L2BEAT listed Robinhood Chain, a L2 built on Arbitrum's Orbit stack, now securing over $250 million in value. The chain uses ETH as its gas token and posts data to Ethereum using blob transactions. The chain is focused on tokenized real-world assets and onchain financial services including 24/7 trading, lending, and borrowing of Token Stocks.

Of the total value secured, about 91% is in stablecoins, with USDG alone accounting for $220 million. Tokenized stocks and ETFs make up around 4% at the time of writing. Since launch, the chain has processed over 4.5 million user operations, with ~600k in the past day alone, per L2BEAT.

L2BEAT classifies the chain under "Others" rather than as a full L2 for two reasons. Fraud proofs using Arbitrum's BoLD system are deployed, but only two whitelisted validators can submit challenges, falling short of the decentralization threshold. The chain includes an authorized filterer that can register a transaction hash in an L2 precompile, causing the state transition function to forcibly fail that transaction even if it was force-included via L1.

This breaks censorship resistance guarantees that a forced-inclusion mechanism is meant to provide. Uniswap recently shared $250 million in trading volume on Robinhood Chain within its first week, though filtered analytics from DeFiLlama put actual volume closer to $50 million.

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