Robinhood Chain's daily fee revenue has dropped by 97%, while its transaction volume over the same period fell by 32%.

Robinhood Chain’s fee revenue plummeted from a peak of roughly $8 million daily in early September (13.1 million transactions, averaging 64 cents per trade) to approximately $230,000 on September 16 (8.9 million transactions, just 2.6 cents per trade)—a 97% drop. Over the same period, transaction volume fell only 32%, while the 7-day average fee declined 82% and transaction count slipped 6%, meaning the fee decline far outstripped the drop in activity. Despite this collapse in on-chain fees, actual trading activity has not receded in lockstep. For the week ending September 16, Robinhood ecosystem DEX trading volume stood at around $13 billion, up 5% week-over-week; stablecoin supply dipped just 1% to roughly $1 billion. Revenue generated by on-chain applications still exceeds that of the network itself: over the past 24 hours, applications collectively collected approximately $8 million in fees, retaining $1.5 million in revenue. Token launch platform Pons recorded weekly trading volume of about $616 million, down 37% week-over-week, with protocol revenue falling from $10.7 million to $5.8 million.