Bernstein projected that Robinhood Chain could generate as much as $160 million in annual fees by 2028, citing rising demand for tokenized stocks and related trading activity. Tokenized stocks represented about 27% of network trading volume, while native memecoin pairs declined to 36% from 100% at the chain’s July 1 launch. The network generated about $33 million in fees over 15 days, with roughly 90% accruing to Robinhood, and DefiLlama reported $2.13 million in fees over the latest 24-hour period. Bernstein maintained its Outperform rating and $160 price target for Robinhood, raised from $130 on July 20.