# Robinhood Chain trenches — X 热门讨论 (2026-09-21 14:42 UTC)
## @LoganJastremski (Logan Jastremski) · 09-21 11:05 · ♥77 ↻5 💬25 Robinhood Chain is in a tough spot
The trenches have obviously been on fire, but looking under the hood, it seems most of the volume is still coming from crypto natives rather than net new participants
The chain would become much more interesting if they could bridge the gap between normies and the trenches, with actual equities trading alongside crypto
The problem is that Robinhood already makes money through payment for order flow agreements with market makers. Moving that flow onchain means competing on execution quality while potentially cannibalizing its existing revenue. I’m skeptical they’ll fully lean into that
The revenue spike also looks unsustainable. REV fell 74% while spot volume fell just 25%, with median fees dropping from $0.18 to $0.06. It reminds me of Ethereum in 2021, when sky-high gas fees inflated revenue without delivering better onchain execution. Users were paying more because the chain was congested
And they’re still using a shared fee market, so congestion in one app can push gas costs higher across every market and application on the chain. That’s a difficult foundation for mass adoption when activity in one corner makes using the entire chain more expensive
Then there’s the latency problem. The sequencer is in Ohio, and transactions are ordered by when they arrive there
If the goal is global finance firms trading from Europe, Asia or the Middle East face a built-in disadvantage versus those running servers nearby. Their orders and quote updates have farther to travel. Faster block times don’t remove that physical distance
That makes me skeptical that companies and jurisdictions outside the US will want to build their local financial markets on it. It's not built for Global capital markets
I agree with Vlad that we’re heading into a tokenization supercycle as more assets move onchain. I just think Robinhood is taking the wrong approach to getting there > 引用 @rasmr_eth: people don't even realize robinhood lost... https://x.com/LoganJastremski/status/2101991108284735706