HOOD Stock Jumps as Robinhood Chain Gains Momentum

Robinhood Chain, the layer-2 network that the company launched ten days ago, is gaining momentum and beating some of the most popular players in the crypto industry like Cardano  and HederaData compiled by DeFi Llama shows that the amount of stablecoin tokens in the network has jumped to $300 million, a sign that investors are interacting with it. Cardano and Hedera, which have been in the industry for years, have less than $100 million in combined stablecoins.More data shows that Robinhood Chain’s total value locked (TVL) has gone parabolic, reaching $122 million. Most of this growth has been driven by Morpho Blue, a top lending protocol, and Uniswap. Meanwhile, the volume of decentralized exchange (DEX) volume in the network has continued rising, reaching $2 billion this week. This is a big increase from last week’s $29 million. All these metrics pushed the total chain fees to over $107,000 this week.These numbers are strong considering that the crypto winteris not yet over, with Bitcoin and top altcoins like Ethereum and Ripple being in a bear market.Robinhood aims for its chain will be a popular platform for developers building applications in the financial services and other industries. It also aims to use the chain to distribute its real-world assets like stocks and exchange-traded funds (ETFs). via /r/DayTradingPro https://ift.tt/QDMBxrC