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The launch of Robinhood's blockchain in early July created quite a stir in the cryptosphere. The company, known to many for its brokerage service, introduced a second-layer network built on Arbitrum. The main idea was to create a convenient and regulated platform for trading tokenized traditional assets, such as shares of well-known tech giants like Apple, Nvidia, and Alphabet. The ecosystem also included players such as Uniswap (liquidity), Chainlink (oracles), Morpho (lending), and BitGo (custody). Everything looked very solid and promising, promising to attract major investors.

However, within a couple of weeks, it became clear that reality was far from the initial projections. Analysis showed that the share of real assets in the total amount of locked funds barely exceeded a few percent, amounting to only about $13 million. Meanwhile, trading volume on decentralized exchanges within the network exceeded $3 billion in the first week, and the number of active users reached almost 800,000. The main drivers of this growth were not stocks, but speculative coins, among which the CASHCAT token stood out.

This unexpected player, not directly associated with Robinhood, radically changed the picture. Its market capitalization quickly overtook the combined value of all real assets on the network. On some days, CASHCAT trading volume accounted for a fifth of the total turnover on Robinhood Chain's decentralized exchanges. A wave of new tokens created on the same infrastructure followed, reaching tens of thousands daily. This triggered a chain reaction, with activity begetting even more activity, but this time of a purely speculative nature. Experts are divided. Optimists believe that many successful blockchains have gone through similar stages with meme tokens, which help test the system, attract liquidity, and build a community. They see speculation as a temporary phase before the emergence of more serious applications. Furthermore, Robinhood has access to a huge customer base (approximately 30 million), which could be reoriented toward tokenized assets, capitalizing on current interest.

Skeptics, however, point to the fickleness of meme traders, whose interest quickly shifts to new trends. If activity shifts to another platform, Robinhood Chain could be left with the minimal amount of real assets it had at its inception. Alarm bells are already ringing: the Noxa platform, where most new tokens were created, has suspended operations due to the low quality of its projects.

The position of Robinhood's management deserves special attention. CEO Vladimir Tenev, who initially spoke of a focus on valuable assets, later noted that the network also works well for meme tokens. This controversial statement could raise concerns among institutional partners and regulators like the SEC, as tokenized shares currently do not confer ownership rights and are not available to US residents.

The overall economic backdrop cannot be ignored either. Robinhood's revenue from cryptocurrency trading has fallen by more than 40%. Its proprietary blockchain was intended to provide a source of income diversification, but the current situation shows that profits are being generated primarily through speculation, which is at odds with the original intent.