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.
The money paid to use the chain fell 97%, while activity on it fell 32%, a gap that only opens when a network gets cheaper rather than emptier.
Robinhood’s decentralized exchanges handled about $13 billion in the seven days through Sept. 16, up 5% from the preceding week, while stablecoin supply slipped just 1% to around $1 billion, with about $930 million of that sitting in decentralized-finance applications.
The businesses built on the chain kept earning far more than the chain itself, taking about $8 million in fees over the latest 24 hours and retaining $1.5 million as revenue per data tracked by DeFiLlama, against the network’s $230,000.
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