Jay
@jayendra_jog
Co-Founder @Sei_Labs. Building the Blockchain for Trading. Previously @RobinhoodApp
Joined October 2019
1.6K Following 26.1K Followers
Fascinating to see how quickly Robinhood ate Coinbase’s market share
Also worth noting that aggregate profit is the same, suggesting that this was tied to users rotating from base to Robinhood chain, as opposed to net new users onboarding
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Robinhood was not in this chart ten weeks ago but it now drives the majority of daily L2 gross profit.
Base carried this category almost single-handedly through June, with daily totals near $660k and one chain accounting for nearly all of it. Its absolute contribution has been declining since, while Robinhood went from zero to the largest single slice in about five weeks.
Every L2 on this chart combined clears under $500k in gross profit on a strong day. A distribution business with an existing brokerage user base entered that market and reordered it in a month.
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