Author: Biteye

Who would have thought that traditional brokerage firm Robinhood @RobinhoodApp has truly become this year's biggest dark horse in the L2 track!

Last year, Robinhood announced the development of its own Layer 2, claiming it would support the tokenization of U.S. stocks and ETF products. At the time, it was met with ridicule, seen merely as another web2 financial giant testing the waters of blockchain, likely to disappear after a burst of excitement.

However, since the mainnet went live on July 1, Robinhood Chain has generated approximately $3.6 million in revenue in its first month, sharply contradicting the expectations of crypto OGs 🤕

🔥 So why has Robinhood Chain become so popular?🧐

The most important factor is that Robinhood does not need to re-educate the market; it can directly transition the existing financial demands onto the blockchain. Robinhood already has millions of financial users who have developed habits of purchasing stocks, ETFs, and cryptocurrencies.

Based on this, we have detailed the projects on Robinhood Chain that are worth paying attention to and may still have wealth-building potential, for everyone to discover the next Robinhood Alpha opportunity ⬇️

🌟Robinhood Chain Ecosystem: Who Will Be the Next Winner?

Like most public chains, the early ecosystem of Robinhood Chain is also primarily based on memes, and the character profile on the chain is still dominated by P characters.

Initially, market focus was on meme projects like CashCat and meme launchpads like PONS. But as the ecosystem matured, funds began to shift towards RWA/U.S. stocks related projects like STONKBROKER.

1️⃣CashCat @cashcat_token

CashCat is a meme coin on the Robinhood Chain, and its name comes from an interesting historical Easter egg: in the early days of Robinhood's founding, the founding team considered using "CashCat" as the company name.

📊 Data:

Market Cap: 137 M

Contract Address: 0x020bfC650A365f8BB26819deAAbF3E21291018b4

2️⃣STONKBROKER @realstonkbroker

STONKBROKER, based on ERC-6551 technology, allows NFTs to bind to independent wallets and further carry stock token assets. Its biggest feature is combining meme, NFT, and RWA stock assets.

A StonkBroker NFT is not just a collectible. After activation, the protocol uses ecological revenue to purchase stock-related assets, distributing them to NFT holders. At the same time, the NFT activation mechanism and burn design create a continuous consumption of tokens.

📊 Data:

Market Cap: 55 M

Contract Address: 0xe934e36A439C94017B64a3FecE66AF12099aBF50

3️⃣Pons @ponsdotfamily

PONS is a non-custodial token launchpad on Robinhood Chain, similar to http://Pump.fun on Solana. Any user can create ERC-20 tokens with one click through their wallet, mainly for issuing meme coins and community assets.

📊 Data:

Market Cap: 31 M

Contract Address: 0x39dBED3a2bd333467115dE45665cC57F813C4571

If STONKBROKER represents the community culture of Robinhood Chain, then protocols like Lighter and Morpho represent institutional recognition of Robinhood's distribution capabilities.

This brings us to Robinhood's two distribution channels: the Robinhood main site and Robinhood Wallet.

According to community rumors, Morpho paid Robinhood about $100 million to gain integration opportunities on the Robinhood main site. Currently, Robinhood's Robinhood Earn uses the lending infrastructure provided by Morpho.

Lighter, on the other hand, chooses to distribute perpetual trading products through Robinhood Wallet. In their collaboration, Lighter and Robinhood share trading fees at a 50/50 ratio, while Lighter has also launched an incentive program worth around $25 million to drive growth in Robinhood Wallet users.

4️⃣Lighter @Lighter_xyz: The Perpetual Trading Infrastructure on Robinhood Chain

Lighter is an important trading protocol on Robinhood Chain, responsible for meeting on-chain leverage trading demands. It has launched custom deployments on Robinhood Chain and provides users with perpetual trading services through Robinhood Wallet.

What is even more noteworthy is that Lighter will subsequently support assets on Robinhood Chain as collateral for perpetual trading, including assets like USDG, allowing a closed loop to form for the assets, trading, and liquidity on Robinhood Chain.

📊 Data:

Market Cap: 2.3 B

TVL: 533 M

5️⃣Morpho @Morpho: The Lending Infrastructure Behind Robinhood Earn

Morpho is a decentralized lending protocol, primarily aimed at providing on-chain lending infrastructure.

Currently, Robinhood's Robinhood Earn utilizes the lending services provided by Morpho, with institutions like Steakhouse participating in vault management.

For Robinhood, Morpho offers a mature set of DeFi financial modules; for Morpho, Robinhood provides an entry point for traditional financial users.

📊 Data:

Market Cap: 2 B

TVL: 7.9 B

🌟 Another Opportunity in Robinhood Chain: U.S. Stock Assets Are Becoming On-Chain Liquidity Pools

Thanks to Robinhood's layout in RWA and stock tokenization, Robinhood Chain is forming an ecosystem feature distinct from other L2s: traditional U.S. stock assets are starting to become part of on-chain liquidity.

In the past, meme coins primarily relied on ETH, SOL, or stablecoins as trading pairs, but on Robinhood Chain, there are already mechanisms combining meme tokens with U.S. stock tokens to form liquidity pools.

For example:

·Meme Token / SPY

·Meme Token / NVDA

At the same time, to promote the development of the U.S. stock token ecosystem, liquidity pools on Robinhood Chain have also received significant incentives. Currently, some U.S. stock token pools on Uniswap have APR levels that have reached high values:

·The SPY/USDG liquidity pool has an APR of 36%, combined with Merkl incentives for a total APR of up to 67%.

·The SPY/QQQ LP APR is also at 107%.

It is important to note that these returns do not entirely come from the stock assets themselves but are mainly composed of trading fees and ecological incentives. In the early stages, due to a smaller scale of liquidity, incentives are heavily concentrated towards LPs, resulting in an APR that is noticeably higher than that of mature markets.

🌟 In Conclusion

In contrast, Base has focused on the direction of "putting everything on-chain" for the past few years, loudly proclaiming its intent to bring all of Coinbase's tens of millions of verified users onto the blockchain.

However, Base inexplicably supported "social" and "creator tokens," leaving stock tokenization at the slogan stage. Recently, it launched new products like B20, but has yet to achieve this task.

In comparison, just one month after the launch of the Robinhood Chain mainnet, the SPY/USDG pool already has real depth, meme tokens have begun forming trading pairs with NVDA, and Lighter has connected USDG as perpetual collateral.

📈 Robinhood is trying to accomplish a long-awaited major task in the cryptocurrency industry:

To make real financial assets the next large-scale user entry point on the blockchain 🚪.