Robinhood Chain's daily fee revenue plummeted 97%, while transaction count fell 32% over the same period.

BlockBeats news, September 19: Robinhood Chain's fee revenue plummeted from a peak of about $8 million per day in early September (13.1 million transactions, averaging 64 cents each) to about $230,000 on September 16 (8.9 million transactions, averaging just 2.6 cents each), a drop of 97%. During the same period, transaction count fell only 32%, the 7-day average fee dropped 82%, and transaction count declined 6%, with the fee drop far exceeding the activity decline gap.

Despite the collapse in on-chain fees, actual trading activity did not recede in tandem. As of the week ending September 16, Robinhood ecosystem DEX trading volume was about $13 billion, up 5% week-over-week; stablecoin supply slipped only 1% to about $1 billion. Revenue earned by on-chain applications still far exceeds that of the network itself, with applications collectively collecting about $8 million in fees over the past 24 hours and retaining $1.5 million in revenue. Token issuance platform Pons had trading volume of about $616 million that week, down 37% week-over-week, with protocol revenue falling from $10.7 million to $5.8 million.