ROBINHOOD CHAIN: CAN IT MOVE ROBINHOOD'S BOTTOM LINE?

Summary from the TLDR Crypto newsletter

Robinhood's Q2 2026 crypto revenue fell 38% YoY to $100M, dropping to 8% of total revenue and an all-time low 7% share of AUC, as retail crypto volume hit its lowest level since Q3 2024 and institutional Bitstamp volume surpassed retail for the first time. Robinhood Chain launched July 1 and led all L2s tracked by growthepie in its first month with $3.6M in REV, outpacing Polygon and Base, though memecoins drove 51% of on-chain spot volume while RWAs accounted for just 5%. Known annualized chain revenue totals roughly $54.8M ($43.2M REV, $10.5M from USDG yield on $333.1M market cap, plus a Lighter perps share), about 14% of Robinhood's $400M annualized crypto revenue, leaving the chain immaterial to the bottom line. Morpho, integrated into the main Robinhood app, reached the chain's 3rd-largest TVL deployment within one month, while Lighter's wallet-only perps integration attracted just 0.2% of its volume despite $25M in LIT token incentives, indicating that main-app distribution is the variable that determines whether chain activity scales.