tokens to early stablecoins. Dinari's co-founder called the same instruments worse for investors than ordinary shares. Three competing designs are chasing $2.91bn of tokenized equity.

A trading halt is a feature of a specific venue, not a property of a company. Tokenized equities sit outside that venue, which creates a market that keeps quoting a price nobody can hedge.

STEPN Puts a Walk-to-Earn Token on Robinhood Chain, With Stock Fragments as the Prize

The move-to-earn app has launched STROLL on Robinhood Chain, a scheme in which physical activity is rewarded with fragments of tokenized shares. It is the clearest sign yet that the chain's stock tokens are being treated as consumer loyalty points.

Every onchain equity trade has two legs, and only one of them is the stock. The other leg is a stablecoin, and that substitution is where most of the risk, the cost and the regulatory argument actually sits.

Robinhood Order Flow Is Now 17% of a Perp Exchange's Daily Volume

Lighter's token rose 13% to $4.21 and has doubled in thirty days, while perpetuals volume across the sector fell 30% in a week. The routed flow, not the sector, explains the divergence.

Robinhood Chain Users Paid More Gas in a Day Than Ethereum, Solana and Tron Combined

Fees on the network rose 82-fold in eleven days to $4.45m on 2 September, after the base fee climbed 23 times off its floor. Robinhood is absorbing the cost inside its own wallet until 29 September.

The Chain Never Stopped. Its Data Went Missing on Ethereum for Fourteen Minutes

Blocks kept arriving every 101 milliseconds through Friday's reported outage. What actually failed was the delivery of Robinhood Chain's transaction data to Ethereum, in two gaps totalling exactly fourteen minutes.

Terminals Turned Over $1bn in a Day, and 91% of the Leader's Trades Settled on One Chain

Trading terminal volume crossed a billion dollars on 2 September for the first time since January 2025, with GMGN taking almost half of it, The Defiant reported. Nearly all of GMGN's flow cleared on Robinhood Chain.

A Token Factory Collected Nearly $6m of Fees in a Day, Then Uniswap Labs Bought Its Token

Pons, the memecoin launchpad on Robinhood Chain, out-earned Pump, Hyperliquid and the chain it runs on. Four weeks after putting a rival launchpad on the same network, Uniswap Labs bought PONS.

AMC's Chief Executive Says the Company Has Nothing to Do With Its Own Stock Token

Adam Aron publicly distanced AMC from tokenized shares trading against its ticker, reopening the question of what a stock token is when the issuer never agreed to it.

The Token That Moved a Nasdaq Stock Was Never a Stock Token

FAMI, the asset traded against the Money Mushroom memecoin on Robinhood Chain, was minted in one transaction with a supply close to Farmmi's entire share count. Farmmi's Nasdaq listing then traded roughly 90 times its usual volume.

Robinhood Chain Ranks Second by DEX Volume, and a Launchpad Is Taking the Fees

The two-month-old Arbitrum network sat second among all chains by 24-hour decentralised exchange volume, ahead of Ethereum, BNB Chain and Base, with Pons collecting roughly two-thirds of launchpad fees.

Robinhood Chain's Licence Fee Was 35% of Arbitrum DAO's July Income

The Arbitrum Foundation's first-half report puts DAO income at $6.19m, and gives $360,000 of Arbitrum Expansion Program licence fees a 35% share of July alone, the first month Robinhood Chain was live on mainnet.

Velocity, Not Depth: What DEX Volume to TVL Actually Tells You

A chain can print billions of daily swap volume against a few hundred million of locked value. The ratio is not a scandal or a badge of honour, it is a description of what kind of liquidity the chain has, and it can be gamed.

Memecoins Bought on a Credit Card, Coded as Digital Media

Test purchases through Robinhood Wallet and Fomo were classified as digital media rather than crypto, which earned card points on transactions the networks restrict.

A Memecoin Pool Holds Half the Tokenized Hims & Hers Shares in Existence

The BONER/HIMS pool on Robinhood Chain holds 31,198 of the 58,714 tokenized Hims & Hers shares that exist, and with the NYSE shut the token printed $132.64 against a $28.84 Friday close.

Three tickers, half the volume: 39 listings sat out the week

Three tickers took 52 percent of the week's volume on Robinhood Chain, and 39 of the 196 listings did not trade at all.

Robinhood Chain Out-Earned Ethereum on Fees, and Almost None of It Came From Stocks

The two-month-old layer 2 recorded 5.52 million transactions and $2.66m of revenue on 30 August, with memecoin trading tools taking most of it. TVL is at a record $726.4m and daily DEX volume at $1.40bn.

A $25,000 Airdrop Paid Out by an AI Agent, and What the Chain Says About It

0xDeployer bought $TEST and is airdropping 20,000 of it to 500 wallets, claimable by telling a bot to install a skill. We followed the money: the purchase is real, the 10,000,000 tokens are escrowed in full, and 65 of the 500 spots have been taken.

Every issuer says the tokens are fully backed. The question worth asking is what the backing is, who holds it, who checks, and what you can do if the answer turns out to be wrong.

Pons Sets an All-Time High and a $270m Market Value, Forty-Eight Days After Its First Pool

PONS reached $0.397065 at 19:36 UTC and is worth $270m, which puts a token with no product and seven weeks of history 140th by market value on CoinGecko's list. It is up 80 percent on the day and 625 percent on the week.

Ninety-Eight Per Cent of the Tokens Born on Robinhood Chain Are Dead Within a Fortnight

The chain has made 360,648 tokens in 59 days, about 6,100 a day. Of those more than a week old, 1.55 percent traded yesterday: about one in sixty-five. Half of everything born here stops trading before it is twelve hours old.

Robinhood Chain settled more DEX volume in a day than it holds in total value locked. That is not a contradiction, it is a statement about how often the same dollar gets reused, and it is one of the few ratios on a public chain that is hard to fake.

Forty-Three Pieces in Seven Days, and Fourteen Drafts That Did Not Run

The Ledger's first week in figures: 35 news stories, eight explainers, 80 citations from 20 outlets and no corrections. Of the 43 drafts the dispatch wrote, 14 were rejected before publication, most of them for repeating a story the paper had already run.

Quotrons Burned 60% of Its Own Supply, and Its Stock Venue Has Yet to Run an Epoch

The ERC-404 collection on Robinhood Chain has destroyed 2,667 of its 4,444 tokens to hardwire terminals that earn tokenized stock. The pools those rewards come from sit on Ink, have traded about $56,900 in total, and the S&P 500 ETF is 69 percent of it.

Who Counts as a Holder, and When: The Record Date Problem for Tokenized Stocks

Every dividend, vote and split turns on a snapshot of who owned the share at one instant. Onchain, that instant is a block height, and the two clocks do not agree.

Ink Carries 963 Tokenized Stocks, Five Times Robinhood Chain's Roster

Kraken's layer 2 holds the largest verified tokenized equity roster on any chain this desk counts: 963 companies issued by Backed Finance, against 196 on Robinhood Chain. Most of them are held by a single address, which is what a market looks like before it opens.

What Settlement Really Means When a Tokenized Stock Changes Hands

The token moves in a block. The share behind it usually does not. This is the gap between onchain finality and the legal transfer of ownership, and who carries the risk while it is open.

Why a Chain Can Hold More Stablecoins Than Total Value Locked

Robinhood Chain reports $726.7m of stablecoin supply against $641.7m of total value locked. The two numbers count different things, and the gap between them is the most useful thing on the dashboard.

Robinhood Chain Puts Up Its Busiest Day Since July, and TVL Sets a Record

The chain traded $443m across its decentralised exchanges and cleared more than 3 million transactions, according to Decrypt, on the same week total value locked reached an all-time high of $642.7m.

Two Memecoins Traded 92% of the Volume of All 196 Tokenized Stocks on Robinhood Chain

Robinhood Chain lists 196 tokenized equities. 148 of them did not trade at all in 24 hours. Two memecoins on the same chain traded 92 percent of the volume of the entire tokenized stock market, and one of them out-traded NVDA by 1.8 times.

Three tickers carried 71% of the volume, and 147 listings did nothing at all

Robinhood Chain now lists 196 tokenised equities. Forty-nine of them traded enough to register. NVDA, SPCX and SPY accounted for $57.7m of the $81.0m that moved.

Arcus Turns Perp Accounts Into Tokens You Can Send to Someone Else

Robinhood Chain exchange Arcus has wrapped perpetual-futures positions into transferable ERC-20 tokens, and says tokenized stocks can sit behind the leverage as collateral.

The Animal Trade Reaches Robinhood Chain

Cash Cat, a memecoin on Robinhood's Layer 2, rose more than 50% in a day as a broader rally pulled money into small animal-themed tokens, some of which doubled over the week.

Who Actually Provides Liquidity for a Tokenized Stock, and What Happens at 4pm

A tokenized equity trades 24/7 against a market that does not. This explainer walks through who quotes it, how they hedge, and why spreads widen the moment the underlying venue closes.

How Robinhood Chain Works, and What a Single Sequencer Means for You

An operator-run rollup settles to Ethereum but orders its own transactions. Here is the machinery, the tradeoffs it buys, and the specific failure modes worth knowing before you leave collateral on it.

Robinhood's Chief Makes the Public Case for Tokenized Stocks, Days After the SEC Parked His Shortcut

Vlad Tenev published an argument for tokenizing US equities five days after the SEC set aside its innovation exemption for a second time. Robinhood Chain, meanwhile, printed a fresh TVL high.

A Denied Token Rumour Came Wrapped in an Unverified Robinhood Chain Wallet Claim

Eric Trump said no new coin is launching. The rumour that moved TRUMP 38% had leaned on an unconfirmed claim about a 290 ETH wallet on Robinhood Chain.