Robinhood Chain has witnessed a dramatic 97% drop in daily fees since peaking earlier this month. As of September 16, fees plummeted from around $8 million across 13.1 million transactions to a mere $230,000 from 8.9 million transactions. This steep decline has been linked to the fading enthusiasm for meme coins, as reported by CoinDesk.
In addition to the fee drop, the number of transactions on the platform has also fallen by 32%. Conversely, decentralized exchanges (DEX) operating on the blockchain processed approximately $13 billion over the past week, reflecting a 5% increase compared to the week prior. Notably, applications developed on the Robinhood network generated around $8 million in fees within the last 24 hours, significantly overshadowing the earnings of Robinhood Chain itself.
