Robinhood Chain Fees Plunge 97% From Early-September Peak as Trading Stays Near Highs

Robinhood Chain’s network fee revenue has plunged 97% from a peak earlier this month, while transaction counts and decentralized exchange, or DEX, volume have remained relatively high.

CoinDesk reported on September 19 that the chain’s daily fees fell to about $230,000 on September 16 from roughly $8 million in early September. Over the same period, daily transaction counts declined 32% to 8.9 million from 13.1 million.

The drop in trading activity was more limited on a seven-day average basis. Through September 4, the chain averaged 11.5 million daily transactions and about $4 million in fees. Through September 16, those figures stood at 10.8 million and $641,000, respectively. That implies transaction counts fell about 6%, while fees dropped about 82%.

DEX volume also held up. Weekly DEX volume on Robinhood Chain through September 16 rose 5% from the previous week to about $12.8 billion. Stablecoin supply slipped just 1% to about $1 billion.

The sharp decline in fees appears to reflect cooling enthusiasm for memecoin trading. Pons, which had led memecoin issuance and trading on Robinhood Chain, recorded about $616 million in volume from September 10 to September 16, down 37% from a week earlier.

CoinDesk said the steep drop in fees does not indicate a sharp contraction in overall network usage. Instead, the mix of transactions generating higher fees has shrunk, lowering the cost per trade.