Galaxy Digital said in a report on Friday that Robinhood's tokenization move removes assets from traditional market channels and places them on the chain, directly challenging the concentrated liquidity and activity that large traditional financial (TradFi) exchanges like the New York Stock Exchange (NYSE) rely on. The platform's architecture is similar to Coinbase's Rollup models such as Base, giving Robinhood full control of its sorters and the ability to charge all transaction fees. Galaxy estimates that Base costs Coinbase more than $150,000 per day in sorter fees. By operating Robinhood Chain's sorters and controlling tokenized assets, Robinhood's goal is to monetize every layer of the transaction stack-from "off-chain transactions to on-chain utilities," the report said.