Robinhood Chain Surpasses Solana in Fee Revenue

Robinhood Chain already surpasses Solana on fees. The network launched last July has already generated 33 million dollars in two weeks, compared to 11 million for Solana, according to Bernstein. Analysts led by Gautam Chhugani thus maintain their target of $160 on Robinhood shares, representing an upside potential of 31%.

Key Points

Robinhood Chain generated around $33 million in fees in two weeks, ahead of Solana (11 million) and BNB Chain (9 million)

The network posts $1.5 billion in TVL and over $50 billion in volume on its DEXs since launch

Robinhood keeps about 90% of the fees, 10% goes to Arbitrum and less than 1% to Ethereum

Bernstein maintains his Outperform recommendation and a target of $160, 31% above current price

Robinhood Chain turns business into revenue

Launched on July 1, Robinhood Chain already has approximately $1.5 billion in deposited value and more than $50 billion in volume on its decentralized exchange platforms. Cumulative costs since its launch would reach $39 million. “The chain is now a source of profits,” confirm Bernstein analysts.

Commissions generated have recently ranged between $2 million and $4 million per day. According to Bernstein's note relayed by The Block, Robinhood would retain around 90%. Nearly 10% would go to Arbitrum, whose technology serves as the network's foundation, while less than 1% would go to Ethereum for publishing the data.

However, these figures correspond to a phase of strong growth and cannot be directly extrapolated over twelve months. Bernstein thus projects around $160 million in annual costs in 2028, much less than simply multiplying the current daily peak would suggest.

Tokenized stocks and stablecoins support growth

The value of tokenized stocks on Robinhood Chain increased from around $10 million to $140 million in two months. During the week of August 30, the network represented nearly 32% of the value of tokenized stock transfers, behind only BNB Chain.

Stablecoins are the other driver of this activity. Their outstanding amount has reached around 1 billion dollars, compared to 241 million at the beginning of July. USDG represents 66% of this sum and USDe approximately 33%.

This rapid progress partly explains Bernstein’s optimism. With a price target set at $160, analysts consider that Robinhood Chain no longer constitutes just a technological investment: the network is becoming a new line of income for the broker.