Standard Chartered Sees Arbitrum Rising 70-Fold to $10 by 2030
Summary
- Standard Chartered said layer-2 blockchain Arbitrum (ARB) could rise about 70-fold from current levels after setting a $10 price target for 2030.
- Geoff Kendrick said Arbitrum has substantial upside because it is structured to capture 10% of the net protocol revenue generated by companies operating on the network.
- Kendrick said the main downside risks are slower asset tokenization and an increase in competing blockchains, while also citing Arbitrum's $5 million in September revenue and its 64.3% weekly gain.
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Standard Chartered has set a 2030 price target of $10 for layer-2 blockchain Arbitrum's ARB token, implying about 70-fold upside from current levels.
Cointelegraph reported on September 21 that Geoff Kendrick, Standard Chartered's global head of digital assets research, said Arbitrum has significant room to appreciate because its structure allows it to capture 10% of the net protocol revenue generated by companies operating on the network.
Kendrick cited Robinhood Chain as a leading example. Since Robinhood Chain launched in July, Arbitrum's revenue for September rose to $5 million, five times the level before the launch. Slower-than-expected asset tokenization and a growing number of competing blockchains are the main downside risks to that outlook, he added.
Major cryptocurrencies broadly recovered this week. Bitcoin rose 5.9% on the week to $81,185, while Ether gained 6.6% to $2,639 and XRP advanced 5.4% to $1.40. Among altcoins, Near Protocol posted the biggest weekly gain at 76.4%, followed by Arbitrum at 64.3% and Ethena at 61.6%.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.