Digital broker Robinhood’s new chain is off to a good start and profits are trickling into the Ethereum-based Arbitrum network.
The Arbitrum native token (ARB) is up 19% in the last 24 hours, making it the best-performing asset among the top 100 cryptocurrencies, according to data from CoinDesk. bitcoin rose 1.5% to trade above $63,000, while ether (ETH) rose 0.5% on an otherwise calm day.
The gains came as Robinhood Chain, built on Arbitrum’s technology stack and launched to the general public a week ago, processed more than $568 million in daily trading volume on Wednesday and recorded more than $350 million so far on Thursday, according to blockchain data from Entropy Advisors. Much of that activity was fueled by an explosion of memecoin trading, while stablecoin balances on the network also quickly rose above $260 million in its first week.
The activity is translating into revenue for Arbitrum. Under the agreement, 10% of the Robinhood Chain protocol’s net revenue returns to 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 it would expand access to tokenized U.S. stocks to clients in more than 120 countries, launched a DeFi-powered savings vault offering returns through the Morpho lending protocol, and outlined plans to expand its crypto business into AI-powered trading and additional asset classes.
