Robinhood Chain’s daily fee income has fallen 97% from its early-September peak, even as transaction activity remains relatively high, highlighting a sharp decline in the cost of using the network rather than a comparable collapse in usage.
At its peak in early September, the two-month-old chain collected roughly $8 million in fees from 13.1 million transactions in a single day, equivalent to about 64 cents per transaction. By September 16, daily fees had dropped to approximately $230,000 across 8.9 million transactions, reducing the average cost to around 2.6 cents per transaction.
The divergence is significant: network fees fell 97%, while transaction activity declined by 32%. That suggests the drop in revenue was driven primarily by much lower fees per transaction rather than users abandoning the network.
The decline followed a period of intense memecoin activity. On August 30, applications on Robinhood Chain generated $2.7 million in daily fees, with token issuance platform Pons and memecoin trading app GMGN contributing about $2 million as users launched 22,600 tokens within 24 hours.
However, broader activity data does not show a corresponding collapse in demand. Robinhood’s decentralized exchanges processed approximately $13 billion in volume during the seven days through September 16, up 5% from the previous week, while stablecoin supply declined only 1% to around $1 billion. About $930 million of that supply was held in decentralized-finance applications.
The data also shows a growing gap between what applications on the network earn and what the underlying chain captures. Over the latest 24-hour period covered, applications generated roughly $8 million in fees and retained about $1.5 million in revenue, compared with approximately $230,000 collected by the network itself.
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