After a significant rebound at the beginning of September, ARB, the market began to shift its focus to the revenue expectations brought about by Robinhood Chain and the upcoming token unlocks. As prices rose rapidly, new supply and leverage expansion are becoming the next challenges faced by Arbitrum.
Robinhood Chain drives a rebound
According to the market data referenced in the text with the code MetaMask, ARB approached $0.197 on September 6, experiencing a 24-hour increase of about 49%, and a cumulative rise of about 127% compared to the level on August 30. This round of growth also pushed the market value of Arbitrum to over $1.3 billion, with a significant increase in trading activity.
The Block data shows that Robinhood Chain, built on Arbitrum technology, set an active record at the beginning of September, with daily user fees reaching $3.75 million and DEX daily transaction volume exceeding $1.5 billion. As a result, the market has re-evaluated the revenue potential of the Arbitrum ecosystem.
Revenue sharing is not equivalent to the total costs on the chain.
Robinhood Chain has received attention, and one important reason is that there is an authorization relationship between Arbitrum and the chains that adopt its technology. According to Arbitrum Expansion Program, if the relevant chains do not settle on Arbitrum One, 10% of their net protocol revenue will flow back into the Arbitrum ecosystem.
Of this, 8% goes into the ArbitrumDAO vault, and 2% is allocated to Arbitrum Developer Guild. This means that the user fees generated by Robinhood Chain do not directly flow to the holders of ARB or DAO in the same proportion.
Official documents show that Arbitrum generated revenue of $6.19 million in the first half of this year. In July, authorization fees from Expansion Program amounted to approximately $360,000, which accounted for 35% of DAO's revenue for that month. This indicates that Robinhood Chain has indeed brought in new sources of income, but the actual amount of revenue returned still needs to be considered separately from the total costs on the blockchain.
92.65 million ARB coins will enter circulation
While revenue expectations are on the rise, ARB is also set to see new supply. Data from DefiLlama indicates that Arbitrum will soon release approximately 92.65 million ARB, which will be mainly allocated to team members and investors. Calculated at $0.197 each, this batch of tokens is valued at around 18.2 million US dollars.
The leverage in the derivatives market is also rising simultaneously. CoinGlass data shows that there are approximately $308 million in open futures contracts, with a 24-hour futures trading volume of about $2.15 billion. The addition of newly unlocked high leverage means that prices may face greater volatility after a significant increase.
Robinhood Chain has recently been advancing its tokenized stock business, but the previous controversies surrounding the AMC tokens, as well as earlier network disruptions, also indicate that this new chain still faces operational and regulatory risks. Next, the market will observe whether the demand generated by Robinhood Chain will be able to absorb the newly circulated ARB.
