Written by: Haotian

A brief interpretation of the news regarding @RobinhoodApp's plan to build layer2 on Arbitrum:

1) From a technical perspective, Robinhood's choice to align with Arbitrum's Nitro is not fundamentally different from Coinbase's alignment with Optimism's OP Stack technology stack. However, the performance of Base has proven a rule: the success of a technology stack does not equate to the success of its parent chain.

The rise of Base is more a result of Coinbase's brand effect + compliance resources + user traffic, which, to some extent, provides guidance for Robinhood's presence on Arbitrum.

This means that, in the short term, it cannot be proven that the price of $ARB is undervalued (compared to the performance of $OP), but in the long term, once Robinhood's targeted "U.S. stocks on-chain" scenario is successfully implemented, it may change the awkward situation where layer2 is seen as an Ethereum layer1 expansion solution with "technology but no real-world application," paving an unprecedented path for mass adoption in both the Ethereum L1 and L2 ecosystems.

2) Coinbase's approach to layer2 is more about general layer2 solutions, primarily utilizing past DeFi, GameFi, MEME, and other transaction-oriented scenarios, while Robinhood may take a different route this time, moving towards a specialized layer2 direction, specifically customizing a set of on-chain infrastructure for traditional finance?

Although OP-Rollup can achieve sub-second transaction confirmation times, the security of such transactions still falls within the optimistic rollup category of 7-day fraud verification. Robinhood's new layer2 will need to handle features such as T+0 settlement for stocks, real-time risk control, and compliance requirements, which may require deep customization at the virtual machine level, consensus mechanism, and data structure of layer2, fully tapping into the potential of layer2 expansion solutions.

3) Arbitrum's technical solutions have certain mature aspects compared to Optimism: Nitro's WASM architecture has higher execution efficiency, providing a natural advantage for handling complex financial calculations; Stylus supports multi-language development of high-performance contracts, capable of carrying some heavy computational tasks of traditional finance; BoLD addresses malicious delay attacks, reinforcing the security of optimistic verification; Orbit supports customized Layer3 deployment, offering sufficient flexibility for development features.

You see, if Arbitrum is chosen, there must be a reason; its technical advantages seem to align with the stringent "customization" requirements of traditional finance for infrastructure, unlike OP Stack, which only needs to run smoothly. This makes a lot of sense, as the ultimate challenge of supporting trillion-level TradFi businesses will depend on the maturity and specialization of the technology.

4) U.S. stocks on-chain and coin-stock exchanges are no longer the "token issuance narrative and games" commonly used in the traditional crypto space. They face not only speculative users who completely disregard whether project products are delivered or whether the experience is smooth, but also the absolute intolerance of users familiar with traditional financial product lines when network gas fluctuations cause congestion and transaction delays.

These traditional financial users are accustomed to millisecond-level responses, 24/7 uninterrupted service, and seamless T+0 settlement experiences. More critically, they often come with institutional funds, algorithmic trading, and high-frequency strategies, which have extreme demands for system stability and performance. This means that the user base Robinhood's layer2 aims to serve will be entirely different, presenting a significant challenge.

In summary, Robinhood's layout in layer2 will have great significance. It is no longer just about adding another new player to the layer2 technology stack; rather, it is a hardcore experiment to validate whether crypto infrastructure can support the core business of the modern financial system.

If the experiment is successful, the subsequent digital reconstruction of the entire trillion-level TradFi market, including bonds, futures, insurance, and real estate, will accelerate. Of course, in the long term, this will directly benefit the application scenarios of the entire Ethereum L1+L2 ecosystem's technical infrastructure and redefine the value capture logic of Layer2.

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