Robinhood's new crypto network is printing cash, and it's sending Arbitrum's token soaring
Robinhood's new Ethereum layer-2 network, Robinhood Chain, has seen a surge in activity, generating significant revenue and driving up the price of the Arbitrum (ARB) token. Because the chain utilizes the Arbitrum technology stack, the Arbitrum DAO receives a percentage of the revenue, creating a direct financial link between the two protocols.
Why it matters
The success of Robinhood Chain demonstrates the viability of the 'Arbitrum Expansion Program' and highlights how layer-2 networks can generate substantial revenue for their underlying protocols.
The move followed a ramp-up in activity on Robinhood Chain, the Ethereum layer-2 introduced on July 1 by trading platform Robinhood HOOD $ 106.54 . The chain uses Arbitrum’s technology stack and pays the Arbitrum DAO directly. And payments have accelerated over the past 10 days.
Robinhood Chain generated $1.92 million in revenue over the past 24 hours, according to DefiLlama , the most of any blockchain. Canton came next, with $1.76 million, followed by Tron at $974,039, Base at $98,416 and Ethereum at $75,004.
The past 24 hours accounted for roughly a third of the $5.92 million the chain has generated over 30 days, with more than two-thirds of that total arriving in the past week alone.
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