🚨 ROBINHOOD CHAIN REVENUE TO $HOOD As of August 29 TOTAL ANNUALIZED REVENUE: $39 MILLION $21M Sequencer $9.3M USDG interest $6.1M Wallet swap fees $2.7M Lighter perps NOTES: 1. The $39M comes from last 30 days annualized. 2. How much $HOOD keeps in sequencer revenue is a big open question. CFO Shiv Verma said they split about half with Arbitrum (the software the chain runs on). The public lease says 10% to Arbitrum / 90% to $HOOD. We've modeled it at 50% to be more conservative. The 90% case is $38M on this line. 3. $441M of USDG sits on the chain right now and can earn ~4.2% in T-bills. What we don't know is how much is Robinhood's vs other GDN partners. So we're estimating 50%. Full ownership would be ~$18.5M; none would be $0. Splitting the difference gives us $9.3M. 4. Wallet takes 0.80% when you swap. Over the last 30 days people swapped ~$2.1M per day in the Robinhood Wallet app * 0.80% (take rate) = ~$6.1M a year. BUT we can only see part of Wallet volume, so this is probably a little low. 5. DeFiLlama says Lighter made $439K of protocol revenue on this chain in the last 30 days. But that is Lighter's take, not Robinhood's! The HOOD-Lighter deal gives Robinhood 50% of that, so we book $2.7M annualized. 6. Not included in the total: Connect on-ramps, Stock Token issuance, the Wallet gas promo, MEV, Earn lending spread. All likely minimal impact for now. cc @GallopingGainz