Key highlights:
- Robinhood Chain collected $6.04 million in daily fees on September 4
- This is its highest daily total yet, keeping about $5.44 million as revenue
- The Pons launchpad was the major driver of this activity
Robinhood Chain has broken its fee record, taking in $6.04 million last Friday. This comes after its previous high of about $4.6 million and marked the strongest 24-hour period the chain has seen since launch.
Robinhood Chain fees keep climbing fast
The chain has recorded remarkable activity since its launch and has kept up with the momentum. In the last seven days, total revenue reached $25 million, which is a 17x increase from its previous level.
Its growth was quite swift. On Sept. 2, daily fees on Robinhood Chain were at $4.45 million, with $4.01 million counted as revenue. Just days later, revenue had climbed by about 36%. The chain was earning only about $3.6 million in fees during its first month after it initially launched in July.
The core drivers of the surge in activity are the apps it built for memecoin trading and token launches. For instance, GMGN, a tool that lets users track wallets, monitor tokens, and execute trades, brought in about $1.16 million in revenue in the last 24 hours, and its seven-day total reached $11.26 million, according to DeFiLlama
The Robinhood chain was GMGN's biggest source of income after contributing $11.67 million of its $19.81 million monthly revenue as of August.
Pons, a token launchpad on the chain, saw the most activity. The protocol lets users create and trade new tokens, charging fees at launch and during trading. In the past 24 hours, Pons saw about $1.33 million in revenue, topping the list.
It's also worth noting that the fees users paid through Pons were much higher than what the protocol kept for itself. In conjunction, GMGN, Pons, and Uniswap made up about 93% of all app-level revenue generated on the chain.
Robinhood Chain protocol ranking in revenue. Source: DeFiLlama
Trading volume surged with the fees
DEX activity has also been growing on the platform. Trading volume hit $1.84 billion in the last day, and its weekly total hit $10.75 billion, up 38% in the past week.
Robinhood Chain daily DEX volume. Source: DeFiLlama
Uniswap processed $1.6 billion of the $1.84 billion in the past day, which means a single app handled practically all of that day's trading.
Meanwhile, some launchpads on the Robinhoof Chain created markets pairing user-issued tokens with assets linked to publicly traded companies. Uniswap was the main venue for this trading. In August, its swap volume linked to tokenized stocks on the network passed $1 billion, also signaling high activity.
As of press time, Robinhood Chain's total value locked is at about $902 million, while bridged value topped $3.63 billion. Stablecoin activity on the chain is also up 23% in the past week, with a market value of $1.03 billion.
