Digital broker Robinhood’s new channel is off to a great start and the benefits are trickling down to the Ethereum-based Arbitrum network.
Arbitrum’s native token (ARB) surged 19% in the past 24 hours, making it the best-performing asset among the top 100 cryptocurrencies, according to CoinDesk data. Bitcoin rose slightly by 1.5% to trade above $63,000, while ether (ETH) rose 0.5% on an otherwise quiet day.
The gains came as Robinhood Chain, built on top of Arbitrum’s tech stack and rolled out 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 this activity was driven by an explosion in memecoin trading, while stablecoin balances on the network also quickly climbed above $260 million in the first week.
Activity translates into revenue for Arbitrum. Under the agreement, 10% of Robinhood Chain’s net protocol 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 campaign. 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 via the Morpho lending protocol, and outlined plans to expand its crypto business into AI-powered trading and additional asset classes.
