The vault behind Robinhood Earn holds about $522 million from 77,594 addresses, lent to just 48 borrowers, with the top 20 taking 91%. This piece explains the two-sided subsidy: Robinhood pays depositors about 3.1%, Ethena pays USDe collateral 5%, and loopers at about 9x sit in between. It also covers the three risks depositors actually carry: a 16-hour oracle buffer, 10.7% instant liquidity, and weekly renewals.

Robinhood Earn 背后的金库约 5.22 亿美元、77,594 个存款地址，却只借给了 48 个借款地址，前 20 个借走 91%。本文拆解「两头补贴」结构：Robinhood 补存款人约 3.1%，Ethena 补 USDe 抵押品 5%，中间是约 9 倍杠杆的循环贷。并说明存款人真正承担的三个风险：预言机 16 小时缓冲、10.7% 的即时流动性和每周续期的补贴。

Sixty yield-bearing pools on Robinhood Chain average 6.56%, and 60.1% of that is rewards. This piece splits onchain yields into six parts (price, fees, lending spread, basis, subsidies, risk compensation) to find who pays each one, sets a 3.5–4% unsubsidized benchmark, and shows how bridging, slippage, weekend premiums and regional access change what you actually earn.

Robinhood Chain 上 60 个有收益的池子加权平均年化 6.56%，其中 60.1% 是奖励。本文用一个六项收益方程（价格敞口、手续费、借贷利差、基差、补贴、风险补偿）拆解链上主要收益产品，找出每份收益的付款人，给出 3.5–4% 的无补贴基准，并算清过桥、滑点、周末溢价和地区准入对实际收益的影响。

Robinhood Chain is famous for stock tokens, but its ledger is mostly dollars: about $1.045 billion in stablecoins, mainly lent out, against $185 million of stock tokens. This piece maps the chain's eight asset classes by source of return and exit speed, and walks through five common traps in reading its data: double counting, aggregator prices, the dividend multiplier, user-only rewards, and quotes that are not fills.

Robinhood Chain 以股票代币出名，账本上最多的却是美元：约 10.45 亿美元稳定币，最大用途是借贷，而全部股票代币只有 1.85 亿美元。本文梳理链上八类资产的收益来源与退出速度，并拆解读这条链数据最常见的五个陷阱：重复计算、聚合器价格、分红乘数、只发给特定用户的奖励，以及报价不等于成交。

Onchain DeFi deposits hit a record while trading and daily actives fell together. Crypto revenue halved and the stock fell 17%, yet deposits set a record and prediction markets now out-earn crypto. Reading Robinhood's two weeks through the stock–flow scissors.

链上 DeFi 锁仓创新高，交易和日活却一起下滑；公司加密收入腰斩、股价半月跌 17%，入金却创纪录，预测市场收入已超过加密货币。用“存量–流量剪刀差”读懂 Robinhood 这半个月。