Robinhood CEO calls out to developers: Which RWA projects have taken the lead?

Written by: KarenZ, Foresight News

Robinhood CEO Vlad Tenev posted a "recruitment notice" on Twitter today: "If you are embedding stock tokens or RWA into your applications, Robinhood wants to talk to you."

The background of this statement is that the Robinhood Chain public mainnet launched on July 1. The official focus is on RWA such as stocks, ETFs, and private assets. This article will review the current RWA-related projects that have launched on the Robinhood Chain.

It should be noted that the ecosystem around RWA on the Robinhood Chain is still in its early stages, with most projects having a short launch time. Their product completeness, real user demand, and ongoing operational capacity have yet to be fully validated. Some projects are currently only mentioned, forwarded, or included by ecosystem accounts like Virtuals; these public association signals do not represent investment, formal cooperation, or credit guarantees. Whether relevant projects can deliver products as planned and establish stable income remains uncertain; if tokens are involved, one should also be cautious of risks such as insufficient liquidity, contract vulnerabilities, concentrated chips, severe price fluctuations, and project parties ceasing maintenance. Participants should independently verify information and conduct risk assessments. This article serves only as a review; DYOR.

Arcus: Stock Tokens and Cryptocurrency DEX

Arcus is a stock token and cryptocurrency DEX co-built by dYdX Labs and Robinhood Crypto, focusing on spot and perpetual contracts to facilitate peer-to-peer trading of stock tokens on the Robinhood Chain.

dYdX stated upon announcing Arcus that a portion of Arcus tokens will be allocated to the dYdX community. The Defiant also reported that Arcus tokens will be preferentially allocated to users who trade, stake, or validate on the dYdX platform, prioritizing existing dYdX community members at the time of the token issuance.

Public endorsement / association: dYdX Labs, Robinhood Crypto

Lighter: Supports trading perpetual contracts and stock tokens

Lighter is a ZK-driven decentralized perpetual and spot exchange, deployed on the Robinhood Chain. Robinhood Wallet users can now directly trade perpetual contracts and stock tokens through Lighter.

According to Bankless, Lighter has committed to investing $11 million worth of LIT into the Robinhood community: users can earn points by trading perpetual contracts on Lighter (2x points for trades through Robinhood wallet, 1x through Lighter web app), which can be directly redeemed for LIT (subject to Lighter's terms).

Rialto: A proprietary AMM listed by Robinhood Chain

Rialto defines itself as an on-chain spot exchange, supporting asset types such as cryptocurrencies, stocks, ETFs, and commodities. However, Rialto truly emphasizes not just "category coverage" itself, but also the quotes, market-making, routing, and settlement behind every order.

On the team side, Rialto team member Riley (@riley_gmi) previously worked at trading-related institutions like BlockTower, Arca, ASXN, and RockawayX. Another team member, boccaccio, has worked in crypto media and information platform Blockworks.

Public endorsement / association: Rialto came to the forefront in collaboration with Robinhood Crypto, Offchain, and Arbitrum.

Index (INDEX): Distributing stock tokens to holders through trading fees

The Index released its first tweet on July 3. The Index supports stock token trading (trading powered by Rialto) and has developed a stock token distribution protocol: users holding a certain amount of INDEX will have the trading fees converted into a basket of stock tokens and sent to eligible wallets according to their holdings.

The specific mechanism is that the Uniswap v4 Index/ETH pool charges a 3% native ETH fee per trade via Hook; the collected ETH is used to purchase stock tokens supported by the protocol, which will then be sent every 15 minutes to wallets holding at least 10,000 INDEX via the distribution contract. Users do not need to stake or claim manually. The official website also emphasizes that what is distributed is stock tokens, not broker stocks, and does not include traditional stock voting rights or dividend rights. The Index's official data shows it has distributed over $480,000 worth of RWA.

On July 15, The Index launched a new product rwa.wtf, supporting leverage trading of RWA assets up to 50 times, where 75% of each trading fee will be used to purchase stocks allocated to INDEX holders, and 25% will deepen liquidity.

Public endorsement / association: The Index's official Twitter was noted by Adam Fern, the head of Robinhood's DeFi products. Stock token trading by The Index is supported by Rialto.

Arrow Finance (ARROW): Crypto asset/stock token collateralized lending protocol

Arrow Finance developed an over-collateralized lending protocol (CDP) on the Robinhood Chain. Users can deposit their stock tokens, ETFs, stablecoins, or crypto assets without having to sell them but can mint a debt token aUSD pegged to the US dollar.

However, Arrow is currently still in the testnet phase. Additionally, Arrow will launch its token issuance platform Arrow Pad on July 20.

Public endorsement / association: Arrow announced on July 10 that it invited Ash Manicka, who joined Robinhood before its IPO and participated in marketing for Robinhood Wallet and other crypto products, to serve as a strategic advisor.

Meridian: RWA perpetual contracts and prediction market platform

Meridian is an eco-focused on RWA perpetual contracts and prediction markets on the Robinhood Chain, with USDe as the settlement asset.

It is worth mentioning that Meridian was formerly Ethereal, rebranding to Meridian in May 2026, and has gradually focused on RWA + prediction markets + perpetual contracts from what might have been a more generic derivatives/trading infrastructure.

In November 2024, Ethereal at that time stated that it would allocate 15% of all future Ethereal governance tokens to ENA (sENA) stakers.

Public endorsement / association: Meridian claims to be a launch partner on the first day of Robinhood Chain, however, Meridian is not separately listed in Robinhood's current publicly disclosed core application partner list.

Vimen (VIM): Encapsulating a basket of stock tokens/crypto assets into a single index token

Vimen developed a fully collateralized index basket protocol on the Robinhood Chain: users deposit multiple stock tokens and cryptocurrencies of the same category into a smart contract to obtain an ERC-20 basket token that represents the entire asset group, and can redeem the underlying assets corresponding to the basket token at any time. Additionally, Vimen also supports one-click minting of basket tokens using ETH or USDG.

Currently, the three baskets that Vimen has launched are:

• MAG7: Composed of seven stock tokens including AAPL, MSFT, GOOGL, AMZN, META, NVDA, and TSLA;
• AI6: Composed of NVDA, AMD, MU, PLTR, GOOGL, and SPCX;
• HOOD6: Composed of six native tokens from the Robinhood Chain: CASHCAT, ARROW, HOODRAT, VIBECAT, VEX, and VIRTUAL. HOOD6 belongs to the crypto asset basket.

On Vimen, the minting fee is 0.30%, and there are no fees for redemption.

Public endorsement / association: Mentioned by the official Twitter of Virtuals.

RoodFi (ROODFI): Making U.S. tax liens into on-chain certificates

RoodFi announced on July 13 the launch of the Robinhood Chain mainnet, attempting to turn U.S. local government's tax liens and tax deeds into on-chain certificates, which users can buy with USDG and hold until redemption or sell on the secondary market.

Public endorsement / association: Mentioned in the Virtuals weekly report. It should be noted that the project's official Twitter described itself in May as "a self-managing AI agent management system with a terminal command-line interface as the primary control interface," and currently, the related token market value is only $4,500.

Fletcher (FLETCHER): Mapping Solana physical collectible cards to the Robinhood Chain

Fletcher announced the launch of a Gacha card application on July 11. It is not a stock token project but a physical collectible card RWA project.

According to the project documentation, Collector Crypt will store physical cards rated by PSA, CGC, or BGS in a vault and issue one-to-one NFTs on Solana. FLETCHER aggregates this portion of card inventory: after users use USDG to draw or purchase cards on the Robinhood Chain, the system completes the value settlement between Robinhood Chain and Solana through Across, then mints a one-to-one mirror ERC-721 on the Robinhood Chain.

Users can hold or sell the mirror NFT. Fletcher states that cards can be sold back through Collector Crypt within 72 hours after drawing, and afterward, they can be sold on the market; the redemption function for physical cards is still being gradually rolled out. FLETCHER also provides a “Tweet-to-rip” bot, allowing users to send commands to draw cards directly on X after authorizing wallet limits.

Fletcher's token FLETCHER is issued through Virtuals.

Public endorsement / association: Mentioned in the Virtuals weekly report. Additionally, Collector Crypt and Across are revealed as inventory sources and cross-chain infrastructure in Fletcher's documentation, but currently, no official Twitter confirmations of the project by either have been found.

Sherwood Exchange (SWOOD): A privacy trading layer for stock tokens

Sherwood Exchange positions itself as a private RWA trading platform on the Robinhood Chain.

According to Sherwood Exchange's introduction, users can first deposit assets into a privacy pool, generating zero-knowledge UTXO Notes; during transfers or trades, users prove they hold a valid Note without needing to disclose the direct correspondence between the original deposit and subsequent operations. Sherwood does not establish a completely enclosed private liquidity pool. Its exchange process will invoke public Uniswap liquidity to complete trades, then redeposit the obtained assets into new privacy Notes.

Public endorsement / association: Sherwood Exchange has joined the Virtuals community showcase and was mentioned in the Virtuals weekly report.

Fletch Finance: Splitting stock principal and dividends into two tokens

Fletch Finance is a stock dividend splitting protocol on the Robinhood Chain, similar to Pendle. After users deposit a stock token, the protocol mints two assets in a one-to-one ratio:

• PT (Principal Token) represents the stock principal net of dividends, typically trading at a discount, and can be redeemed for the full stock token upon maturity;
• YT (Yield Token) only represents the dividends generated by that stock before maturity.

Every transaction on Fletch incurs a fee, a portion of which will be directly funneled back into the FLETCH token (through buybacks and burns, etc.).

Public endorsement / association: No relevant background information has been found, DYOR.

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