On August 25, Robinhood Chain's decentralized trading platform Arcus launched the pToken protocol, which tokenizes managed perpetual contract accounts into transferable ERC-20 tokens. This allows users to gain leveraged asset exposure without directly managing margin and positions, and pTokens can be used for lending and other on-chain protocols. Arcus stated that each pToken represents proportional ownership of a perpetual contract account in a specific market with a fixed leverage ratio, enabling users to trade them like spot tokens. Leveraged products for assets such as BTC, SOL, and HYPE have been launched, including pBTC and pBTC3x, along with leveraged stock token products like pHOOD3x. Additionally, Arcus introduced a multi-asset collateral feature, allowing eligible SPY, QQQ, and MAG7 stock tokens to be used as collateral for perpetual contracts, with an initial loan-to-value (LTV) ratio of 50%, enabling users to obtain leverage without selling the underlying assets. Robinhood Chain officially launched its mainnet on July 1, with a total value locked (TVL) exceeding $600 million and cumulative DEX trading volume surpassing $26 billion. Arcus claims its cumulative trading volume has exceeded $250 million, with an average daily trading volume of over $33 million and a TVL of $18 million, while the number of users waiting for perpetual contracts has surpassed 85,000.