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Arbitrum token surges after Robinhood chain ramps up trading
Robinhood Chain, built on Arbitrum technology, recorded $568 million in daily volume and early stablecoin balances rose above $260 million in its first week.
Arbitrum's native token ARB jumped 19% over the past 24 hours as Robinhood's newly launched blockchain saw a major rise in activity, according to CoinDesk data. The article says the gains made ARB the best-performing asset among the top 100 cryptocurrencies.
CoinDesk reports that Robinhood Chain, which is built on Arbitrum's technology stack, processed more than $568 million in daily trading volume on Wednesday and logged over $350 million so far on Thursday. It attributes much of the activity to a surge in memecoin trading, while stablecoin balances on the network climbed quickly to above $260 million within its first week.
The increased throughput is also tied to revenue flowing back to the Arbitrum ecosystem. Under the agreement described by CoinDesk, 10% of Robinhood Chain's net protocol revenue is routed to the Arbitrum ecosystem, split between the DAO treasury and the Developer Guild.
CoinDesk adds that FalconX projected Robinhood Chain could generate $60 million in revenue for Robinhood, and notes the chain's launch is part of Robinhood's broader crypto push that includes expanding tokenized U.S. stock access to customers in more than 120 countries. The article also cites a DeFi-powered savings vault linked to the Morpho lending protocol and plans to expand crypto offerings into areas including AI-powered trading and additional asset classes.