Robinhood CEO Vlad Tenev reported on X four million transactions during the first week of the Robinhood Chain public testnet, a milestone that placed the company’s new Ethereum Layer-2 effort under close industry scrutiny. He said developers have already begun building on the protocol, which targets tokenized real-world assets and onchain financial services. He described the initiative as “the next chapter of finance.”
Four million transactions in the first week of Robinhood Chain testnet.
— Vlad Tenev (@vladtenev) February 19, 2026
Developers are already building on our L2, designed for tokenized real world assets and onchain financial services.
The next chapter of finance runs onchain.
The network operates as a bespoke Layer-2 built on Arbitrum technology and settles transactions back to Ethereum for security. Robinhood positions the infrastructure as a financial-grade environment designed to lower costs and improve scalability for decentralized applications tied to markets and payments.
The public testnet went live in early February. It allows developers to experiment with tools, network entry points, and test-only assets such as stock-linked tokens. Early access remains limited to selected teams and infrastructure partners ahead of a planned mainnet rollout later this year.
Developers test infrastructure and tokenized asset use cases
According to Johann Kerbrat, the testnet aims to support an ecosystem centered on tokenized real-world assets and access to decentralized liquidity within Ethereum.
“The testnet lays the groundwork for an ecosystem focused on tokenized real-world assets and access to DeFi liquidity within Ethereum,” he said.
Several infrastructure providers have begun integration work. Participants include Alchemy, Chainlink, LayerZero, TRM, and Allium. Kerbrat confirmed the partnerships in comments to Fortune and said more partners may join as testing expands.
Developers can validate applications and infrastructure through standard Ethereum tools. The environment supports experiments with settlement models and digital assets tied to equities. Robinhood Wallet integration also sits on the roadmap before the mainnet phase. The company intends to allow customers to interact with blockchain services through its primary app without direct exposure to wallet management or gas configuration.
Mixed reactions from the crypto community
Responses to the transaction milestone on X showed division. One X user, Finn Stockinger, wrote that “testnet numbers are usually vanity metrics,” while also noting that four million transactions in one week signals “actual curiosity.” The same user questioned whether the activity reflects external developers shipping products or internal stress testing. The comment added that real progress will depend on moving meaningful tokenized asset volume without complex user experience barriers.
Other reactions leaned positive. One commenter described the figure as “seriously impressive,” and suggested that a similar performance on mainnet could create a significant retail entry point for crypto markets.
Financial backdrop shapes the launch environment
The testnet debut comes during a period of shifting performance for Robinhood. The company reported $1.28 billion in revenue for the fourth quarter of 2025, a 27% increase from the previous year. Results fell slightly below Wall Street expectations as weaker crypto trading income weighed on totals.
Crypto-related revenue dropped about 38% year over year, reflecting a downturn in digital asset markets. Gains from equities, options, and subscriptions supported overall growth. The testnet push signals a strategic focus on infrastructure and tokenized assets as the firm seeks new revenue drivers.
Policy constraints remain a barrier in the U.S.
Regulatory uncertainty continues to influence product rollouts. Tenev said earlier that staking remains unavailable to customers in four U.S. states, and tokenized stock products remain accessible in Europe but not domestically.
Debate continues in Congress over a crypto market structure bill that aims to clarify oversight between the SEC and CFTC. Progress slowed after committee delays and industry concerns. Coinbase withdrew support for the draft, citing worries around tokenized equities and decentralized finance restrictions.
The policy backdrop shapes how quickly Robinhood can expand onchain services to U.S. users. The company has urged lawmakers to accelerate legislation and unlock features already deployed in other regions.
Roman Zaika
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that, despite the nature of much of the material created and hosted on this website, HODL FM operates as a media and informational platform, not a provider of financial advisory services. The opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
