Arcus officially launched Robinhood Chain: converting perpetual contract positions into ERC-20 tokens, which can be used as leveraged collateral.

Arcus, a decentralized exchange built by the dYdX team, has officially launched on Robinhood Chain. It converts perpetual contract positions into transferable ERC-20 tokens and imports tokenized stocks as leveraged collateral. The first wave of products launched include highly leveraged products such as pBTC3x and pHOOD3x. Since its launch, the trading volume has exceeded $200 million.
Decentralized exchange Arcus (built by the dYdX team) announced the launch of a new protocol on the Robinhood Chain, converting perpetual contract positions into transferable ERC-20 tokens and allowing users to use tokenized stocks as collateral for leveraged trading without having to sell their existing stock holdings. The official press release indicates that the initial launch includes pBTC3x and pHOOD3x, offering 3x leverage on Bitcoin and Robinhood’s HOOD stock tokens, respectively.

Arcus CEO Eddie Zhang stated that traditional markets have spent decades condensing complex investment strategies into easily achievable forms like leveraged ETFs; the next step is to natively build these strategies onto blockchain infrastructure.

According to official data, Arcus has accumulated over $2 billion in transaction volume since its launch on Robinhood Chain, with an average daily transaction volume exceeding $100 million, demonstrating the market’s high demand for “tokenized perpetual warehouses”.
Robinhood Chain is experiencing rapid growth, with its TVL (Total Value Locked) entering the top 15. Since its launch on July 1st, Robinhood Chain’s total value locked (TVL) has grown to $596 million, placing it among the top 15 DeFi chains in terms of TVL. This L2 public chain, which focuses on tokenizing US stocks, is attracting DeFi protocols and on-chain funds.

From “Tokenization of Perpetual Positions” to “Stock Leverage”

Arcus’s breakthroughs are twofold: First, it packages perpetual contract positions into transferable ERC-20 tokens, breaking the previous restriction of “positions locked within exchanges” and allowing for free transfer. Second, by importing tokenized stocks as collateral, users can leverage their positions in the derivatives market without selling their stock tokens, effectively bridging the gap between traditional stock markets and on-chain derivatives.

Market Impact and Follow-up Observations
Traditional market investors are familiar with leveraged ETFs, but perpetual contracts are inherently high-risk tools. The combination of “equity tokenization + leverage” exposes retail investors to both stock and derivative risks within a single wallet. The soundness of liquidity concentration mechanisms and clearing designs will be crucial to success or failure. Key areas for follow-up observation: Whether Arcus gradually opens up more underlying assets, and whether Robinhood Chain’s high TVL can continue to grow, attracting more Wall Street assets to its blockchain.