Robinhood has launched a public testnet for Robinhood Chain, an Ethereum layer 2 community constructed on Arbitrum. Its Complete Worth Locked (TVL) is over $2.3 billion.
In line with a press launch seen by The Defiant, the testnet will enable builders to start out constructing apps and infrastructure on Robinhood Chain. The corporate says Robinhood Chain is designed to help tokenized real-world property (RWA), lending platforms, perpetual futures exchanges, and different on-chain monetary providers.
In an unique interview with The Defiant, Robinhood Head of Cryptocurrency Johan Kerblatt stated the testnet is an early step towards constructing a broader on-chain monetary ecosystem.
“We predict this can actually speed up the event of on-chain monetary providers and the way forward for tokenization, which we now have been speaking about for a very long time,” Curblat advised The Defiant founder Camila Russo. “So the testnet is actually step one in laying the muse for an ecosystem that can assist outline all of the tokenized reward property we plan to launch.”
The transfer comes as extra monetary corporations start to undertake on-chain know-how and combine their merchandise immediately onto blockchain networks. One space that’s experiencing significantly speedy progress is tokenized RWA. Diversified asset worth elevated by about 11% up to now month to $23.8 billion, in accordance with RWAxyz knowledge.
In line with the discharge, the testnet will give builders entry to primary community instruments, documentation, and Ethereum growth software program constructed on Arbitrum. Robinhood stated some infrastructure suppliers have already linked to the community and expects extra to affix as testing continues.
Along with testing immediately by means of the Robinhood pockets, builders may even have entry to testnet-only property, together with fairness tokens, within the coming months.
Kerbrat described Robinhood Chain as permissionless, which means anybody can deploy functions. Nevertheless, he stated apps that seem throughout the Robinhood app nonetheless should meet inside product necessities.
Kerblat stated Robinhood plans to be one of many first main builders on the community and finally hopes to maneuver extra of its infrastructure on-chain.
“The primary developer to construct on the chain will really be Robinhood,” he stated. “And our imaginative and prescient is not only to introduce one or two merchandise, however to slowly substitute Robinhood's complete infrastructure with blockchain.”
Kerbrat revealed that early companions concerned within the launch embody Alchemy, LayerZero, and others to assist help the primary part of the general public testnet.
“However the extra we proceed to develop, the extra we may even launch our personal merchandise that might be partnerships or direct revenue-generating merchandise,” he added. “However I believe for us, it's the concept that it's not only a income chain, however one thing that different builders can really construct on prime of.”
Robinhood already has tokenized fairness merchandise in Europe, and its providing has expanded quickly, from about 200 property when it launched final June to about 2,000 right this moment, in accordance with Kerblatt.
“So we grew 10x in lower than a yr, which reveals how versatile our tokenization engine is,” Kerblat stated. “And from there, we predict you’ll be able to actually use this engine for something.”
