Robinhood Chain Sends Fees Skyrocketing for Arbitrum

Arbitrum's (ARB) price surged over 45% on Sunday, extending its rally that has seen the token more than double in a week. The surge was largely due to the significant revenue generated by Robinhood Chain, built on Arbitrum technology.

Raise in Fees

The fees earned by Robinhood Chain have been staggering, with $2.9 million coming in over 24 hours through Sunday. In comparison, Arbitrum's own network generated only $12,238 in fees during the same period. Over the last several days, Robinhood Chain has taken in roughly $10 million in fees, with nearly $1 million of that being a result of flow back to Arbitrum.

Arbitrum Expansion Program

The Arbitrum Expansion Program requires participating chains to pay 10% of their net protocol revenue to the Arbitrum ecosystem. This includes 8% going to the ArbitrumDAO and 2% to the Developer Guild.

Impact on ARB Price

Traders have pointed to the rising fee stream and Arbitrum's portion of it as a reason behind the rally in ARB. As a result, the token's price has climbed to $0.19 over the past 24 hours, with its market cap hitting $1.28 billion.