Robinhood’s new blockchain project has reached an early milestone, with its Robinhood Chain testnet processing more than four million transactions within its first week, according to CEO Vlad Tenev.
Posting on X, Tenev said developers are already building on the network’s Ethereum Layer-2 ecosystem, which is designed to support tokenized real-world assets (RWAs) and on-chain financial services. He described the initiative as part of “the next chapter of finance.”
Four million transactions in the first week of Robinhood Chain testnet.
Developers are already building on our L2, designed for tokenized real world assets and onchain financial services.
The next chapter of finance runs onchain.
— Vlad Tenev (@vladtenev) February 19, 2026
Robinhood Chain is a custom Layer-2 network built using technology from Arbitrum, itself an Ethereum scaling solution. The chain aims to lower transaction costs and improve scalability for decentralized applications tailored to financial-grade use cases.
The public testnet, live since early February, allows developers to experiment with network infrastructure and testnet-only assets, including so-called “stock tokens.”
Mixed reactions from crypto community
The four-million-transaction milestone drew varied responses online. Some users cautioned that testnet activity can be inflated by internal testing or automated transactions, often making early metrics difficult to interpret.
One commenter noted that while testnet numbers can be “vanity metrics,” reaching four million transactions in a week still signals strong interest. Others questioned whether the activity reflects independent developers building products or primarily internal stress testing by Robinhood.
Supporters, however, described the early traction as encouraging. Some suggested that if similar activity carries over to the mainnet under real market conditions, Robinhood Chain could emerge as a significant retail entry point into crypto and tokenized assets.
Skepticism also centred on the growing number of new blockchains. Critics argued that established networks such as Ethereum already offer deep liquidity and a mature developer ecosystem, raising concerns about fragmentation across multiple chains.
Launch comes amid shifting revenue mix
The blockchain push comes as Robinhood navigates changes in its financial performance. In the fourth quarter of 2025, the company reported $1.28 billion in revenue, up 27% year-over-year but slightly below Wall Street forecasts.
Crypto-related revenue fell roughly 38% compared to the prior year, reflecting broader market softness, while equities trading, options activity and subscription services helped offset the decline.
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