Arcus has started distributing Season 1 points to users of its tokenized-asset exchange, setting up a weekly competition in which trading activity, liquidity provision and off-hours real-world asset trading determine shares of a fixed 250,000-point pool. First-week data indicates that the rewards were heavily concentrated: the top 100 addresses received 44.78% of all points distributed.
The program began on Oct. 1 and is scheduled to run until no later than June 2027. Arcus updates totals every Thursday at 3 a.m. Beijing time, with the same weekly issuance regardless of the number of active wallets. That fixed supply means a growing user base would make each participant’s portion dependent on both personal activity and the volume generated by other accounts.
Arcus operates on Robinhood Chain and offers 24/7 trading in tokenized stocks and perpetual contracts tied to stocks, commodities, indices and cryptocurrencies. The exchange is being developed separately from dYdX Chain, although dYdX founder Antonio Juliano said in Arcus documentation that part of any future Arcus token supply would be allocated to the dYdX community.
Top wallets took nearly half of first-week rewards
Arcus distributed its initial 250,000 Season 1 points to more than 9,600 addresses, according to data from the third-party points tracker Boost123. The tool recorded 9,659 receiving wallets, with an average allocation of 25.88 points and a median of only 1.53 points.
The gap between those figures points to a sharply uneven distribution. More than 4,271 addresses received less than one point, while the 90th percentile stood at 37.46 points. In practical terms, nine out of 10 participating wallets earned 37.46 points or fewer during the week.
The largest allocation bands accounted for much of the pool. Wallets receiving more than 1,000 points collected 68,832.73 points, or 27.53% of the weekly total. The 500-to-999-point group received another 34,346.80 points, equal to 13.74%.
Addresses in the 100-to-499 range received 76,039.01 points, or 30.42% of issuance. Those figures suggest Arcus’s scoring model currently rewards sustained, larger-scale use rather than spreading rewards evenly among all connected wallets.
The remaining points were distributed across smaller bands. Wallets with 50 to 99 points received 9.23% of the pool, while those earning 10 to 49 points collected 13.97%. Addresses with one to nine points received 4.66%, and wallets below one point shared 0.45%.
Off-hours RWA trading carries extra weight
Arcus rewards users for trading, market making, deposits and referrals, but it has attached additional incentives to tokenized real-world assets, particularly when they are traded outside U.S. equity-market hours.
The exchange defines regular U.S. trading availability as 4 a.m. to 8 p.m. Eastern time on U.S. trading days, covering both the standard session and extended-hours activity. Trades placed between 8 p.m. and 4 a.m. Eastern time, during weekends, or on U.S. market holidays qualify for boosted treatment when markets are quoted. The schedule adjusts automatically for daylight saving time.
That structure places a premium on the feature Arcus is trying to distinguish from conventional stock venues: continuous access to stock-linked markets. Traditional U.S. equity trading is largely constrained by exchange schedules, while tokenized stock markets can remain active around the clock if market makers continue to provide quotes.
During the first Season 1 week, Arcus recorded about $727.6 million in RWA trading volume, including roughly $258.8 million during overnight and weekend periods, according to the supplied platform data. Total trading volume reached about $2.94 billion, while open interest stood near $64.06 million.
The off-hours RWA figure represents more than one-third of the reported weekly RWA volume. That does not establish whether users were trading because of underlying demand, point incentives or both, but it shows the bonus structure is directing substantial activity into the periods Arcus has targeted.
Tokenized stocks sit at the center of the product
Arcus offers zero-fee spot trading in stock tokens issued on Robinhood Chain. The tokens can be redeemed, held in self-custody and used in decentralized-finance applications, according to the project’s documentation.
The platform has listed more than 190 stocks for spot swaps, according to the supplied information. Its quote-request model relies on professional market makers to price trades, an approach intended to provide liquidity for assets whose reference markets may be closed.
The exchange has reported more than $5 billion in cumulative volume since its July launch, a peak daily volume above $500 million, more than 15,000 connected users and over $28 million in total value locked. Those figures were provided in the source material and were not independently verified.
Arcus’s points program gives the project a way to reward liquidity and trading activity while it builds a market around tokenized equities. It also introduces a direct competition for rewards, especially during weekends and overnight hours, when boosted RWA trades can improve a wallet’s score.
Season 0 remains undisclosed
Users are also awaiting the disclosure of Season 0 allocations, which cover activity from July 1 through Sept. 30. Arcus says those points have already been calculated and distributed internally, but their totals and leaderboard positions remain hidden.
Once the allocation is revealed, users will be able to connect a wallet to the points dashboard to view their Season 0 balance and rank. Arcus has not announced a disclosure date and says no manual claim will be required.
Some community calculations have attempted to place a dollar value on points by estimating a future token allocation, total point supply and potential fully diluted valuation. Such models depend on assumptions that Arcus has not confirmed, including token supply, distribution percentages, valuation and the eventual relationship between points and tokens.
For now, the clearer data point is the weekly distribution itself: a fixed 250,000-point pool, with nearly 45% of the first week’s allocation captured by the top 100 wallets. That gives active traders and market makers a visible incentive to concentrate volume in Arcus’s tokenized-asset markets, especially when conventional U.S. equity venues are closed.
Interested in tokenized stocks and RWAs? Explore deeper insights in our guide on tokenised stocks attracting crypto users today.
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