As of September 16, the daily fees generated by Robinhood Chain plummeted by 97% from the month’s peak, dropping from approximately $8 million across 13.1 million transactions to just $230,000 from 8.9 million transactions. CoinDesk attributed this decline to the waning excitement surrounding meme tokens.
The number of transactions decreased by 32%, while decentralized exchanges (DEX) on the blockchain processed around $13 billion over the past week, marking a 5% increase from the previous week. In the last 24 hours, applications built on the network generated about $8 million in fees, compared to the $230,000 earned by Robinhood Chain itself.