ROBINHOOD CHAIN’S FEES JUST COLLAPSED
Robinhood Chain went from roughly $8M in daily fees during its early-September peak to about $230K on September 16. What caught my attention is that the activity didn't fall anywhere close to that. Transactions were down 32%, but the 7-day average was only 6% lower, while DEX volume actually reached around $12.8B for the week.
The reason seems to be the kind of activity happening on the chain. The memecoin launch frenzy cooled off, with $PONS volume falling 37%, while Uniswap V3 volume more than doubled. So the chain became dramatically cheaper without becoming dramatically quieter.
And this is the part I think is actually useful: $12.8B of weekly DEX volume sounds massive, but it doesn't automatically mean the chain is making massive money. The latest data had applications collecting around $8M in fees while the network itself collected only about $230K.
That’s a good reminder when looking at any new chain: **don’t confuse people trading on the network with the network itself capturing value from those trades.**
Robinhood Chain went from roughly $8M in daily fees during its early-September peak to about $230K on September 16. What caught my attention is that the activity didn't fall anywhere close to that. Transactions were down 32%, but the 7-day average was only 6% lower, while DEX volume actually reached around $12.8B for the week.
The reason seems to be the kind of activity happening on the chain. The memecoin launch frenzy cooled off, with $PONS volume falling 37%, while Uniswap V3 volume more than doubled. So the chain became dramatically cheaper without becoming dramatically quieter.
And this is the part I think is actually useful: $12.8B of weekly DEX volume sounds massive, but it doesn't automatically mean the chain is making massive money. The latest data had applications collecting around $8M in fees while the network itself collected only about $230K.
That’s a good reminder when looking at any new chain: **don’t confuse people trading on the network with the network itself capturing value from those trades.**
