Digital broker Robinhood’s new chain is off to a good start, and its benefits are trickling down to Ethereum-based network Arbitrum.
Arbitrum (ARB)’s native token rose 19% in the past 24 hours, making it the best-performing asset among the top 100 cryptocurrencies, according to CoinDesk data. Bitcoin BTC$63,251.41 rose 1.5% to trade above $63,000, while Ethereum (ETH) rose 0.5% on an otherwise calm day.
The gains come as the Robinhood Chain, built on Arbitrum’s technology stack and made widely available to the public a week ago, processed more than $568 million in daily trading volume on Wednesday, and more than $350 million so far on Thursday, according to blockchain data from Entropy Advisors. Much of that activity was driven by a surge in memecoin transactions, and stablecoin balances on the network also quickly exceeded $260 million in the first week.
This activity generates revenue for Arbitrum. Under the agreement, 10% of Robinhood Chain’s net protocol revenue will be funneled back to the Arbitrum ecosystem and split between the DAO Treasury and the Developers Guild.
Robinhood’s virtual currency promotion
Robinhood announced the chain at an event in London last week as the centerpiece of its broader crypto push. The brokerage announced it would expand access to tokenized U.S. stocks to customers in more than 120 countries, launched a DeFi-powered savings vault that offers yield through its lending protocol Morpho, and outlined plans to expand its crypto business into AI-powered trading and additional asset classes.
