Federal Reserve Beige Book: Overall Economic Outlook Positive, But Uncertainty Rises

The public relations department of Iran’s Islamic Revolutionary Guard Corps (IRGC) issued a statement that day, saying the IRGC Air Force launched multiple ballistic missiles to strike a U.S. aircraft carrier and a destroyer. The targeted U.S. warships had participated in maritime blockade operations against Iran and interfered with Iranian vessels. The statement added that the two U.S. warships were forced to withdraw from the conflict zone after sustaining losses. (Xinhua) Today, conflicts persist across multiple regions in the Middle East, with the U.S. military and IRGC sinking each other’s oil tankers. U.S. Central Command (CENTCOM) confirmed it sank three IRGC oil tankers, while Iran claimed it struck three U.S.-linked vessels and three oil tankers, disrupting shipping in the Strait of Hormuz.

Arbitrum founder Steven Goldfeder and Solana co-founder Toly have clashed over the fee model of Robinhood Chain. As an Ethereum layer-2 built on Arbitrum Orbit, Robinhood Chain allocates 10% of its net protocol revenue to the Arbitrum ecosystem: 8% to the DAO treasury and 2% to the development fund, with Robinhood retaining roughly 90% for itself. Recently, fees on Robinhood Chain have surged, with average per-transaction gas hitting around $0.4 at one point, and daily fees reaching millions of dollars—far higher than Solana’s typical ultra-low transaction costs. Solana co-founder Toly argues that the 10% split paid to Arbitrum is more than four times the equivalent transaction cost on Solana. If Robinhood Chain had been built on Solana, Robinhood could have offered users full gas waivers. Toly claims frontends should profit from their own apps, not from "network congestion-driven price hikes" on the underlying layer, calling Robinhood Chain’s model "brain dead." He asked Goldfeder: Why shouldn’t apps charge users directly? Does scaling and reducing congestion have to come at the cost of revenue? Arbitrum co-founder Steven Goldfeder countered that Toly’s view is "way off base." On Arbitrum, Robinhood keeps 90% of gas fees; on Solana, base layer fees go to validators or the network, so Robinhood would retain zero—meaning it would have to cover full gas waivers out of its own pocket. Goldfeder said Robinhood chose Arbitrum to act as a "landlord" rather than a "tenant," controlling its sequencer and keeping most fees for itself.

According to official data, Hyperliquid bought and burned 9,730 HYPE tokens at an average price of $85.27 over the past 24 hours, worth approximately $829,500. As of press time, Hyperliquid has cumulatively burned 48.42 million HYPE tokens, valued at around $4.14 billion at current prices, accounting for roughly 4.84% of its maximum supply.

According to Lookonchain’s monitoring, whale address 0x6750 purchased 174,826 HYPE tokens approximately 8 hours ago, valued at around $15.01 million, and has staked all of them.

According to HTX market data, ARB leads the altcoin gainers, surging 48.8% in a single day to trade at $0.197. ARB’s rally is primarily driven by the boom in on-chain activity on Robinhood. Built on the Arbitrum tech stack, Robinhood Chain’s 24-hour DEX trading volume exceeded $1.89 billion last night, surpassing Solana and BNB Chain to top the public chain rankings for the first time. Per their partnership licensing agreement, Robinhood Chain is required to return 10% of the protocol’s net revenue to the Arbitrum ecosystem: 8% goes to the Arbitrum DAO treasury, and 2% to the Arbitrum Developer Guild. SUSHI rose over 40% in 24 hours, breaking through $0.267, with its rally also fueled by the booming on-chain activity on Robinhood. SushiSwap has integrated its DEX and launchpad onto Robinhood Chain. Sushi Launch launched at the end of July, allowing new tokens to pair with tokenized stocks and gain immediate access to Sushi V3 pools upon listing. Around September 4, SushiSwap Launch V2 went live, enabling the SUSHI token to act as the quote asset on the launchpad.

According to HTX market data, the crypto market saw a minor rebound on Sunday, pushing total crypto market capitalization to $2.781 trillion. Bitcoin broke above $80,000, while Ethereum crossed $2,500. Driven by robust trading activity in the BNB Chain ecosystem, BNB surged past $780 and is now trading at $764. SOL is priced at $104, HYPE at $85.8, and ZEC performed strongly, rising over 5% to hit $1,070. Leading altcoin gainers include ARB, which topped the list with a 48.8% single-day rally to trade at $0.197; SUSHI, up over 40% in 24 hours to break $0.267; and several BNB Chain ecosystem tokens such as MARSCOIN, 1000CAT, TUT, and CAKE, which also ranked among the top gainers amid the ecosystem’s hot trading activity.