Robinhood Chain two wolves framing puts memes and tokenized stocks together
Robinhood Crypto’s Johann Kerbrat says meme tokens and tokenized assets target different users on the company’s new chain.
By Theo Nakamura · Staff Writer
· 3 min read
The Robinhood Chain two wolves framing is Robinhood’s explanation for hosting both meme tokens and tokenized financial assets on the same network. Johann Kerbrat, the company’s SVP of Crypto, says the two categories are meant for different audiences, while the company tries to make onchain products accessible through its main app.
The wording came from Robinhood CEO Vlad Tenev’s description of the chain as a barbell, with meme tokens on one side and real-world assets on the other. Moomoo’s translated report of a Kerbrat interview attributed the phrase, “You have two wolves inside you,” to Tenev’s characterization of that split.
Robinhood launched the public mainnet of Robinhood Chain on July 1, according to Galaxy Research. The network is an Ethereum Layer 2 built with Arbitrum’s Orbit technology, and Robinhood has positioned it for financial services and tokenized real-world assets.
Why does Robinhood Chain include meme tokens and tokenized stocks?
Kerbrat’s explanation is that a permissionless chain, meaning one Robinhood says is open to varied applications, can serve both groups. Meme tokens are intended to bring in market makers and users already active in decentralized finance, or DeFi, according to Moomoo’s account of the interview. Tokenized U.S. stocks and exchange-traded funds are aimed at global users who may not easily access those markets through conventional channels.
The two uses are not competing strategies in Robinhood’s view. They are different ways to attract users to the same network. Robinhood said stock tokens were available through its wallet in more than 120 countries, according to the secondary interview report. Those availability and product claims come from Robinhood’s executive, rather than an independent audit of the offering.
Early activity has leaned heavily toward the meme-token side. Galaxy Research reported that memecoins accounted for 79% of decentralized-exchange volume on Robinhood Chain as of July 27. A decentralized exchange is a venue for onchain trading. Galaxy framed the open question as whether Robinhood’s large customer base can turn that initial activity into enduring use of onchain products, an analytical view rather than a proven result.
What is Robinhood trying to make easier?
Kerbrat has described Robinhood’s broader goal as bringing selected DeFi functions into a familiar app experience, so customers do not need to create a wallet or handle private keys themselves. In a Yahoo Finance interview, he said Robinhood Earn moves users from dollars to stablecoins, lending and a vault in a few taps.
Robinhood Earn is an example, not a risk-free cash product. Kerbrat said it uses a Morpho lending protocol, offers a return of about 7% that can change, and is not fully safe. He said Robinhood sought insurance protection because smart-contract and vault risks remain.
Kerbrat also said Robinhood sees potential uses in areas such as international stocks and 24/7 trading, but presented those as goals for the chain rather than established outcomes. The company’s rationale for welcoming crypto-native users is that meme-token activity can draw market makers and DeFi participants, alongside its push for tokenized financial products.
This story draws on original reporting from Decrypt.
