The launch of Robinhood Chain, a layer-2 network, has sparked optimism for Ethereum (ETH), while UK politicians and US federal agencies grapple with crypto-related issues.
In recent weeks, the successful deployment of Robinhood Chain, a new Layer-2 (L2) network from the popular trading platform Robinhood, has significantly boosted investor sentiment around Ethereum. This L2 network uses ETH as its native gas token and has already seen over $140 million worth of ETH bridged to it in just 24 hours.
The surge in DEX volumes on Robinhood Chain, reaching $877.56 million, outpaced both the Ethereum Layer-1 (L1) network and rival L2 Base networks. With more than half a million wallets holding ETH now active on this new chain, it marks a significant milestone for the platform's ambitions in the crypto space.
Notably, even some former critics of Ethereum have reversed their stance due to Robinhood Chain’s success. Influencer Ansem commented that L2s like Robinhood are 'best setup for an eth bull thesis,' while Mike Dudas from 6th Man Ventures declared it as ‘the single most bullish thing i've seen in eth-land in years.’
The positive momentum of Ethereum is further bolstered by its market share of Real World Assets (RWAs), which stands at 47%. According to data from Rwa.xyz, the Total Value Locked (TVL) on Ethereum exceeds $260 billion, surpassing Ether’s market cap. This suggests that ETH may be undervalued compared to historical bear markets.
Meanwhile, the UK faces a crypto scandal involving Nigel Farage's resignation and potential influence of wealthy crypto donors in political policies. Labour MPs are considering a permanent ban on digital asset donations following these revelations. In parallel, the US is debating how to structure its proposed Strategic Bitcoin Reserve amid disagreements between federal agencies over oversight.
These developments underscore growing interest and regulatory scrutiny surrounding cryptocurrencies. Traders should closely monitor both Layer-2 innovations and broader crypto policy changes as they could significantly impact market dynamics.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.