Robinhood Chain grossed 20x more revenue yesterday than 10 days ago. Ethereum got paid half.
Aug 22: $54K gross rev
Robinhood: $49K (90%)
Arbitrum: $5.4K (10%)
Ethereum: $248 (0.46%)
Aug 30: $1.087M gross rev
Robinhood: $978K (90%)
Arbitrum: $108K (10%)
Ethereum: $155 (0.014%)
Ethereum's cut is a fixed-ish L1 data-posting cost, not a revenue share. Arbitrum's cut is a true percentage-of-revenue license. So on a spike day, Arbitrum scales up with REV but Ethereum barely moves in dollar terms.
Robinhood's effective net margin rises above its baseline ~90% on big-revenue days, since one of its two "taxes" doesn't scale with volume.
Ethereum is running a franchise business that doesn't scale with the store's sales.