ARB Price Skyrockets 30% Amid Record Robinhood Chain Activity
ARB's price surged nearly 30% in 24 hours due to record activity on Robinhood Chain and increased trading volume. The token reached a high of $0.12, but returned to around $0.11 at the time of writing.
The Ethereum layer 2, built using Arbitrum technology, processed a record 5.52 million transactions on August 30, according to Arbitrum figures. Decentralized exchange volume reached roughly $875 million, with apps on Robinhood Chain generating $2.66 million in revenue over 24 hours.
The increase in activity is linked to the Arbitrum Expansion Program, which sees Robinhood Chain return 10% of its net protocol revenue to the Arbitrum ecosystem. However, this revenue model applies only to chains outside of Arbitrum One.
Memecoin trading has driven a significant portion of the recent activity on Robinhood Chain, with users creating roughly 22,600 tokens through Pons in a single day.