CoinDesk
Robinhood Chain averaged 6.2 million daily transactions from Oct. 2 through Oct. 8, down 42% from 10.8 million in mid-September. Daily active addresses fell 31% to about 322,000, while weekly spot trading volume dropped 21% to $7.45 billion. The decline came even as Robinhood continued covering network fees on qualifying swaps through its wallet.
Why it matters
The slowdown now reaches beyond fee revenue and into the chain's core trading activity. Robinhood launched the network in July for token trading, borrowing and lending through applications connected to Ethereum, with plans for around-the-clock trading of tokens tied to stocks and funds.
Robinhood keeps roughly nine-tenths of the network fees, so fewer transactions directly reduce the chain's income. Daily fees fell 39% week over week to about $65,000, far below the $8 million collected on its busiest day in early September. The latest figures also suggest the drop is not solely a user-withdrawal story. Deposits across lending and trading apps rose 2% to $1.04 billion, while stablecoin supply reached about $1.10 billion.
Market impact
The data points to capital remaining on Robinhood Chain while changing hands less often. Uniswap processed roughly 77% of the $7.45 billion in spot volume, and the decline in active addresses may partly reflect fewer trading bots as well as fewer human users.
Perpetual futures are the main exception. Seven-day volume rose 26% to about $7.35 billion, showing that leverage-focused activity remains resilient even as spot trading weakens. Robinhood and partners are extending incentives, including fee coverage on swaps above 50 cents through Dec. 31, to revive usage before customers resume paying network fees.
Frequently asked questions
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How much did Robinhood Chain's daily transaction count fall?
Daily transactions averaged 6.2 million from Oct. 2 through Oct. 8, down 42% from 10.8 million in mid-September.
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Did users withdraw their funds from Robinhood Chain?
Not broadly. Deposits in lending and trading apps rose 2% to $1.04 billion, while stablecoin supply reached about $1.10 billion.
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Which type of trading remained strong on Robinhood Chain?
Perpetual futures were the main exception, with rolling seven-day volume up 26% to about $7.35 billion.
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Why does the slowdown hurt Robinhood Chain's revenue?
Robinhood keeps roughly nine-tenths of the network fees, so fewer transactions reduce fee income. Daily fees fell 39% week over week to about $65,000.
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How is Robinhood trying to revive activity on the chain?
Robinhood will continue covering network fees on wallet swaps above 50 cents through Dec. 31. Partners are also offering extra reward points for some stock-token swaps.
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