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Kaspa's EVM layers passed a full stress test at 200x cheaper than Ethereum Independent testing put Kasplex and Igra through 66 operations covering token transfers, DEX swaps, lending, and NFT minting. Both scored a 100% success rate with execution identical to Ethereum Sepolia. Transaction costs came in over 200... show more
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![Johann Kerbrat on why Robinhood is building its own L2 on Ethereum At Consensus Hong Kong in February 2026, Robinhood launched a public testnet for Robinhood Chain, an Ethereum Layer 2 built with Arbitrum. Following six months of private testing, Robinhood plans to launch the mainnet in 2026 and will migrate tokenized US stocks and ETFs currently offered to EU customers on Arbitrum One to its own dedicated Arbitrum-powered L2 that still settles on Ethereum. Coinbase has adopted a similar strategy with its plans to take full control over Base’s tech stack and advance the L2 toward Stage 2 decentralization. Robinhood Head of Crypto Johann Kerbrat explains the rationale behind building an L2: “We can still get the security and liquidity of Ethereum, benefit from all of the work that the Arbitrum team has done, and on top of that, customize [the chain] every time we want to build something.” He continues: “If we want to give people access to all of the tools and elements of traditional finance, we also need flexibility [to comply with] what regulators are asking us to do. A world where you have full privacy and you can do whatever you want without KYC and trade securities is still a bit far for us. But what we are trying to find is a good middle ground. You will be on a permissionless chain. You will be able to interact with DeFi and do a lot of things with your stock tokens. We think it’s a great compromise.” Galaxy Head of Research Alex Thorn points out that you can embed a lot of compliance controls at the application and token layers on top of Ethereum. Source: Galaxy Research (May 2026)](https://image.24vids.com/tw-2060720383225991505/amplify_video_thumb/2059781914345590788/img/VCQx4-e8NcHCW5Hn.jpg)
!["I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.](https://image.24vids.com/tw-2046586653750243712/amplify_video_thumb/2046583093507596288/img/sLmiGfDhOzumzy-4.jpg)
![.Justin Drake: "I don't see how ETH could not flip BTC" Justin is asked: What's Ethereum? Is it a settlement layer? A world computer? Monetary network? He responds: "For me, this hasn't changed for many years. Ethereum is the Internet of Value." "In order to be successful as the Internet of Value you need very good money at the center of it because that will be the substrate -- the economic bandwidth -- that will allow you to build a lot of services (e.g. loans, stablecoins)." "In some sense, the success of the platform and the success of the money are tied at the hip. This is why I think those who are pushing for ETH as money are really helping the platform and vice versa -- those who are helping the platform are helping with ETH the money." "One of my theses is that we'll have winner-takes-most platforms. There's only one Internet. There's only going to be one Internet of Value that captures 90-99% of all economic activity. And just for weird, path-dependent reasons, we have Bitcoin that is the largest money right now. But I think this is a highly-unstable equilibrium for multiple reasons. And I think the best candidate to win the Internet of Value is by far Ethereum." Fede’s intern 🥊 adds to this point, "I was never convinced there was a chance of [Ethereum flipping Bitcoin] to be honest. But I'm getting convinced there's a high probability -- you [Justin] have played a part in convincing me because of the issuance (declining block subsidy) and now the post-quantum. I do think there's a high chance that ETH becomes the dominant economic substrate in the long-term. I don't see how proof-of-work could work long-term." Justin echoes this: "Unless there's some catastrophic failure of Ethereum, I don't see how Ethereum could not flip Bitcoin." Source: Blockspace Forum Read our thesis on why ETH is better money than BTC below 👇](https://image.24vids.com/tw-2047676992657428666/amplify_video_thumb/2047674038235840512/img/qbkjs73Tze4rvA4Q.jpg)
