Robinhood Chain has surpassed Solana and BNB Chain in daily fee generation just over two months after its July 1 launch, giving Robinhood a new blockchain revenue stream. Bernstein maintained its Outperform rating on Robinhood Markets and a $160 price target, equivalent to approximately 31% upside from the Sept. 5 closing price of $122.11. The firm estimates the network generates $2 million to $4 million in daily fees and about $33 million over the past 15 days, compared with roughly $11 million for Solana and $9 million for BNB Chain. About 90% of fees accrue to Robinhood, while Arbitrum receives approximately 10% for providing infrastructure and Ethereum receives less than 1% in data fees. Total value locked has exceeded $1.5 billion, decentralized-exchange volume has surpassed $50 billion and stablecoin supply has grown from about $241 million in early July to roughly $1 billion. Tokenized stocks now account for about 27% of volume, while native memecoin pairs have declined to 36% from 100% at launch. Bernstein projects annual fee revenue of up to $160 million by 2028. Robinhood’s tokenized stock offering has also drawn criticism from Adam Aron, CEO of AMC Entertainment Holdings, who said AMC stock tokens on the network were unaffiliated with his company and that he would seek an investigation by outside securities counsel.