Bernstein maintained its Outperform rating and $160 price target on Robinhood, whose shares closed at $117.34 on the same day, down 3.91% from the previous session. The firm highlighted Robinhood Chain, the company’s proprietary layer-2 blockchain (a network built to process transactions more efficiently), launched in July. The network has reached $1.5 billion in total value locked (TVL, assets deposited in a protocol) and more than $50 billion in cumulative decentralized-exchange trading volume. Bernstein projects annual fee revenue of $160 million next year and said Robinhood retains about 90% of the fees. Daily transaction fees are estimated at $2 million to $4 million, while the network generated about $33 million over the past 15 days, exceeding Solana’s $11 million and BNB Chain’s $9 million. The blockchain is now contributing directly to Robinhood’s earnings. About 10% of its fees is distributed to Arbitrum, which provided the technical foundation, and less than 1% goes toward Ethereum data-processing costs.