$3.6M in a month? Here’s how Robinhood’s crypto bet is finally paying off
The L2 generated $3.6 million in July revenue.
Robinhood [HOOD] is growing, and how!
The success of its Ethereum [ETH] Layer 2 network is now proving how traditional finance companies could use blockchain to reach new users.
Robinhood Chain leads July L2 revenue
Robinhood Chain was the top revenue-generating Layer 2 network in July, bringing in about $3.6 million, according to Blockworks Research. That put it ahead of Polygon PoS at $2.7 million and Base at $2.1 million.
The gap was even wider further down the list. Arbitrum One generated around $533,000, while Starknet and Celo brought in roughly $137,000 and $119,000. OP Mainnet recorded just under $39,000 for the month.
Here, it’s also worth noting that Robinhood Chain generated more revenue than Base and Arbitrum combined.
This, alongside Robinhood’s increase in crypto offerings in the UK, with 50 new assets.
$300 billion valuation? Possible!
Artemis CEO Jon Ma believes Robinhood could reach a $300 billion market cap by 2030. He sees crypto, international expansion, and new user acquisition contributing to the same.
His model assumes Robinhood grows to around 100 million funded accounts, with average revenue per user of about $200. That could translate to roughly $20 billion in annual revenue and $10 billion in net income.
Ma also sees a potential TradingView acquisition as a major growth lever.
In his X post, Ma stated,
Robinhood will a $300B company in 2030 (~3.5x from here) as #1 global trading platform…
HOOD holds near $94
HOOD was trading at around $93.6, at the time of writing. The token had recovered from lows near $84 towards the end of July.
It has since moved into a tighter range, implying that the sell pressure was better than before. The RSI indicated fairly neutral momentum, while the DMI also showed only modest trend strength… for the time being.
Even so, the price is still well below its recent highs above $100. Robinhood’s speedy growth could remain a key factor for investors to watch.
Final Summary
- Robinhood Chain led July L2 revenue with $3.6 million, beating Base and Arbitrum combined.
- Experts predict a $300 billion market cap for the platform by 2030.
