Bernstein analysts led by Gautam Chhugani maintained an outperform rating and a $160 price target for Robinhood Markets, saying the company’s newly launched Layer 2 network, Robinhood Chain, has quickly become a source of earnings. Since launching on July 1, the network has reached about $1.5 billion in TVL (total value locked) and more than $50 billion in DEX (decentralized exchange) trading volume. Its transaction fees are generating about $2 million to $4 million a day, while fee revenue reached roughly $33 million over the past 15 days. That placed Robinhood Chain first among all blockchains during the period, ahead of Solana at about $11 million and BNB Chain at about $9 million.