BlockBeats news, on August 11, Dongfang Harbor chairman Dan Bin responded to investor doubts, stating that Changjiang Dongfang Harbor No. 2 still maintains a full position. Before the deep correction in July, the fund was heavily invested in the AI industry chain, consistently holding without large-scale reductions. This round followed the AI sector with a significant pullback. In 2023, Dongfang Harbor seized the global AI core opportunity represented by Nvidia but started its layout in the domestic A-share AI industry chain relatively late, only fully committing to heavy positions by 2026. During the sharp decline in July this round, Dongfang Harbor did not panic sell or significantly reduce positions, only making very small structural micro-adjustments.

BlockBeats news, on August 11, IBM (IBM.N) announced a multi-year $240 million agreement with Together AI to deploy NVIDIA HGX B300 clusters on IBM Cloud.

BlockBeats news, on August 11, CME Group announced that 24-hour silver trading will start on September 11.

BlockBeats news: On August 11, Wintermute released a report stating that the upcoming U.S. CPI data to be announced on Wednesday will be the key test for whether this interest rate repricing can continue. The cryptocurrency market has joined the ranks of rising risk appetite. The U.S. spot Bitcoin ETF has seen net inflows for five consecutive trading days, totaling $853.5 million, marking the best weekly performance since mid-April; the Ethereum ETF has also experienced net inflows for the fifth consecutive week, increasing by $244.9 million, with BlackRock accounting for over 80% of the combined $1.1 billion inflows. These inflows occurred against a backdrop of relatively low trading volume, more consistent with institutional planned allocations rather than aggressive momentum buying, and have reversed the narrative of "fund rotation out of Bitcoin" over the past two weeks. ETF demand is being matched by supply elsewhere. At the institutional level, Wells Fargo announced it will launch tokenized deposit services this fall, starting with the USD-GBP corridor and operating on its own chain, joining the ranks of JPMorgan and Citi in putting settlement rails on-chain. Meanwhile, the U.S. Senate Majority Leader submitted a motion to end debate on the CLARITY Act early Saturday morning, with a procedural vote scheduled for September 15, requiring support from at least seven non-Republican senators. The improvement in ETF inflows is encouraging but still preliminary. A strong single-week performance is not enough to confirm a structural shift; the entire risk asset sector has just been repriced based on one data point. If Wednesday's CPI exceeds expectations, pushing the probability of a September rate hike back above 50%, it could quickly change the core logic supporting the current rally. Key upcoming catalysts include the CPI on August 12, PPI on August 13, retail sales data on August 14, followed by the Jackson Hole meeting from August 27-29, and the procedural vote on the CLARITY Act on September 15. Until ETF inflows and digital asset treasury activity prove their sustainability for the remainder of the summer, caution is advised even as the market increasingly trades on institutional terms.

BlockBeats news, on August 11, Glenmede strategist commented on the US July CPI, stating that investors are expecting another relatively moderate inflation report, with overall CPI projected to rise 3.4% year-over-year, while core price pressures remain at a manageable level. As US-Iran tensions escalate, oil prices further increased in July, potentially bringing renewed pressure to the energy sector. However, the market reaction this time was more stable, benefiting from proactive measures and strategic reserve releases that maintained stable oil supply. The Federal Reserve has ample time before the next meeting to assess two inflation reports, providing more time to evaluate whether energy pressures remain controlled or are beginning to expand, a distinction likely to influence future policy direction.

Original Title: Robinhood Chain: Can It Move Robinhood's Bottom Line? Original author: ACJ, Blockworks Original translation by: Azuma, Odaily Planet Daily Core Viewpoints · Even though Robinhood's overall business hit record highs, its crypto business is in decline. In the second quarter of 2026, Robinhood's crypto business revenue fell 38% year-over-year to $100 million, accounting for only 8% of the company's total revenue; Retail crypto trading volume fell 36% year-on-year, and the share of crypto assets in total client assets under custody (AUC) also hit a historic low of just 7%. · Robinhood Chain is one of the strongest recent Layer 2 (L2) network launch cases. In July, the chain generated $3.6 million in real economic value (REV), accounting for 38% of all L2 network revenue tracked by growthepie, surpassing mature networks including Polygon and Base. · What drove Robinhood Chain's early activity was not real-world assets (RWA), but meme coins. In July, meme coins accounted for 51% of Robinhood Chain spot trading volume, while RWAs made up only 5%. Additionally, 48% of RWA trading volume comes from liquidity pools composed of RWAs and meme coins. · Robinhood's most obvious monetization opportunity is not at the infrastructure layer, but at the application layer. Currently, the USDG stablecoin is able to generate about $10.5 million in annualized interest income; The Morpho case also demonstrates the value of Robinhood's main app distribution capabilities. In contrast, Lighter only gains trading volume through Robinhood Wallet integration, accounting for 0.2% of its total perpetual contract trading volume. · Currently, Robinhood Chain cannot significantly impact Robinhood's profits. The total annualized size of known Robinhood Chain revenue sources is only about $54.8 million, equivalent to 14% of Robinhood's crypto business annualized revenue. If Robinhood Chain wants to become a key business line, the company needs to scale up USDG, commercialize its main app traffic, or use the chain as an entry point for users to access higher-value products. Introduction: Robinhood's crypto business is at a crossroads Perhaps no company better represents the rise of retail investors than Robinhood; it has become synonymous with retail investing, and its underlying business has grown rapidly as a result. In Q2 2026, Robinhood's quarterly revenue reached $1.31 billion, a record high, up 32% year-over-year and 92% compared to Q2 2024. This growth comes not only from its core equity and options trading business, but also from an expanding product portfolio. Today, Robinhood has 13 business lines with annual revenues exceeding $100 million. In fact, in Q2 2026, all Robinhood transaction-based revenue business lines achieved double-digit year-over-year growth...... Except for one exception—crypto business. The crypto business, which once contributed over one-third of Robinhood's revenue, has now shrunk to an almost negligible segment. In the second quarter of 2026, only 8% of Robinhood's total revenue will come from crypto business, the lowest level since the third quarter of 2023. The importance of crypto in Robinhood's revenue structure has dropped significantly—even event contracts launched last year generated more revenue than crypto in Q2: · Event contract revenue: $156 million; · Crypto business revenue: $100 million; This weakness is not only reflected in the decline in revenue share, but also in the fact that Robinhood's core users are losing interest in crypto assets. Although this trend is not unique to Robinhood, its decline remains shocking. The most obvious manifestation comes from trading activity. In Q2 2026, retail cryptocurrency trading volume on the Robinhood App was only $18.2 billion, down 36% year-over-year, marking the lowest quarterly level since Q3 2024. The decline was so large that institutional trading volume on Bitstamp surpassed retail trading volume on Robinhood for the first time. Institutional activity volume during the same period was actually not strong—Bitstamp's Q2 trading volume was $22.2 billion, the second lowest quarterly performance in its history. Trading volume is not the only indicator that can indicate shrinking crypto business. In Q1 2024, crypto assets under custody (AUC) reached $26.2 billion, accounting for 20% of Robinhood's total AUC. More than two years later, crypto AUC remained basically flat at $26.3 billion, but accounted for only 7% of total AUC, marking the lowest quarterly share in history. Against this backdrop, Robinhood's crypto revenue has suffered a heavy blow. Crypto revenue in the second quarter fell 38% year-over-year, with its share of total revenue dropping by 53%. In short, Robinhood as a whole is growing, but the crypto business is not. However, Robinhood has not withdrawn from the crypto space. Instead, it launched Robinhood Chain, its largest crypto bet to date. Robinhood no longer relies almost entirely on trading revenue, but is instead trying to build a broader, more durable crypto business. The key question is: can Robinhood Chain make crypto a meaningful driver of Robinhood's growth again? How much monetization potential does Robinhood Chain have? On July 1, 2026, Robinhood officially announced the launch of the Robinhood Chain mainnet at The World Is Flat event. This is Robinhood's self-developed Layer-2 (L2) blockchain, designed to power the company's growing on-chain ecosystem. Since its launch, Robinhood Chain has become one of the fastest blockchains to launch recently. In the first month after launch, Robinhood Chain generated $3.6 million in Real Economic Value (REV). Although it is still too early to determine whether this level of activity is sustainable, if we simply calculate annualized data from the first month, Robinhood Chain's annualized REV is about $43.2 million. This is a good starting point, but with this scale alone, it's still far from enough to reverse the downward trend in Robinhood's crypto revenue. Even so, Robinhood Chain's launch performance remains impressive. In July, Robinhood Chain ranked first in revenue among all L2 networks, surpassing many mature networks that have been running for years, such as Polygon ($2.7 million) and Base ($2.1 million). According to data tracked by growthepie, Robinhood Chain currently accounts for 38% of all L2 network chain revenue. In other words, Robinhood Chain is already the largest L2 by chain revenue, but 62% of the market share still belongs to other networks. Even if total L2 chain revenue stagnates, Robinhood Chain can still achieve significant growth by capturing a larger market share. However, Robinhood Chain's early success has a key premise: most of the current activity is attributed to meme coins, which have historically been one of the biggest drivers of blockchain REVs. Robinhood seems to accept this calmly, with founder Vlad Tenev repeatedly expressing support for the meme. Even so, the level of activity driven by meme coins on Robinhood Chain remains quite remarkable, with the chain generating $6.93 billion in spot trading volume in July, of which $3.55 billion (51%) came from meme coins. In contrast, RWA—the core use case claimed by Robinhood Chain—accounts for only $313.2 million, or 5% of total trading volume. Additionally, the direct share of meme coins in Robinhood Chain's trading volume may still underestimate their true impact on network activity. Take RWA as an example. One strategy promoted by meme coin launch platform L()ng is to pair meme coins with tokenized stocks or ETFs into liquidity pools, thereby linking the price movement of meme coins to the underlying RWA. If the underlying RWA rises, say, by 5%, the meme coin's price will also increase by 5% (assuming no buying or selling). Therefore, a considerable portion of the apparent RWA transaction volume is actually driven by meme coins. From July 6 to July 31, 48% of RWA trading volume occurred in liquidity pools paired with meme coins and RWAs. Although meme coins can effectively drive on-chain revenue growth, historically they have rarely been a long-term stable source of income. Meme coins are highly active and highly rotational; Ethereum, Avalanche, TRON, and Base have all experienced their own speculative booms, but ultimately funds and users shifted to other networks. Whether Robinhood Chain can retain these activities in the future remains uncertain. A month's worth of data is not enough to prove that meme coins will become a sustainable source of REV for Robinhood Chain, or that they are just another short-term stopover in capital rotation and will eventually return to Solana. From a broader perspective, relying solely on Robinhood Chain's REV is unlikely to revive Robinhood's crypto business. From an industry-wide perspective, network revenue is experiencing a structural decline. First-generation smart contract platforms once relied on block space scarcity to generate substantial fee revenue, but as block space gradually becomes commoditized, new chains find it increasingly difficult to generate substantial income through their infrastructure alone. In July, blockchains tracked by Blockworks generated $122.4 million in network revenue, the lowest monthly total in three and a half years. In contrast, network revenue in July 2025 is $333.7 million, down 63% year-over-year. This deterioration cannot be simply attributed to market cycles. In July 2023, during the last bear market, the chain still generated $300.1 million in network revenue. As mentioned earlier, Robinhood already has 13 business lines generating at least $100 million in annualized revenue. Relying solely on network revenue, it's hard to imagine Robinhood Chain joining this ranks. Even if Robinhood Chain continues to capture a larger share of L2 activity, its chain revenue will eventually hit the market ceiling of about $100 million annualized. Breaking through this ceiling requires Robinhood to bring its existing user base on-chain. However, since Robinhood's user base is mainly based in the United States, under the current regulatory environment, most cannot access Robinhood Chain through the Robinhood app, which may take time. If Robinhood wants Robinhood Chain to become the next $100 million business line in the short term, the company needs to move beyond a simple network revenue model. Commercialization of the application layer Value capture in the crypto industry is gradually shifting from the infrastructure layer to the application layer. Solana is a great example. At the start of Solana's recovery in January 2024, Solana applications generated $40.9 million in revenue, while the Solana network generated $21.4 million in REV, about 1.9 times the network's revenue; Solana's bull market peak in January 2025 saw app revenue reach $1.13 billion, while Solana REV was $551.7 million, maintaining a ratio of about 2x; But since then, this gap has widened further. In July 2026, for every $1 revenue generated by a Solana ecosystem app, the network itself will only receive about $0.2. In other words, the application layer is capturing more and more value, while the proportion of value earned by the underlying blockchain is declining. If Robinhood wants Robinhood Chain to become the next $100 million business line, it must directly participate in the commercialization of on-chain applications. Although Robinhood has not officially announced this strategy, its early moves have already pointed in that direction. The most prominent case so far is Robinhood's stablecoin strategy. Unlike most blockchains that mainly rely on Circle's USDC or Tether's USDT, Robinhood has designated USDG as the native stablecoin of the Robinhood Chain. This creates an additional source of income for Robinhood—interest income generated through USDG's underlying reserve assets. As of the end of July, USDG's market capitalization on Robinhood Chain was $333.1 million. Assuming the underlying reserve yield is 3.5% and 90% of related interest income belongs to Robinhood, USDG will generate an additional approximately $10.5 million in annualized income. Robinhood should not find it difficult to further expand USDG's supply, thereby creating a lasting revenue stream. If USDG's supply reaches $1 billion (a reasonable goal, since 11 blockchains already have stablecoin supply at least $1 billion), it will generate $31.5 million in annualized revenue, nearly matching Robinhood Chain's current chain revenue. Robinhood Chain also appears to be expanding its application layer beyond stablecoins. Lighter has launched a custom deployment of its Perp DEX on Robinhood Chain and will split transaction fees 50-50 with Robinhood. As part of the collaboration, Robinhood Wallet—a self-custodial wallet independent of the main Robinhood app—will display Lighter perpetual contracts directly within the app. Additionally, it is rumored that Morpho has also paid Robinhood for integrations within Robinhood apps. If true, this would be a business model clearly different from traditional blockchain ecosystems. In the past, blockchain typically incentivized payments to apps to attract deployment, but Robinhood is trying the opposite, with apps paying fees to gain Robinhood user distribution channels. How much is Robinhood's distribution power worth? The viability of the entire application layer strategy ultimately depends on the value of Robinhood's distribution channels. If protocol parties are willing to pay to reach Robinhood users, Robinhood can commercialize this traffic asset. From current cases, protocols on Robinhood Chain can mainly acquire users through two channels: · Robinhood's main app, such as Morpho; · Standalone Robinhood wallets, such as Lighter. Although the distribution capabilities of Robinhood's main app are well known in the market, the value of distribution through Robinhood Wallet remains largely unclear. Looking only at activity on Robinhood Chain, Robinhood Wallet users generated $119.6 million in trading volume in July. Daily trading volume peaked at $11 million on July 8, but dropped to a daily average of $2.1 million in the last week of the month. Robinhood Wallet's daily active wallet count in July was also just under 7,000. This analysis did not apply Sybil attack filtering, so the actual number of unique users may be lower. Compared to the broader wallet and trading application ecosystem on Robinhood Chain, Robinhood Wallet remains a relatively small player. The tracked wallets and trading apps generated a total of $3.08 billion in transactions in July, with Robinhood Wallet accounting for $119.6 million, accounting for less than 4% of the market share. However, the transaction volume of these apps is mainly driven by heavy users. Robinhood Wallet ranks fourth in daily active wallet count, although it ranks sixth in transaction volume. Lighter's integration further demonstrates the limited distribution value of Robinhood Wallet. Since integration into Robinhood Wallet, Lighter's Robinhood deployment accounts for only 0.2% of its total perpetual contract trading volume. In July, this figure was $86.8 million, lower than the spot trading volume generated through Robinhood Wallet that month. Perhaps even more concerning, Lighter is directly incentivizing perpetual contract trading through Robinhood Wallet, allocating 11 million LIT tokens for this purpose, currently worth about $25 million. Even the current limited trading volume is driven by incentives, and without these rewards, the rewards might be even lower. At present, it is difficult to conclude how much revenue Robinhood Wallet distribution alone can generate. While the distribution value offered by Robinhood Wallet may be limited, the main Robinhood app is quite different. Morpho provides the clearest example: Robinhood users can deposit stablecoins into Morpho directly through the main app and earn a 7% incentivized annual return. As of the end of July, the marketplace deployed by Morpho on Robinhood Chain accounted for 5% of Morpho's total deposits and nearly 6% of all loans. In just one month since launch, Robinhood Chain has already become Morpo's third-largest TVL market. It should be acknowledged that this part of TVL is also incentivized. Even so, the differences between distribution via the Robinhood main app and Robinhood Wallet remain significant. While not a perfect comparison, the share of Robinhood Chain's total deposits in Morpho is 25 times that of Robinhood's deployment market share of Lighter's perpetual contract trading volume. Therefore, early conclusions about Robinhood's distribution value were divided. For protocols that can be directly integrated into Robinhood's main application, the distribution value seems extremely high; But distribution through Robinhood Wallet alone is far from attractive. Unless Wallet integration can serve as a stepping stone to ultimately reaching the main application, it is difficult to understand why protocols would sacrifice meaningful economic benefits for this. Admittedly, this conclusion is based only on two early cases. Robinhood has not officially identified the application layer distribution deal as a broader strategy, nor is it clear to what extent the company intends to advance such collaborations. But the differences observed so far are significant. The true value of Robinhood's distribution capabilities does not come from being "associated with the Robinhood brand" or "deployed on the Robinhood Chain," but from users who can directly access Robinhood's main apps. Can Robinhood Chain revive its crypto business? This report begins with a core question—can Robinhood Chain make crypto a meaningful driver of Robinhood's growth again? Early data painted a fairly clear picture. Robinhood Chain has achieved remarkable success as a blockchain, but has yet to become a meaningful contributor to Robinhood's business. Robinhood's crypto revenue in the second quarter was $100 million, with an annualized rate of about $400 million. In contrast, known and quantifiable revenue streams related to Robinhood Chain (chain REV, USDG interest income, Lighter fees shared by Robinhood) combined for an annualized $54.8 million, about 14% of Robinhood's crypto business annualized revenue. Admittedly, this comparison only annualizes Robinhood Chain's first-month data and should not be mistaken for its long-term revenue potential. Frankly, relying solely on network revenue, Robinhood Chain will never have a substantial impact on Robinhood. Block space has become too commoditized, and the entire L2 revenue market is too small. If Robinhood Chain wants to make crypto business a meaningful driver of Robinhood's growth again, the company needs to monetize economic activity above the infrastructure layer. Stablecoins offer the clearest path. Tether and Circle have already demonstrated how substantial interest income can be generated from stablecoin reserves. At a yield of 3.5%, every $1 billion USDG supply will generate $35 million in annualized revenue for Robinhood (assuming it retains all related interest income). Supplying $10 billion would increase this figure to $350 million per year, nearly matching Robinhood's current annualized crypto revenue. This won't happen overnight, but given the scale and scale of Robinhood's business, achieving this goal is not impossible. App distribution is another compelling opportunity. Robinhood has almost everything other blockchains lack—direct access to a large group of retail investors. If on-chain protocols are willing to pay fees to access these users or share revenue with Robinhood, Robinhood can monetize its distribution capabilities rather than relying solely on the chain's own fees. Early results show that when the protocol is integrated into the main Robinhood app, this strategy is indeed effective, even though the distribution of Robinhood Wallet itself has little value. Another possibility is that Robinhood does not see Robinhood Chain as an independent money-making business. Instead, it may view the chain as a user entry point and conversion channel. Robinhood Chain may serve as a traffic tool, exposing users to tokenized assets and trading stocks, options, crypto, and other products before introducing users to the broader Robinhood ecosystem. Under this model, the chain's value may not be reflected in network revenue, but rather through higher engagement and revenue in other areas of Robinhood's business. Currently, the answer to the question raised at the beginning of this report remains "No." Robinhood Chain has yet to become a meaningful driver of Robinhood's growth, and network revenue alone will never enable it to achieve this; To make the answer ultimately "yes," Robinhood needs to scale USDG, or commercialize the user distribution capabilities of Robinhood's main app. Otherwise, Robinhood Chain is likely to only have indirect financial value, serving only as a traffic tool for high-value products that have already driven Robinhood's business. Original article link

BlockBeats news, on August 11, according to Onchain Lens monitoring, Hyperliquid burned approximately $1.07 million worth of HYPE in the past 24 hours. During the same period, $1.45 million in fees were generated. Hyperliquid's official cumulative burn total has reached 47.62 million HYPE (approximately $2.63 billion), equivalent to 4.76% of the maximum supply of 1 billion tokens.

BlockBeats news, on August 11, according to Bloomberg citing informed sources, DayOne Data Centers Ltd. has secretly submitted an initial public offering (IPO) application in the United States. Anonymous informed sources stated that this Singapore-based data center operator plans to go public as early as next quarter and is considering raising about $5 billion through this IPO.

BlockBeats news, on August 11, according to TradingBeats (formerly Hyperinsight) monitoring, the addresses associated with four well-known market-making institutions on Hyperliquid have recorded losses on average over the past 30 days, with a total loss exceeding $23.515 million, during which the transaction volume was about $17.254 billion. The four major market makers collectively bled over the past 30 days, with a combined loss of $23.5 million, and 2 of them may have suspended providing liquidity. The addresses associated with the four well-known market-making institutions on Hyperliquid have recorded losses on average over the past 30 days, with a total loss exceeding $23.515 million, during which the transaction volume was about $17.254 billion. The four addresses still maintain cumulative historical profits, among which Wintermute has a cumulative profit of about $212 million, Auros Global about $66.994 million, Cumberland about $23.393 million, and Flow Traders associated address about $3.16 million. However, since early July when they successively reached stage profit highs, the four addresses have collectively given back about $27.075 million. More notably, the losses over the past 30 days were clearly concentrated in a few periods of intense volatility in mid-July. Among them: - Wintermute (0xecb): From the morning of July 14 to the morning of July 15, a drawdown of about $5.651 million, including a perpetual account drawdown of about $6.733 million, the largest among the four; - Cumberland associated address (0xfc6): From the morning of July 14 to early morning of July 15, a drawdown of about $4.041 million, including a perpetual account drawdown of about $4.361 million; - Auros Global (0x023a): From the morning of July 14 to the morning of July 15, a drawdown of about $1.937 million, including a perpetual account drawdown of about $2.393 million; - Flow Traders associated address (0x3037): From the morning of July 13 to the morning of July 14, a drawdown of about $1.127 million. The maximum approximately 24-hour drawdowns of the four addresses combined total about $12.756 million, equivalent to about 54% of the total loss over the past 30 days. The three largest drawdowns were all concentrated from July 14 to 15. In terms of news, on July 13, the escalation of US-Iran tensions pushed crude oil up about 5% in a single day; on the evening of July 14 Beijing time, the US CPI was significantly lower than expected, quickly cooling rate hike expectations, and BTC, ETH, and US stock risk assets collectively strengthened. The largest approximately 24-hour drawdowns of Wintermute, Cumberland, and Auros were all concentrated during the latter event, while the largest drawdown of the Flow Traders associated address occurred one day earlier. Among current holdings, Wintermute's current losses are mainly concentrated in PUMP, ZRO, SOL, and ETH inventories; Auros Global is heavily dragged down by PUMP shorts; Flow Traders associated address bears more losses in crude oil short positions, SK Hynix long positions, and stock index positions. As of press time, Wintermute and Auros Global still maintain publicly visible bilateral limit quotes on 75 and 61 targets respectively; Cumberland and Flow Traders associated addresses have not yet shown bilateral quotes, possibly temporarily withdrawing from providing liquidity.

BlockBeats news, on August 11, the pre-IPO perpetual contract price of Unitree Technology on Trade.xyz slightly rebounded, currently at $86.1, approximately ¥580 RMB, with a 24-hour increase of 3.32%. The corresponding post-listing market value is about $34.8 billion, approximately ¥234.7 billion RMB. According to Unitree Technology's previously set IPO issue price of ¥150.8 per share, it is expected to bring a 3.84 times return on new shares after the opening. Unitree's STAR Market IPO plans to issue 40.4464 million shares, accounting for 10% of the total shares after issuance, with one lot consisting of 500 shares, and the estimated payment for a winning lot is about ¥75,000. According to Trade.xyz pricing, 500 shares are valued at ¥290,000, deducting subscription payment profit of about ¥215,000 RMB. Today's report states that Unitree Technology's winning numbers have been announced, totaling 19,414. Each winning number can subscribe to 500 shares of Unitree Technology A shares.