Arbitrum Jumps 19% as Robinhood's $568 Million On-Chain Trading Frenzy Takes Off

Digital broker Robinhood's new chain is off to a flying start, and the benefits are trickling to Ethereum-based network Arbitrum. The native token of Arbitrum (ARB) jumped 19% over the past 24 hours, making it the best-performing asset in the top 100 cryptocurrency, according to CoinDesk data. Bitcoin edged 1.5% higher to trade above $63,000, while ether was up 0.5% in an otherwise muted day.

Arbitrum's Rise. Arbitrum's native token ARB jumped 19% over the past 24 hours, making it the best-performing asset in the top 100 cryptocurrency.

■Arbitrum's token ARB jumped 19% over the past 24 hours.

■Bitcoin edged 1.5% higher to trade above $63,000.

■Ether was up 0.5% in an otherwise muted day.

Robinhood's Chain Volume. Robinhood Chain, built on top of Arbitrum's technology stack and rolled out to the broader public a week ago, processed over $568 million in daily trading volume on Wednesday and logged over $350 million so far on Thursday.

■$568 million in daily trading volume on Wednesday.

■Over $350 million in trading volume on Thursday.

Stablecoin Balances. Stablecoin balances on the network also climbed quickly above $260 million within its first week.

■Stablecoin balances above $260 million.

Markets are closely watching Arbitrum's rapid rise and Robinhood's on-chain trading frenzy.