Fees on Robinhood Chain Dropped 97% but Trading Volume Increased: What Changed?
While daily fee revenue on Robinhood Chain dropped from $8 million to $230,000, the chain’s decentralized exchange volume increased by 5%.
The cooling of memecoin transactions sharply reduced Robinhood Chain’s fee revenue. However, the drop in the number of transactions was not as large as the drop in fees, and the total decentralized exchange volume on the chain showed an increase. Data revealed that activity, rather than ending completely, was distributed across different applications.
According to growthepie data, Robinhood Chain collected approximately $8 million in fees from 13.1 million transactions at its peak in early September. On September 16, approximately $230,000 in revenue was generated from 8.9 million transactions. Thus, while the number of transactions fell by 32%, network fees dropped by 97%. The average fee per transaction also decreased from 64 cents to 2.6 cents.
Uniswap V3 Grew While Pons Declined
In the week of September 10-16, total decentralized exchange volume on Robinhood Chain reached $12.8 billion, increasing by 5% compared to the previous week. According to DeFiLlama data, the stablecoin supply on the chain also remained at approximately $1 billion.
The distribution of activity among applications shifted. The volume of Pons, a memecoin creation and trading platform, fell by 37% to $616 million. In contrast, Uniswap V3 volume rose from $2.5 billion to $5.3 billion. Uniswap V4 volume decreased by 22% to $4.9 billion.
Applications on the chain collected approximately $8 million in fees in the last 24 hours, with $1.5 million of that remaining as revenue. These figures pointed to a level significantly higher than the $230,000 collected by the network itself.
Transition to Solana Remained Limited
The claim that the drop in fees directed users to Solana did not find strong support in chain-wide data. Decentralized exchange volume on Solana fell by 8% to $17 billion during the same week. The volume of the memecoin platform PumpSwap also decreased by 36%.
deBridge data showed that $8.2 million was transferred from Robinhood Chain to Solana between September 10-16, while just over $6 million was transferred in the opposite direction. This resulted in a net outflow of approximately $2 million. In the previous week, the two-way flow was almost balanced.
While these data show a limited amount of money flowing to Solana via bridges, they do not prove a mass exodus from Robinhood Chain. Unipcs, which tracks memecoin transactions, stated that high fees did not deter traders and that users continue to trade as long as they see profit opportunities on the chain.