Robinhood Chain Transactions Fall 42% as Network Activity…

Robinhood Chain has cooled sharply from its September highs, with daily transactions down 42% and spot trading volumes weakening, even as more than $1 billion of capital remains deposited across applications on the network.

The Ethereum Layer 2 averaged roughly 6.2 million transactions per day between October 2 and October 8, versus 10.8 million during September 10–16, according to growthepie data — a decline of about 20% from the preceding week. Daily active addresses followed the same path, averaging approximately 322,000 in the latest measured week, down 31% from mid-September. Address counts are not equivalent to individual users, since one person can control multiple wallets and automated systems can generate large volumes of transactions.

Spot trading shows the clearest deterioration. Decentralized exchanges on the chain processed about $7.45 billion between October 2 and October 8, 21% below the $9.46 billion seen the week before, with Uniswap accounting for roughly 77% of the total. That marks a shift from September, when network fees had already fallen 97% from their peak while transaction counts remained comparatively firm. Capital, by contrast, has not left at the same pace: deposits in Robinhood Chain lending and trading applications rose about 2% to $1.04 billion during the measured week, with stablecoin supply steady near $1.1 billion. DefiLlama data show roughly $1.05 billion in total value locked and about $1.07 billion in stablecoins on the chain.

Perpetual futures buck the trend

Rolling seven-day perpetual volume reached approximately $7.35 billion in the initial October 9 reading, up 26% even as spot activity fell. The latest DefiLlama snapshot still shows the divergence, with seven-day DEX volume around $6.77 billion, down roughly 26%, against about $7.19 billion in perpetual volume that remains higher week over week. Robinhood integrated decentralized perpetual trading into its Wallet when the chain's mainnet launched in July, giving eligible users access to perpetual contracts through Lighter alongside spot trading, lending, borrowing and tokenized-stock applications.

Network fees have fallen alongside usage. Users paid an average of about $65,000 per day between October 2 and October 8, down 39% from the previous week and far below the roughly $8 million collected on the chain's busiest day in early September. The latest 24-hour figures show about $46,000 in chain fees and roughly $41,000 classified as chain revenue, implying close to 90% of fees accrue as revenue at the chain level. The chain launched on July 1 as infrastructure for financial services and real-world assets, including Robinhood's Stock Tokens — tokenized debt securities that offer economic exposure to underlying equities and ETFs without direct ownership rights.

Robinhood is still subsidizing part of the activity it is trying to build, having extended a promotion covering network fees for Robinhood Wallet swaps above $0.50 through December 31; the offer had been set to lapse on September 29. Arcus has separately added reward points for stock-token swaps made through the Wallet. That December 31 expiry creates a test of organic demand: a rebound before users pay their own gas would suggest the slowdown is normalization after September's unusually intense trading, while a continued decline under subsidized conditions would raise harder questions about what follows.