Digital broker Robinhood’s new chain is off to a flying start, and the benefits are trickling down to Ethereum-based network Arbitrum.
The native token of Arbitrum (ARB) jumped 19% over the past 24 hours, making it the best-performing asset in the top 100 cryptocurrencies, according to CoinDesk data. Bitcoin rose 1.5% higher to trade above $63,000, while ether (ETH) rose 0.5% on an otherwise subdued day.
The gain came as Robinhood Chain, built on top of Arbitrum’s technology stack and rolled out to the wider public a week ago, processed over $568 million in daily trading volume on Wednesday and logged over $350 million so far on Thursday, according to blockchain data from Entropy Advisors. Much of this activity was fueled by a burst of memecoin trading, while stablecoin balances on the network also rapidly increased over $260 million within the first week.
The activity is translated into revenue for Arbitrum. Under the agreement, 10% of Robinhood Chain’s net protocol revenue flows back into the Arbitrum ecosystem, split between the DAO treasury and the Developer Guild.
Robinhood’s crypto push
Robinhood unveiled the chain at its London event last week as the centerpiece of a broader crypto push. The brokerage announced that it would expand access to tokenized US stocks to clients in more than 120 countries, launched a DeFi-powered piggy bank that offers dividends through the lending protocol Morpho, and outlined plans to expand its crypto business into AI-powered trading and additional asset classes.
