Robinhood Chain Trading Volume Surges to $568M, Driving 19% ARB Rally
HOOD sits 81% above its 52-week low of $63.515.
Summary
Robinhood's newly launched Layer-2 blockchain, Robinhood Chain, processed $568M in trading volume on Wednesday and another $350M by Thursday, with memecoin activity driving the surge. The network's stablecoin balances exceeded $260M in its first week, and the Arbitrum Foundation estimates an annualized revenue run rate above $12.5M from the chain. This follows the July 2nd launch and Robinhood's broader crypto expansion, including tokenized stocks and DeFi savings. The volume and revenue figures are early but significant, showing real traction that could boost Robinhood's crypto revenue stream and validate its onchain strategy.
At the time of this announcement, HOOD was trading at $115.25 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $103.7B. The 52-week trading range was $63.52 to $153.86. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: CryptoProwl.