Robinhood Chain Surpasses Ethereum in Daily App Revenue Amid Memecoin Frenzy

Robinhood Chain has surpassed Ethereum in daily app revenue, earning $2.66 million in 24 hours, according to onchain data reviewed by CoinDesk.

The network processed a record 5.52 million transactions on August 30, with decentralized exchange trading hitting approximately $875 million.

The dominant role of Uniswap and Pons in trading and token creation is driving the surge, with GMGN, a memecoin trading tool, along with Pons and Uniswap, generating about 88% of Robinhood Chain's total revenue.

Two months after launching with tokenized stocks as its flagship feature, Robinhood Chain has shifted from its original use case to become a hub for highly speculative tokens, with memecoins taking over most of the trading activity within weeks of going live.