Watch Out, Solana and Ethereum. Robinhood's Blockchain Is Eating Your Lunch.
Robinhood's new blockchain is soaking up a lot of attention and capital that might otherwise go to Solana or Ethereum.
Overview
Robinhood Markets' (NASDAQ: HOOD) two-month-old blockchain that runs on technology licensed from Arbitrum (CRYPTO: ARB) is now out-earning every other network in crypto on a daily basis. Arbitrum's coin jumped by 30% on Sept. 1 as the market realized that it captures a slice of the fees flowing toward Robinhood Chain. Then, on Sept. 2, Robinhood's users paid $3.7 million in fees, whereas Solana (CRYPTO: SOL) only brought in $899,773 in the same period, and Ethereum (CRYPTO: ETH) only $314,988.
What's more, Robinhood is successfully competing in the exact segments that both of those networks are relying on for growth. It's eating their lunch, and it's just getting started -- so what's the best move for investors to profit from the market's new entrant and its powerful debut?
Image source: The Motley Fool.
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Originally published at www.fool.com.