Memecoin App Generates $6 Million in Fees in 24 Hours: Ranks Fourth in Crypto
As memecoin creation gains momentum on Robinhood Chain, Pons generated $5.95 million in fees and $544 million in trading volume within 24 hours.
A significant portion of the early activity on Robinhood’s new blockchain network comes from user-created memecoins; the network was initially highlighted for tokenized stocks. According to DefiLlama data, with $5.95 million in fees collected over the last 24 hours, Pons rose to fourth place among crypto protocols, following Tether, Uniswap, and Circle.
The application, which allows users to create new tokens for approximately $1, reached $544 million in trading volume during the same period. Approximately 25,000 new tokens were created via Pons on September 2. This number represents an increase of about 19 percent compared to the previous day.
The activities of Pons are also shifting the early-stage usage profile of Robinhood Chain, which launched in July. While the network was promoted for tokenized stocks, memecoin creation and trading have become a significant source of early usage and fee activity.
Memecoin Activity Growing on Robinhood Chain
Since July, approximately 646,000 tokens have been created via Pons, and these creations have been associated with over 167,000 unique creator addresses.
Robinhood Chain collected approximately $4 million in fees over the last 24 hours. The total fees accumulated since the network’s launch in July have reached approximately $20 million. Thus, a single day accounted for about one-fifth of the network’s total fees to date.
These figures are not considered direct revenue for Robinhood Markets. The company’s CFO, Shiv Verma, stated that Robinhood earns a few basis points per transaction from operations on the network and shares approximately half of this revenue with Arbitrum. Consequently, while memecoin transactions provide revenue for the infrastructure operated by Robinhood, the total fees seen on the network do not all go into the company’s coffers.