Robinhood Chain tops US$70M in bridged ETH

• More than US$70 million worth of Ether moved to Robinhood Chain in its first week.
• The Ethereum-based network is attracting users and growing on-chain activity quickly.
• Analysts said the launch could increase long-term demand for Ether.

More than US$70 million worth of Ether (CRYPTO:ETH) was bridged to Robinhood Chain during its first week, according to Token Terminal.

Robinhood Chain launched on July 1 as an Ethereum-compatible layer-2 network built on Arbitrum and uses ETH to pay transaction fees.

“If adoption continues, the chain could become a meaningful new source of demand for ETH,” Token Terminal said.

Token Terminal said Robinhood Chain reached 194,000 daily active users and about US$39,000 in daily revenue during its first week.

DefiLlama reported the network holds about 46,748 ETH, worth roughly US$83 million, with about 31,855 ETH added in a single day.

HashKey Group researcher Tim Sun said Robinhood's decision to build on Ethereum strengthens its role as the settlement layer for tokenised assets.

Robinhood recently expanded tokenised stock trading to customers in more than 120 countries, adding to growing demand for blockchain-based real-world assets.

At the time of reporting, Ethereum price was $1,773.68.