Robinhood Chain had one of the fastest starts of any new network this year. The latest weekly data shows that momentum fading on almost every metric, per CoinDesk.
đ The news
Daily transactions averaged 6.2 million between October 2 and 8, down 42% from 10.8 million in mid-September. The chain runs on Arbitrum technology, which ties its activity to the wider $ARB ecosystem.
đ Why it matters
âą It is a live test of whether a brokerage can pull its users onchain and keep them there
âą Fees have dropped hard: about $65,000 a day last week, against $8 million on its busiest day in early September
âą Robinhood keeps roughly nine tenths of network fees, per a Bernstein note, so this is real revenue at stake
đ The numbers
âą Active addresses: about 322,000 a day, down 31% from mid-September
âą Spot volume: $7.45 billion for the week, down 21%, with Uniswap handling about 77%
âą Perpetual futures volume: about $7.35 billion, up 26%
âą Deposits in lending and trading apps: about $1.04 billion, up around 2%
âïž Bull vs bear case
Bull: deposits and perps are still growing, which suggests a core of committed users, and Robinhood is paying swap fees over $0.50 through December 31.
Bear: activity that depends on subsidies and reward points can fade once those end, and spot trading is already cooling.
đ What to watch next
âą Whether transactions stabilise above 6 million a day, or keep sliding week after week
âą The decision on paid transaction priority, which CoinDesk reports is under review
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đĄ My take: In my opinion a cooldown after a launch spike is normal. The stat I would watch is deposits, because users who park money onchain tend to stay longer than users who come for points.
đŹ Is a 40% drop after launch hype a warning sign or just normal settling?
#RobinhoodChain #Arbitrum #Layer2