Everyone’s talking about how @RobinhoodCrypto revenue has flipped @base. There’s a real signal that’s 20x smaller and way more important. First, the revenue’s impressive. The 2 week old chain is earning more daily revenue than Base with just 4% of its TVL, and it's already doing 70% of Base's DEX volume. But where’s the Robinhood activity coming from? Over 80% of Robinhood's TVL sits in lending vaults like Morpho and Steakhouse, and a chunk of the trading spike is from memecoins. The most interesting part to me is tokenized assets. Both chains are mostly stablecoins, but look at the tokenized stocks: • Base: ~$5B in tokenized assets, and only 0.2% is stocks. About $10M. • Robinhood: ~$239M in tokenized assets, but 4.8% is stocks. About $11-12M. So a chain with 4% of Base's TVL is already holding more tokenized stock value than Base itself. It makes sense because Robinhood built its reputation from trading stocks. But I’m surprised at how fast the growth is. What I'm watching is whether the volume holds once the hype fades, or whether tokenized stocks end up being the real story here.(Edgy - The DeFi Edge 🗡️)