The Asterisk on Robinhood Chain’s $51M Win Over Ethereum

Take 12 days out of Robinhood Chain's first quarter, and the "3-month-old L2 beat Ethereum" headline turns around. For the other 80 days, Robinhood Chain earned about $166,000 a day in network fees. Ethereum averaged about $446,000. ARK Invest's numbers are accurate. Robinhood Chain did generate about $51 million in Q3 against Ethereum's roughly $41 million. But the coverage repeated the comparison without checking how the $51 million was made or who ends up with it. Going back to the underlying data, and the comparison holds up much less well than the headline suggests.