Robinhood Chain, an Ethereum layer-2 network launched on July 1, 2026, is experiencing a significant slowdown in trading activity. Daily transaction counts declined from 13.1 million to 8.9 million by mid-September, representing a roughly 32% day-over-day decrease on that measure. A seven-day average view shows a more modest decline of approximately 6% over the same period.
The sharpest decline occurred in daily network fees, which collapsed 97% from approximately $8 million in early September to about $230,000 by September 16.
Memecoin Activity Driving the Downturn
The rapid rise and subsequent decline in network activity centered on memecoin trading. Memecoin launches on platforms such as Pons generated heavy gas spending in August and early September. Weekly memecoin volume on Pons fell 37% as appetite for high-gas trading activity cooled.
Resilience in Other Metrics
Despite the sharp decline in fees and transaction counts, several key metrics remained stable through mid-September and into October. Decentralized exchange (DEX) volume on the chain held at or above $1 billion daily during mid-September, though it declined from its peak of approximately $1.88 billion earlier that month. Total value locked (TVL) remained at approximately $1 billion and appeared resilient throughout the turbulence.
User retention to rival networks such as Solana remained stable, with no visible mass migration.
Network Expansion
Activity on Robinhood Chain has begun to diversify beyond memecoins, with new token pools continuing to appear into early October. The network also added support for NEAR Intents, which enables cross-chain swaps across more than 180 assets on more than 30 blockchains.
