A friend of mine, after reading yesterday's article, felt that Robinhood's "coin stocks" seem to just be a gimmick. Especially, is the "coin stock chain" really valuable?

I think he hasn't really considered the perspective of Robinhood as a company, what value does this chain create.

According to the current annualized figures, this chain could earn hundreds of millions of dollars in a year, and that's still under the premise that on-chain stock trading and relevant derivatives are just getting started, it has only been two months.

If the chain were to be very prosperous, say ten times more prosperous than now, Robinhood could earn tens of billions of dollars from this in a year. What would that mean?

Furthermore, these figures are not speculative; they are very simple and feasible.

If you continue to ask me: why must it be on this chain? Can't I go on other chains? Can't everyone (for example, exchanges issuing coin stocks) put stocks on the chain?

Yes, anyone can put stocks; it's easy to post stocks, you just need to transfer that quota. But didn't I ask two questions?

1. How many living people are there on this chain?

2. How big is the liquidity pool for these stocks on the chain?

The first question: what is your solution?

The second question: do you build these pools yourself? With thousands or tens of thousands of stocks, how big a pool do you plan to build for each stock?

**The following is the original reply I made on WeChat to answer his questions, output by TYPELESS, for reference**

Putting stocks on the chain, who will provide liquidity after they are on the chain? Who will buy stocks on the chain? These are issues that need to be addressed.

Regarding liquidity, this requires a capital pool:

1. Who will build this pool? Does Robinhood build it themselves?

2. With so many stocks, does each pool need to hold stocks?

3. How much should each pool hold? If too much is held, no one buys; if too little is held, the liquidity will be poor.

As it stands now, with the current level of interest, Robinhood can earn hundreds of millions of dollars in fee income on this chain in a year. If the stocks on the chain become increasingly active, through this mechanism, it could earn tens of billions of dollars.

This would be comparable to the money made from its app itself. So, do you think this is meaningful for Robinhood?

The significance is very large.

But the problem is, if you are the owner of Robinhood, and you put stocks on the chain, why would people come here to buy? How many people will come?

What they want is users. And this kind of play with Meme coins attracts users, which in turn increases liquidity substantially.

Moreover, this liquidity is two-fold: one side is the movement of people and money, and the other side is the substantial liquidity of the pools on the chain.

For example, on the Long platform, when you use Meme coins to match stocks, the pool for matching stocks is already there when everyone buys. Suppose a Meme coin emerges worth one billion dollars, and its pool is one hundred million dollars (I’m just hypothetically speaking, the numbers aren’t precise), then this one hundred million dollar pool doesn't need anyone to specifically build it; it's just there.

Then, anyone in the world wanting to buy stocks on the chain can come here to buy, and after buying, they can directly engage in on-chain lending and various operations, which is very convenient.

The step of custodialization onto the chain is very easy; Robinhood has stocks that can be put on the chain. But I’ve written in my article, what use is it just to put them on the chain?

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