Robinhood Chain fees collapse 97% even as transactions stay near record highs
Seven-day average fees fell 82% while transaction counts slipped 6%, with about $1.5 billion a day still changing hands.
The memecoin rush that made Robinhood Chain one of the most expensive networks has cooled, taking 97% of the network's fee income with it, even as transaction counts held near their highs.
That marks a sharp turn from Aug. 30, when applications on the two-month-old chain earned $2.7 million in a day, twice as much as those on Ethereum and behind only Solana. Token issuance platform Pons and memecoin trading app GMGN supplied about $2 million of that total as users launched 22,600 tokens in 24 hours.
At its peak in early September, the chain collected roughly $8 million in fees from 13.1 million transactions in a single day, averaging 64 cents a transaction. However, by Sept. 16, the daily bill had fallen to about $230,000 across 8.9 million transactions, or just 2.6 cents each, according to growthepie data.
Uniswap V3 volume on the chain more than doubled from $2.5 billion to $5.3 billion between the two periods, while Uniswap V4 volume fell 22% to $4.9 billion. Across every decentralized exchange tracked by DeFiLlama, Robinhood volume rose 5% to $12.8 billion.