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According to the data, Ethereum has outperformed Bitcoin and major altcoins this week, significantly outperforming Bitcoin in terms of returns.
One of the reasons cited is the Layer 2 network ‘Robinhood Chain’, launched in early July by the US-based brokerage firm Robinhood. The fact that Robinhood Chain runs on Ethereum and handles over $800 million in daily $ETH-based DEX transaction volume is considered positive for $ETH performance.
At this point, Robinhood Chain is seen as a turning point for institutional $ETH adoption. However, uncertainty remains about how this development will affect Ethereum’s value.
Alex Gluchowski, developer of the Ethereum scaling platform ZKsync, said the launch of Robinhood Chain is a significant milestone for Ethereum.
According to Alex Gluchowski, the launch of Robinhood Chain will transform Ethereum from a network used solely by crypto projects into an enterprise infrastructure that regulated public companies can use for their commercial activities.
Aside from Gluchowski, Max Shannon, a senior researcher at Bitwise, also stated that Robinhood Chain has had a very significant impact.
Shannon stated that Robinhood Chain’s success could have a more significant and meaningful impact than other Layer 2 solutions. He added that the influx of large financial institutions into the Ethereum ecosystem is a strong signal confirming the network’s adoption on an institutional scale.
However, Shannon added that it is not yet clear whether the growth of Layer 2 networks will ultimately lead to an increase in the value of $ETH. Shannon stated that increased transaction volume and user activity alone do not guarantee an increase in the value of $ETH.
A Bitwise analyst emphasized that Ethereum’s long-term value capture model depends on both the developers’ approach and the network’s token economics, adding that while Robinhood Chain is an important step, it alone will not solve $ETH’s value appreciation problem.
*This is not investment advice.
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