RWA is growing, but the value isn't necessarily flowing where crypto ppl expected. @RobinhoodApp is a good example. Since June 2025, tokenized stocks grew from ~$329M to around $2.5B, while wallets holding them jumped from 59K to ~1.18M. Robinhood Chain also did $3.6M revenue in July, making it the top revenue-generating L2 that month. Sounds great for RWA, right? Except HOOD captured most of the attention. $HOOD is up ~26% from before the announcement, while @Ondo is down ~52% and @arbitrum ~71%. Even on Robinhood Chain, Stock Tokens were only ~3.3% of TVL. Memecoins were doing most of the DEX volume. And that's the interesting part. Robinhood doesn't need a token. ETH pays for gas, while the economic upside ultimately sits with the company. So maybe the RWA trade isn't simply: RWA grows → RWA tokens go up. It might be more about who owns the distribution layer. For now, I'm watching what happens when Robinhood's gas subsidies end around late September. If activity survives without incentives, then maybe this RWA growth is actually sticking. If not... well, wen real demand? (Information from @Surfdeveloper )