Robinhood Chain Daily Trading Volume Drops 42% as On-Chain Activity Continues to Cool

On-chain activity on Robinhood Chain continues to cool. According to CoinDesk calculations based on growthepie data, the network's average daily trading volume was 6.2 million transactions from October 2 to 8, down 42% from 10.8 million from September 10 to 16, and down 20% from just the previous week. During the same period, average daily active addresses were approximately 322,000, down 31% from mid-September. Robinhood launched the chain in July, supporting users in token trading and lending through Ethereum-connected applications, and plans to offer 24/7 trading of tokens pegged to stocks and funds. Trading volume has correspondingly declined. From October 2 to 8, spot trading volume fell to $7.45 billion, down 21% from $9.46 billion the previous week, with Uniswap handling approximately 77% of that. However, funds have not exited; deposits in on-chain lending and trading applications rose approximately 2% week-over-week to $1.04 billion, while stablecoin supply increased to approximately $1.1 billion. Perpetual contract trading volume bucked the trend, rising 26% to approximately $7.35 billion. Fee revenue has correspondingly shrunk. During the week, users paid an average daily network fee of approximately $65,000, down 39% from the previous week and far below the early-September peak of $8 million per day. According to a Bernstein report last month, Robinhood retains approximately 90% of network fees.