Who gets paid
Everyone in the Robinhood Earn stack: what they do, how Earn pays them, and whether there is a token to own. Earn's collateral mix is read onchain; protocol fees, revenue and TVL come from DeFiLlama; prices from CoinGecko.
The stack
From the app the customer sees down to the collateral borrowers post. Most of the stack has no token; where there is one, Earn usually pays it indirectly.
| Layer | Who | Role in Earn | Token | Share of Earn | How Earn pays them |
|---|---|---|---|---|---|
| App | Robinhood | Distributes Earn to its customers and owns the relationship | HOOD (stock) | IndirectNot disclosed. Earn keeps customer dollars in the Robinhood app | |
| Dollar | Paxos | Issues USDG, the dollar Earn users deposit | None | No token linkEarns on the reserves behind every USDG in circulation | |
| Curator | Steakhouse Financial | Runs the vault: picks collateral, sets risk limits and allocation | None | No token linkCurator fees on the vaults it manages | |
| Lending rails | Morpho | The lending markets the vault supplies USDG into | MORPHO | No token linkFee switch is off, so lending activity does not reach the token | |
| Chain stack | Arbitrum | Robinhood Chain is an Arbitrum chain settling to Ethereum | ARB | Indirect10% of Robinhood Chain's net revenue (gas), not Earn itself | |
| Collateral | Ethena | Issues USDe, which borrowers post to borrow Earn's USDG | ENA | USDe 66.3% | IndirectEarn creates demand for USDe as collateral; Ethena earns on the assets backing USDe |
| Collateral | Maple | Issues syrupUSDG, which borrowers post to borrow Earn's USDG | SYRUP | syrupUSDG 25.2% | IndirectBorrowers mint syrupUSDG to post it; Maple takes a fee on the institutional loans behind it |
| Collateral | Midas | Issues mGLO, a tokenized fund borrowers post as collateral | None tracked | mGLO 6.1% | No token linkEarn creates demand for mGLO as collateral |
| Collateral | Spark | Issues spUSDG, a savings token borrowers post as collateral | SPK | spUSDG 2.5% | IndirectEarn creates demand for spUSDG as collateral |
The collateral side
Earn users supply USDG. Borrowers post a yield-bearing token to borrow it, so Earn's growth shows up as demand for these tokens.
By the numbers
The players with a token, side by side on the same date. Fees are what users pay the protocol; revenue is what the protocol keeps, as DeFiLlama defines it for each.
| Who | Token | Price | 1y | Market cap | FDV | Fees 30d | Revenue 30d | Mcap ÷ ann. revenue | TVL |
|---|---|---|---|---|---|---|---|---|---|
| Morpho | MORPHO | $2.35 | +18% | $1.65B | $2.35B | $21.6M | $0 | — | $11.00B |
| Arbitrum | ARB | $0.1810 | -47% | $1.23B | $1.81B | — | — | — | — |
| Ethena | ENA | $0.1942 | -55% | $2.60B | $2.91B | $17.9M | $50K | n.m. | $5.19B |
| Maple | SYRUP | $0.2091 | -54% | $244.1M | $265.1M | $8.9M | $1.3M | 15.5x | $2.81B |
| Spark | SPK | $0.0202 | -49% | $67.7M | $201.8M | $19.0M | $889K | 6.3x | $6.95B |
Revenue definitions differ by protocol, so read the revenue and multiple columns as a rough guide, not a like-for-like comparison. “n.m.” = not meaningful: DeFiLlama counts less than 1% of the protocol’s fees as revenue (Ethena). Morpho shows no revenue because its fee switch is off. Arbitrum's fees aren't shown: DeFiLlama tracks Arbitrum One, not Robinhood Chain. HOOD is a stock and isn't shown. Prices: CoinGecko. Fees, revenue, TVL: DeFiLlama.