Robinhood Chain fee revenue drops 97% as memecoin frenzy cools

Digital FinanceIndustry
โดย CoinDesk·GLOBAL·Read original
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Daily network fees paid by users on Robinhood Chain have fallen about 97% from their peak in early September. CoinDesk reported on September 19, based on on-chain data from growthepie, that the cooling of overheated memecoin trading is behind the decline. Fees dropped from about 8 million dollars to about 230,000 dollars by September 16, while transaction counts during the same period fell only about 32%, from 13.1 million to 8.9 million. The average fee per transaction plunged from about 64 cents to about 2.6 cents, meaning the drop in fee revenue was driven more by lower trading costs than by fewer users. At the center of the boom was Pons, a service that makes it easy to issue and trade memecoins; on August 30, 22,600 types of tokens were issued in a single day, but trading volume from September 10 to 16 fell 37% week over week to about 616 million dollars. Meanwhile, DEX trading volume across the entire chain rose about 5% week over week to about 12.8 billion dollars in the week through September 16, while Solana's DEX trading volume fell 8% over the same period, with no large-scale migration of users confirmed.

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