Tom Lee: Robinhood Chain's rise shows ETH is acting as money

The emergence of the Robinhood Chain is a positive development for Ethereum (ETH), according to Tom Lee, Chairman of Bitmine (BMNR). The chain is a Layer 2 public network based on Arbitrum (ARB), launched by the U.S. stock and crypto trading app Robinhood (HOOD). Lee explained that the Robinhood Chain uses ETH for gas fee payments and denominates its transaction fees in the cryptocurrency. In this capacity, he stressed, ETH is functioning as money.