Robinhood Chain Fees Plummet 97% Despite Record Transaction Counts

Robinhood Chain's fees have plummeted by 97% in recent days, despite transaction counts remaining near record highs. This drastic drop is attributed to a significant decrease in memecoin trading activity on the network, which had previously driven its popularity and high fees. According to data from growthepie, the chain's daily fee income fell from $8 million to just $230,000 between early September and September 16.

This decline is all the more striking given that transaction counts only dropped by 32% during this period. The falling cost of using the network may be contributing to a shift back towards other popular chains such as Solana. However, weekly data from DeFiLlama reveals that Robinhood's decentralized exchanges still handled over $13 billion in the seven days through September 16, a 5% increase from the preceding week.

The businesses built on the chain have continued to thrive, earning around $8 million in fees and retaining $1.5 million as revenue per day. According to pseudonymous trader Unipcs, who ranks first by all-time profit on FOMO, higher gas fees did not deter traders from using the network.