Robinhood Chain has recorded a sharp decline in blockchain activity since mid-September, with average daily transactions falling 42% even as more than $1 billion remains deposited in its decentralized finance applications.
The Ethereum layer-2 network processed an average of 6.2 million transactions per day between October 2 and October 8, down from 10.8 million during September 10–16, according to data from growthepie cited by CoinDesk on October 10.
Active blockchain addresses also declined, while spot trading volume and network fees fell. However, perpetual futures trading increased, suggesting that some trading activity remains strong despite the broader slowdown.
Summary
- Robinhood Chain’s average daily transactions fell 42% to 6.2 million in early October.
- Daily active addresses declined 31% to approximately 322,000.
- Weekly decentralized spot trading volume dropped 21% to $7.45 billion.
- DeFi deposits remained above $1 billion, while perpetual futures volume increased 26%.
- Robinhood extended its network fee coverage for eligible wallet swaps through December 31, 2026.
Robinhood Chain transactions and active addresses decline
The latest data shows that the slowdown extends beyond network fees to the number of transactions and addresses interacting with Robinhood Chain.
According to growthepie, daily transactions fell from an average of 10.8 million in mid-September to 6.2 million during October 2–8. Activity also declined around 20% from the previous week.
The number of active addresses dropped 31% to approximately 322,000 per day over the same period.
However, fewer active addresses do not necessarily mean an equivalent decline in individual users. One person can control multiple wallets, while automated systems can generate large numbers of transactions.
Robinhood Chain launched its public mainnet on July 1, 2026. During its first quarter of operation, the network processed approximately 793.7 million transactions, according to growthepie’s quarterly report.
The analytics provider also recorded about $51 million in network fees paid by users and approximately $591.4 million in application revenue during the quarter.
The network’s early growth was particularly strong in August and early September, when daily transactions exceeded 10 million. The latest figures show that activity has cooled from those earlier highs.
Spot trading falls while DeFi deposits remain above $1 billion
Lower transaction counts have coincided with weaker spot trading across decentralized exchanges operating on Robinhood Chain.
According to DefiLlama data cited by CoinDesk, decentralized spot exchanges processed approximately $7.45 billion in trading volume between October 2 and October 8. That was down 21% from $9.46 billion the previous week.
Uniswap remained the leading decentralized exchange on the network, accounting for approximately 77% of spot trading during the period.
Despite the decline in trading activity, users continued to hold substantial amounts of assets in decentralized finance applications.
DefiLlama data put the network’s total value locked at approximately $1.04 billion during the reporting week, an increase of around 2%. Its stablecoin supply stood near $1.10 billion in the reported snapshot, although later figures showed changes in both measures.
Total value locked measures assets deposited in decentralized finance applications, including trading, lending and borrowing protocols. It does not necessarily reflect how frequently those assets are being used.
The figures therefore suggest that users have continued holding funds on Robinhood Chain even as transaction activity and spot trading have weakened.
Perpetual futures trading moves in the opposite direction
Not every part of Robinhood Chain’s trading market has slowed.
CoinDesk reported that rolling seven-day perpetual futures volume reached approximately $7.35 billion on October 9, representing a 26% increase.
Perpetual futures allow traders to speculate on cryptocurrency prices without directly owning the underlying assets. Trading volumes can rise even when spot market activity declines because the two markets serve different purposes and attract different trading strategies.
Robinhood introduced access to decentralized derivatives through Lighter when it launched the network in July.
The increase in perpetual futures volume shows that some traders remain active, although it does not establish whether the broader decline in network activity will continue.
Network fees fall from earlier highs
Robinhood Chain has also experienced a significant drop in the fees generated by blockchain transactions.
According to CoinDesk’s calculations, users paid approximately $65,000 in daily network fees during October 2–8, down 39% from the previous week.
That figure was far below the roughly $8 million collected on the network’s busiest day in early September.
Growthepie’s quarterly review found that the fee surge was concentrated in a short period. Between August 30 and September 10, median transaction costs rose to 31 times their earlier average.
That 12-day period accounted for approximately 74% of all network fees collected during the third quarter.
The figures indicate that an unusually busy period contributed heavily to Robinhood Chain’s early fee generation. As activity declined, fee revenue also fell.
Robinhood Chain uses Arbitrum technology, and its revenue-sharing arrangements include payments to the broader Arbitrum ecosystem. Under the Arbitrum Expansion Program, participating chains allocate 8% of qualifying net protocol revenue to the Arbitrum DAO treasury and 2% to the Arbitrum Developer Guild.
A Bernstein research note cited by CoinDesk estimated that Robinhood retains roughly 90% of the network’s net protocol fee revenue under its existing infrastructure arrangements.
Earlier activity on Robinhood Chain included speculative trading in newly launched tokens. However, the available October data does not establish how much of the latest decline was caused by reduced memecoin trading or other specific applications.
Robinhood extends fee coverage through December
Robinhood has extended its network fee promotion for eligible cryptocurrency swaps made through Robinhood Wallet until December 31, 2026.
Under the arrangement, the company covers network fees for qualifying swaps worth more than $0.50. The promotion had previously been scheduled to end on September 29.
Network fees, also known as gas fees, pay for processing transactions on a blockchain. They are separate from any trading fees or other charges imposed by decentralized applications.
The extension gives eligible wallet users more time to make swaps without paying the associated network fees themselves. However, it does not mean every transaction or service on Robinhood Chain is free of charges.
The company has not announced an extension beyond December 31.
Robinhood continues to develop its tokenization strategy alongside its blockchain infrastructure. On October 9, it confirmed plans to explore a tokenized exchange-traded fund with asset manager T. Rowe Price, which oversees approximately $1.9 trillion.
The proposed product would provide eligible investors with exposure to an actively managed ETF through a Stock Token issued on Robinhood Chain. The companies have not announced a launch date, and the product remains subject to legal review, necessary approvals and final terms.
For now, Robinhood Chain’s latest figures show a mixed picture: transaction counts, spot trading and network fees have fallen from their earlier peaks, while DeFi deposits remain above $1 billion and perpetual futures activity has increased. The coming months will show whether the network can maintain that capital base and attract more sustained activity beyond its initial trading surge.
