Arbitrum jumps 19% benefitting from Robinhood’s $568 million onchain trading frenzy
Digital dealer Robinhood’s new chain is off to a flying begin, and the advantages are trickling to Ethereum-based community Arbitrum.
The native token of Arbitrum (ARB) jumped 19% over the previous 24 hours, making it the best-performing asset within the prime 100 cryptocurrency, in keeping with CoinDesk information. Bitcoin BTC$63,251.41 edged 1.5% increased to commerce above $63,000, whereas ether (ETH) was up 0.5% in an in any other case muted day.
The good points got here as Robinhood Chain, constructed on prime of Arbitrum’s know-how stack and rolled out to the broader public every week in the past, processed over $568 million in every day buying and selling quantity on Wednesday and logged over $350 million up to now on Thursday, in keeping with blockchain information from Entropy Advisors. A lot of that exercise was pushed by a burst of memecoin buying and selling, whereas stablecoin balances on the community additionally climbed shortly above $260 million inside its first week.
The exercise is translating into income for Arbitrum. Underneath the settlement, 10% of Robinhood Chain’s internet protocol income flows again to the Arbitrum ecosystem, cut up between the DAO treasury and the Developer Guild.
Robinhood’s crypto push
Robinhood unveiled the chain at its London occasion final week because the centerpiece of a broader crypto push. The brokerage introduced it might increase entry to tokenized U.S. shares to prospects in additional than 120 nations, launched a DeFi-powered financial savings vault providing yields by the lending protocol Morpho, and outlined plans to increase its crypto enterprise into AI-powered buying and selling and extra asset lessons.
