Morning Minute is a daily newsletter authored by Tyler Warner. The views and analysis presented are his own and do not necessarily reflect those of Decrypt.

Good morning!

Here are today’s key updates:

  • Major cryptocurrencies are showing slight declines as tensions rise between the U.S. and Iran; Bitcoin is priced at $77.9k.
  • Solana’s disinflation vote passed on Friday by a very narrow margin.
  • Avici neobank experienced a hack resulting in a loss of $1.1 million from user accounts.
  • Robinhood’s decentralized exchange (DEX) volume has surged, surpassing both Ethereum and Base in fees.
  • PONS has been listed on Hyperliquid, saw a 30% drop, then rebounded after announcing record revenue.

💸 Robinhood Chain Outperforms Ethereum in Fees

Robinhood launched its own blockchain on July 1. Now, just two months later, it has surpassed both Base and Ethereum in fee generation, with its applications out-earning Ethereum in the last 24 hours, and its token launchpad PONS generating higher revenue than many competing chains.

Revenue from the chain reflects the fees retained from transactions. Over the past month, Robinhood Chain garnered $3.13 million, ranking third among all blockchain networks, trailing only Canton at $49 million and Tron at $26 million. Base collected $2.89 million while Ethereum earned $2.47 million. In the last day, Robinhood's revenue reached $495,477, compared to Base’s $71,703 and Ethereum’s $25,746.

When considering app revenue, which measures the actual earnings of protocols built on these networks, Robinhood Chain apps generated $1.84 million in the last 24 hours, second only to Solana’s $5.03 million and ahead of Ethereum's $1.14 million. However, Ethereum still leads in the 30-day revenue count with $45.84 million versus Robinhood’s $21.05 million, indicating this is merely a snapshot in time.

The balance sheet has also improved, with total value locked reaching $727.15 million, marking a 7.4% increase in just one day. The amount bridged in totaled $2.32 billion, and the stablecoin supply rose to $769.44 million, reflecting a weekly increase of 7.8%. DEX volume hit $1.19 billion over the past 24 hours, with perpetual contracts contributing another $189.86 million. The volume of on-chain real-world assets has set records for four consecutive days, averaging around $115 million per session, up from a July peak of nearly $60 million, with the market cap for RWAs on the chain now at $149.22 million.

PONS has emerged as a significant contributor to this growth. It is currently achieving approximately $208.82 million in DEX volume over 30 days and recorded a peak of $690,000 in revenue on Saturday, which translates to an annualized figure of $64 million from $279.88 million in fees. The token has seen substantial growth, trading at $0.3591 after a 46% daily increase and a staggering 499% over the week, giving it a market cap of $254.89 million based on $79.58 million in volume. Just last Tuesday, it was priced at $0.1333 with a volume of $94.9 million. Approximately 80% of Pons V1 revenue is allocated towards buying back and burning the token, explaining the correlation between revenue and price movements.