Ethena’s USDe has quickly become a major source of dollar liquidity on Robinhood Chain, growing from about $17 million a month ago to roughly $253 million, or close to 43% of the chain’s stablecoin supply, according to The Block. Its rapid growth on Robinhood Chain suggests some of the capital arriving on the network may be looking for more than a place to trade. A dollar base tilting toward yieldThe Robinhood Chain is a Layer-2 network that is built on the Ethereum technology, allowing fast transaction times while also remaining permissionless. This differentiation is useful to appreciate the importance of USDe’s growth on Robinhood Chain. OAK believes that Robinhood Chain has the potential to become a serious competitor in Layer-2 if the company can leverage this early speculative activity into more widespread use.