Robinhood is set to launch a chain, choosing Arbitrum. ARB is up 20% in a day.

The focus isn’t on the 20%. The focus is this: a TradFi giant with 20 million users choosing a Layer 2—choosing to “rent” rather than “build.”
It can absolutely launch its own chain. It chose the path of renting Arbitrum.
It’s like Starbucks doesn’t build its own card issuance system, but directly uses Visa’s network.
The endgame for Layer 2 isn’t competing with Ethereum for the narrative—it’s becoming a high-speed toll station for TradFi to enter Web3. Robinhood isn’t the first, and it won’t be the last.
Who builds the real infrastructure that people actually use will gain the pricing power in the next round.