Robinhood Chain hits $1.57 billion in daily trading volume in just two months: The real money made on this chain might only come from 5 key players! Robinhood Chain's TVL is now around $735 million, with a 24-hour DEX trading volume of $1.57 billion. But if you want to bet on this chain, you can’t just buy the so-called RH Chain Beta. You have to follow the money trail: Who controls the entry points, who collects the fees, and who earns the protocol revenue. The first layer is actually HOOD. Robinhood controls the user entry points, Wallet, Stock Tokens, and Sequencer. The bigger the chain gets, the more it reinforces Robinhood’s valuation as it transitions from an online brokerage to a global on-chain financial gateway. What’s even crazier is that it doesn’t need to issue a token like other L2s, giving away that value to external token holders. If we’re just looking at crypto, I actually think ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 is the purest Beta for Robinhood Chain. Uniswap is the main public AMM on this chain, and at one point, Robinhood Chain contributed about 60% of Uniswap’s total protocol revenue. From late July to mid-August, Uniswap’s annualized protocol revenue hit around $89 million, and this revenue ultimately goes into the UNI burn mechanism. To put it simply, ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1 is Robinhood renting its tech stack, but UNI is the one standing at the toll booth every time Robinhood users make a trade. Next in line are ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2, LIT, ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1, and ethereum:native. Robinhood Earn directly deposits USDG into Morpho, and Morpho’s TVL on Robinhood Chain is now about $477 million. Lighter has been integrated into Robinhood Wallet for perpetuals, and they’ve even allocated 11 million LIT to incentivize Robinhood users. ARB gets 10% of Robinhood Chain’s net protocol revenue—8% goes to the DAO, and 2% to the developer fund. But it’s neither used as Gas nor burned with every transaction. ETH, on the other hand, benefits from Gas fees and final settlement. Its logic is the most solid, but its upside is relatively limited. So when I look at Robinhood Chain now, I rank it by who’s collecting fees: Company assets: HOOD Crypto: UNI > MORPHO > LIT > ARB > ETH