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Robinhood Q2 results showed a profit for the first time since going public, but crypto revenue decline d in the same quarter. Robinhood’s revenue from cryptocurrency transactions fell 18% to $31 million, according to a quarterly report released on Aug. 2. It also reported having $11.5 million in crypto asset investments, the same amount as at the end of the quarter. The company also saw a decline in new transaction-based funding, with options falling 5% to $127 million and equities falling 7% to $25 million. Over the past year, company revenue fell by 4%, from $202 million in June 2022 to $193 million in June 2023. Despite the revenue decline , Robinhood earned $25 million or 3 cents per share on revenue of $486 million. This exceeded the expectations of most analysts covering the company, expecting a loss of 1 cent per share on revenue of $473 million. You might also like: Robinhood retail crypto market share versus Coinbase rising Earnings before interest, tax, d...

As the cryptocurrency market recovered from 2022 lows in Q1 2023, a Messari report shows that Ethereum, the second-largest cryptocurrency by market capitalization, leads in various financial and ecosystem metrics, solidifying its position in decentralized applications (dapps) and smart contracts. Despite a modest decline in network usage by around 2.5%, the report notes that Ethereum remained resilient and dominated across several key indicators. For instance, its market capitalization posted a quarter-on-quarter increase of 83%, outpacing its peers in the “layer-1” category.  You might also like: Ethereum whales are aggressively buying the dip  Additionally, the smart contracts platform’s revenue , derived from the sum of all fees collected by the protocol, rose to $457 million in Q1 2023, nearly 2.8 times the combined revenue of all other featured competing layer-1 networks. Ethereum dominates with the highest TVL Ethereum’s leadership also...