been thinking a lot about the Robinhood L2 and I don't think they're just building another L2 for cheaper trading. they're positioning to replace the entire financial stack, from NYSE to investment banks. think about the vertically integrated play: > control customer onboarding and order flow > own the trading infrastructure end-to-end > eliminate NYSE fees and settlement delays > remove investment bank gatekeeping from capital formation right now, Robinhood pays fees to trade on NYSE and relies on clearinghouses for settlement. every middleman takes a cut and adds risk (remember the GameStop liquidity crisis?). but what if you could tokenize any stock and trade it immediately on your own infrastructure? this is the stablecoin playbook applied to equities. just like USDC made traditional banking rails look obsolete for value transfer, tokenized stocks could make traditional exchanges obsolete for price discovery. the regulatory moat is enormous. launching a competing stock exchange requires years of compliance work and regulatory approval. but launching an L2 where existing stocks get wrapped as tokens? much faster path to market. phase 1: Compete with NYSE by offering better UX, lower fees and 24/7 working hours phase 2: Enable private company trading (SpaceX, Stripe, etc.) phase 3: Replace the entire IPO process with token launches imagine a buttoned-up version of pump . fun where any company can raise capital directly from retail investors. no investment bank intermediaries. no IPO lockup periods. no accredited investor gatekeeping. This is the dream that got people excited about ICOs, but with actual regulatory compliance + better reporting. i used to be obsessed with this idea. The conversations that i had before about this ended with a risk of prison time or waiting a decade for the regulatory permission. I guess the decade has just elapsed