Key facts
- Robinhood Chain blockchain experienced a temporary outage on Friday.
- Block production halted for over 14 minutes, disrupting transactions and smart contract interactions.
- The network was busy with activity related to tokenized stocks during the disruption.
- The number of tokenized stockholders on Robinhood Chain doubled from 1 million to 2 million in August.
- Robinhood has not yet publicly disclosed the cause or expected recovery time for the outage.
Robinhood Chain, a blockchain platform, experienced a significant disruption on Friday when its block production halted for over 14 minutes, preventing new transactions and impacting services like token transfers and smart contract interactions. The outage occurred during a period of rapid growth for tokenized stocks on the platform, with the number of tokenized stockholders doubling to 2 million in August, according to data from CryptoRank. Approximately 95% of all tokenized stock holders are based on three chains, including Robinhood Chain, BNB Chain, and Solana, with Robinhood Chain leading the market. Blockchain experts noted that the suspension of block generation was evident as transactions continued to appear in explorers but no new blocks were being produced. While block production eventually resumed intermittently, the network was reported to be unstable. Robinhood has not yet released a statement regarding the cause of the outage or a timeline for full recovery. Concurrently, Robinhood Markets' stock (HOOD) saw a decline of 3.78% in premarket trading, reaching approximately $120, influenced by broader market concerns following strong U.S. jobs data that raised fears of a Federal Reserve rate hike.