Here are the possible Robinhood announcements and how everyone will debate them. You only have 3 real outcomes. My bet is (2). Robinhood... 1) Doesn't launch a chain 2) Announces an Arbitrum L2, settling to Ethereum 3) Announces an Arbitrum L3, settling to Arbitrum For (1)[No New Chain]: → They just announce tighter integrations with established onchain products (Arbitrum One) ▸ Bullish $ARB, Neutral $ETH ▸ This means Robinhood either launches their own app on top of Arbitrum or integration of Arb ecosystem assets into the Robinhood app ▸ Least value-capture route for Robinhood, which makes me think they won't do it. Their scale is too big. ▸ Bear argument here will just be an extension of all L2 FUD: "there is still no value accrual to $ETH here!" ▸ Bullish ARB because it means activity on the chain and a crazy distribution partner, which drives revenue to the DAO For (2)[New L2]: → Robinhood announces their own chain akin to Base. ▸ Neutral $ARB, Bullish $ETH ▸ No governance asset to cut between the activity they generate and $ETH, so moneyness elements are strongest here. ▸ Neutral $ARB in the same way Base is neutral $OP. There is some tithings to be paid from the partnership and some value will go to the token of the stack but it'll be a weak affiliation. ▸ Bearish Arbitrum the actual chain in the same way Base is bearish Optimism chain. No one wants the beta and this will make Arbitrum the distribution beta. For (3)[New L3]: → Robinhood announces their own chain, but it's an L3 orbit chain settling to Arbitrum One. ▸ Neutral $ARB, Bearish $ETH ▸ I hate this construction the must from a native-token value accrual perspective, but it's objectively the best outcome for HOOD if they dgaf about native users and just want their own economic zone. ▸ Full control of the stack, with more scalability and lower costs. Best UX for non-crypto users. ▸ If this happens, they're using stablecoin payments and abstracting ~everything away so you don't even notice the underlying or where it is in the crypto ecosystem, then capturing all of the tx fees. ▸ Bearish $ETH because moneyness elements here are ~zero. Regardless of what is announced the thing we're going to hear from Ethereum people is it's an unmitigated win for "Ethereum" (the tech) while Solana people laugh at them because ~nothing from the agreement will go back to $ETH (the asset). e.g. What pumped on the news? ARB or ETH? (It was ARB)

news is out imo bullish ARB HOOD then ETH, but huge win for ethereum community

Do you prefer $OP over $ETH because of Base?

nah. ur right haha, but in eth bull run yes id prefer most likely for outsized gains in eth bearish period, eth >> any L2 token

Yea I think that's in line with my own thoughts. I'd want L2 token as beta upside in a bull but ETH outlasts