Activity on Robinhood Chain, the Ethereum layer-2 network the brokerage launched in July 2026, has continued to ease after an intense early-September period. What initially appeared mainly as a sharp drop in network fees has now shown up more clearly in lower transaction counts, fewer active addresses, and softer spot trading volume, even while some capital measures remain stable.
The chain was built on Arbitrum’s Orbit stack to support token trading, borrowing, and lending, with longer-term plans for continuous trading of tokens linked to stocks and funds.
Usage ramped quickly after the July public mainnet launch.
A concentrated burst of activity, heavily tied to memecoin launches and trading tools, drove fees to roughly $8 million on a peak day in early September across more than 13 million transactions.
By mid-September those fees had fallen by about 97 percent while transaction counts stayed relatively high and weekly trading volume was still expanding, according to earlier readings of on-chain data.
More recent seven-day averages tell a broader story of cooling.
Between October 2 and October 8 the network averaged roughly 6.2 million transactions per day, down about 42 percent from the 10.8 million daily average recorded September 10–16, based on growthepie data.
Activity was also about 20 percent lower than the immediately preceding week.
Daily active addresses averaged near 322,000 in the latest stretch, roughly 31 percent below mid-September levels, suggesting fewer users and automated trading programs were interacting with the chain each day.
Spot trading volume on the chain’s decentralized exchanges declined about 21 percent week-over-week to approximately $7.45 billion, according to DefiLlama figures.
Uniswap accounted for the large majority of that volume. At the same time, deposits sitting in lending and trading applications stayed above $1 billion and edged slightly higher to around $1.04 billion.
Stablecoin supply on the chain remained near $1.1 billion. Perpetual futures volume moved the other way, rising roughly 26 percent to about $7.35 billion on a rolling seven-day basis.
Users paid only about $65,000 per day in network fees during the October 2–8 window—down nearly 40 percent from the prior week and a small fraction of the early-September peak.
Robinhood retains the large majority of those network fees (roughly 90 percent, with about 10 percent going to Arbitrum and a negligible share to Ethereum), so lower activity directly reduces a revenue stream the firm has highlighted as a potential growth contributor.
To support continued use, Robinhood is covering network fees on eligible token swaps larger than 50 cents that customers execute through the Robinhood Wallet app.
That subsidy, which had been scheduled to end earlier, now runs through December 31, 2026.
The measure is limited to certain swaps inside the wallet and does not apply to all transaction types.
The combination of resilient deposits and stablecoin balances alongside declining transactions, addresses, and spot volume points to a young network moving past its initial speculative surge. Whether activity stabilizes once the fee subsidy ends, and whether tokenized-asset trading expands as planned, will shape the chain’s next phase.