Robinhood Chain's daily fee revenue just tanked—by September 16, fees had nosedived 97% from early September highs, dropping from about $8 million (on 13.1 million daily transactions) to around $230,000 with 8.9 million transactions. The sharp drop lines up with the end of the recent memecoin trading frenzy.

Network Metrics: What the Numbers Say

Transaction volume also took a hit, falling 32% over the same stretch. Still, trading across the ecosystem is holding up: DEXs built on Robinhood Chain processed roughly $13 billion over the past seven days, a 5% uptick from the week before.

Fee vs. Activity Imbalance

In the last 24 hours, apps running on Robinhood Chain raked in about $8 million in fees, while the chain itself only collected around $230,000. That gap shows how much revenue has shifted to protocols and apps, especially as the memecoin craze cools off.