Crypto analyst The Smart Ape said Robinhood Chain's daily gas fees fell 99.6%, from $8.4 million on September 4 to $34,000 on October 18. The Smart Ape also reported sharp declines in trading-platform fee revenue and meme coin prices. However, Robinhood Chain's total value locked reached a record $1.05 billion, with about $480 million concentrated in two stablecoin lending markets on Morpho. High-risk speculative capital has clearly receded, while retained funds are more concentrated in activities such as stablecoin lending.