The successful launch of Robinhood Chain has boosted investor sentiment around Ethereum. The newly launched blockchain uses ETH as its native gas token and around $141 million in ETH has already been bridged to the chain. More than half a million wallets holding ETH are now on the network, which surged past the Ethereum L1 and rival L2 Base over the past 24 hours, with DEX volumes of $877.56 million.
Market Impact
Influencer Ansem and Mike Dudas from 6th Man Ventures have noted the bullish implications of Robinhood Chain for ETH, with Dudas calling it “the single most bullish thing i’ve seen in eth-land in years.” Ethereum is also getting a boost from its 47% market share of Real World Assets, according to Rwa.xyz data. The Total Value Locked (TVL) on Ethereum of $260 billion has surpassed the $210 billion market cap of Ether, leading Leon Waidmann, head of Research at Lisk, to suggest that “ETH is underpriced.”
Regulatory Developments
Meanwhile, regulatory developments are unfolding in the UK and US. In the UK, members of the Labour party are considering a total ban on digital asset donations in response to Nigel Farage’s resignation from Parliament. In the US, the Trump administration’s push to establish a US Strategic Bitcoin Reserve has hit a roadblock due to disagreements between the Commerce and Treasury departments. US Democratic Senator Ron Wyden has urged Senate leaders to preserve crypto developer protections in the crypto market structure legislation.
Market Update
At the end of the week, Bitcoin (BTC) is at $63,762, Ether (ETH) at $1800, and XRP (XRP) is at $1.08. The total market cap is at $2.2 trillion according to CoinMarketCap. Among the biggest 100 cryptocurrencies, the top three altcoin winners of the week are DeXe (DEXE) with a 94% gain, Pyth Network (PYTH) at 19%, and Arbitrum (ARB) at 15%
Based on reporting from crypto.news.
