Steven Goldfeder
@sgoldfed
941 Following 38.5K Followers
Two things every chain has to get right:
* Fast execution
* Blockspace that's priced efficiently
PGA and Fast Feed are now live on Arbitrum One and do both.
Better onchain experiences for apps and users, and a new revenue stream accruing directly to the token-controlled Arbitrum treasury.
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Good to see the SEC move on this. A real, workable path for tokenized securities is a big step for global onchain markets.
Arbitrum just crossed 5,000 tokenized RWAs, so the infrastructure is more than ready to meet the moment in America and abroad.
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You can get on the Arbitrum train today. Or you can get on later.
But either way Arbitrum will power the programmable economy and bring the world onchain.
As institutions adopt Arbitrum and ZeroDev, our enterprise pipeline is exploding. I’m looking for a Head of Enterprise to work closely with me.
Check out the job description below. If this sounds like you, apply below and shoot me a DM.
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You’re not bullish enough on what crypto is about to do to global finance.
You’re not bullish enough on Arbitrum.
Just randomly realized we’re approaching 5 years since #L222# for those who remember that! (did @kain start it?)
Anyway took a few years but good to see L2s finally getting the love they deserve. #L226#
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September month-to-date @arbitrum is the 3rd largest blockchain by revenue
$2.6M revenue in 6 days from Arbitrum's L2, the surge in Robinhood Chain and treasury income
This implies run-rate revenue of $150M+ before factoring any assumed growth of existing lines and new Arbitrum Chain launches (of course only illustrative as still an early sample size to be annualizing)
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BREAKING: Arbitrum jumps to become the 3rd highest blockchain by revenue in the week.
@arbitrum revenue comes from multiple high-margin blockchain products including ArbitrumOne and AEP licence revenue from Arbitrum Chains such as Robinhood Chain.
In just the past week, @RobinhoodApp Chain's growth has helped Arbitrum revenues for the ethereum:0xb50721bcf8d664c30412cfbc6cf7a15145234ad1 holder-controlled treasury grow to $1.47M (implying $75M+ in a year assuming no change or further growth).
Most still underappreciate this since public fee data doesn't yet capture all the income streams for Arbitrum. That should change over time.
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When I first started Offchain, I was too focused on beating our competitors. But that makes you lose focus, limits your imagination, and can even make you look insecure and petty.
There’s a talk I give to early founders with 10 tips I wish someone had told me. This is #8#.
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Unfortunately, data aggregators do not reflect Arbitrum’s revenue in full yet. They miss revenue share from AEP chains.
If they did, Arbitrum would be a top 3 or 4 in this list
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Nothing more bullish than this level of cope 😎
Robinhood chain is obviously seen as the main thing for Arbitrum right now BUT, it’s worthwhile to take a look around and see how much else they have going for them across DeFi/incubators/zk and more.
Excited to see @ethlabs_org & @arbitrum collab more as we get started.
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Arb’s supply is largely misunderstood as it is often quoted as including DAO tokens as locked.
The ARB investor/teammate unlocks are nearing completion and will be fully unlocked this coming March. The remaining locked tokens investor/teammate account for about 7.7% of the total supply.
So where are the rest of the tokens? They sit in the DAO treasury, and are not locked in the traditional sense. The Arbitrum DAO currently holds 2.84 billion ARB. But the DAO tokens are fully controlled by the circulating tokens as the only way those tokens move is by a vote of the other tokenholders.
Here’s a screenshot from the recent Arbitrum transparency report:
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67% of $ARB’s 10B total supply is already circulating.
That’s a high-float token.
A large portion of the eventual supply is already in the market, which means there’s less future dilution and less of the constant “unlock overhang” you typically see with low-float tokens.
So for me, fading $ARB purely because of its tokenomics doesn’t make much sense.
The supply is largely out.
Now the real question is: does demand catch up?
And this is where my $ODYS thesis gets interesting.
Robinhood Chain is built on Arbitrum, and 10% of its revenue goes back to the Arbitrum ecosystem.
Of that 10%, 2% goes specifically toward developers contributing to Arbitrum’s technology, tooling and infrastructure.
As more activity flows through Robinhood Chain and the broader Arbitrum ecosystem grows, I expect more capital to flow toward the builders and protocols contributing to that growth.
That’s why I’m betting on $ODYS.
The bet isn't just on another protocol.
It's on the ecosystem around Arbitrum getting bigger and the value that can accrue to the projects building within it.
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Don’t fall for the price narrative trap that compares apples and oranges.
Arbitrum One and Robinhood Chain actively protect against frontrunning and thereby most harmful MEV.
Some other chains that advertise lower fees have much higher MEV including frontrunning of retail users.
Speaking for myself, I’d much rather pay a known fee upfront than pay less and lose money to hidden fees in the form of being front run, sandwiched etc.
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Arbitrum + Ethereum will be the infrastructure powering the programmable economy.
What currency are those fees collected in?
Alternate headline: Robinhood chain drives $6m of demand for ETH
Robinhood L2 paid just $722 USD yesterday while RH earned a record $6M in fees.
10% of those fees go to Arbitrum, with crumbs to the L1.
Maybe it's okay...?
Like Uber subsidized initial growth, so does Ethereum bring tradfi to the Ethereum ecosystem and later manage to raise the rent.
If Ethereum devs had a strategy on how to attract more L2s and then monetize when switching costs are too high, then it could be bullish for the L1.
Unfortunately, I don't really see that strategy in the Ethereum roadmap.
Or am I wrong?
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I have a ton of respect for @toly but this is a ridiculous take. On Arbitrum, Robinhood keeps 90% of gas fees. On Solana they would retain 0 and any gas fees they subsidized would come out of pocket.
Robinhood chose Arbitrum so they could be a landlord and not a tenant.
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Why did @RobinhoodApp choose to build out their own L2 instead of going with alternative options?
Listen to @sgoldfed from @Offchain on why they chose to build on @arbitrum
Offchain CEO Steven Goldfeder on the two paths enterprises can take to launch a chain:
"If you look at enterprises, a lot of them are starting with 'we want our own chain'- Circle, Stripe, Coinbase, Robinhood. And there are basically two paths, you either launch an alternative layer 1, and that's the path Stripe took, that's the path Circle took, or you launch an L2 on Ethereum, and that's the path Robinhood and Coinbase have taken."
"The starting point for many of them is 'I want my own chain,' and Ethereum actually is the only environment that has an offering. They're not going to an alt layer 1 and building an alt layer 2 there. Either they're building an Ethereum layer 2, large enterprises, or they're launching their own new environment."
"To me, it's clearly a win for Ethereum. Literally, Ethereum is the only layer one that even has an offering that can talk this language."
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Robinhood has created demand for $eth from hundreds of thousands of people in two months. Many of those native to other blockchain ecosystems.
They’ve done plenty for Ethereum already. Please no more alignment games.
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