Robinhood (NASDAQ:HOOD) stock has been in a strong bull run recently, moving from the year-to-date low of $64 to $112. This rally continued this week as the stock formed a golden cross pattern amid the ongoing success of Robinhood Chain, its layer-2 network.
HOOD Stock Jumps as Robinhood Chain Gains Momentum
Robinhood Chain, the layer-2 network that the company launched ten days ago, is gaining momentum and beating some of the most popular players in the crypto industry like Cardano (CRYPTO: ADA) and Hedera (CRYPTO: HBAR).
Data compiled by DeFi Llama shows that the amount of stablecoin tokens in the network has jumped to $300 million, a sign that investors are interacting with it. Cardano and Hedera, which have been in the industry for years, have less than $100 million in combined stablecoins.
More data shows that Robinhood Chain’s total value locked (TVL) has gone parabolic, reaching $122 million. Most of this growth has been driven by Morpho Blue, a top lending protocol, and Uniswap.
