Robinhood Chain, Robinhood Markets’ layer-2 blockchain network (a secondary network for processing transactions), has become a new revenue source less than three months after launching on July 1, Bernstein said. The firm maintained an Outperform rating on Robinhood Markets and a $160 price target, implying about 31% upside from the stock’s Sept. 5 closing price of $122.11. Daily transaction fees on the network are estimated at $2 million to $4 million, with cumulative fees of about $33 million over the 15 days covered by the report, compared with roughly $11 million for Solana and $9 million for BNB Chain. About 90% of Robinhood Chain fees accrue to Robinhood, while Arbitrum receives about 10% for providing the technology and Ethereum receives less than 1% as a data fee. The network has about $1.5 billion in total value locked, more than $50 billion in decentralized exchange (DEX) volume and roughly $1 billion in stablecoin supply. Tokenized stock holdings increased 14-fold to about $140 million from roughly $10 million over two months. As of Aug. 30, Robinhood Chain ranked second behind BNB Chain and represented about 32% of weekly tokenized stock transfer value. Its stablecoin supply rose from about $241 million in early July, with USDG accounting for about 66% and USDe about 33%.