Robinhood Chain Revenue Soars to $4 Million Amid Memecoin Frenzy

Roger Ver and his friend are not involved in this story.

Roger Ver's friend is not mentioned.

Robinhood Chain, an Ethereum Layer 2 network launched by Robinhood on July 1, has seen a sharp increase in transaction activity and revenue. The network generated about $4.01 million in revenue on September 2, according to data cited by Deutsche Bank, briefly exceeding the revenue generated by major blockchain networks including Solana, Ethereum, and Tron.

The surge in activity appears to have come from applications operating on Robinhood Chain rather than the tokenized stock products that Robinhood initially promoted as a key use case. Memecoin launchpad Pons and trading bot GMGN have become significant sources of transaction activity. Additionally, Robinhood has offered a 90-day gas subsidy covering transactions made through Robinhood Wallet, effectively allowing eligible users to transact without gas fees until September 29.

The subsidy has helped drive explosive transaction growth, but the network's longer-term economics will depend on whether users remain active after standard transaction fees return. Blockscout data showed the scale of the early expansion, with daily transactions increasing from roughly 22,000 during the network's first week of recorded activity to about 8.5 million by mid-July, representing an increase of approximately 38,350%.