ARB Surges 30% as Altcoins Falter: Robinhood Chain Revenue Exceeds $2 Million

Arbitrum’s ARB token surged 30% while the altcoin market weakened; as Robinhood Chain’s 24-hour revenue exceeded $2 million, 10% of net protocol revenue is being funneled into the Arbitrum ecosystem.

ARB was the top performer among the top 100 cryptocurrencies, gaining approximately 30% in the last 24 hours. According to data reported by CoinDesk, Robinhood Chain’s 24-hour revenue rose from approximately $1.22 million to over $2 million. This move comes at a time when the Altcoin Season index, which measures the general strength of altcoins, has declined to the 26/100 level.

The movement in ARB coincided with the rapid increase in revenues for Robinhood Chain, Robinhood’s network operating on Arbitrum.

Robinhood Chain revenue increased approximately 20-fold

According to calculations by Lorenzo Valente from ARK Invest, the network’s gross revenue rose from $54,676 to $1.088 million between August 22-30. Thus, revenue increased approximately 20-fold. The share allocated to Arbitrum also rose from $5,400 to $108,000 during the same period.

As open interest in ARB futures increased by more than 10%, it was observed that investors were taking more positions on the token.

Bitcoin, meanwhile, is trading sideways around $78,000 following a short-term squeeze. Spot Bitcoin ETFs saw a net inflow of $217 million on Monday.