Robinhood Chain's daily trading volume decreased by 42%, and on-chain activity continues to cool down

Robinhood Chain's on-chain activity continues to cool down. According to CoinDesk's calculations based on growthepie data, from October 2 to 8, the network's average daily transaction volume was 6.2 million, a decrease of 42% compared to 10.8 million from September 10 to 16, and a drop of 20% from the previous week; during the same period, the average daily active addresses were about 322,000, down 31% from mid-September. Robinhood launched this chain in July, allowing users to trade tokens and lend through applications connected to Ethereum, and plans to introduce around-the-clock trading of tokens linked to stocks and funds.

Transaction volume has also declined. From October 2 to 8, the spot trading volume fell to $7.45 billion, down 21% from the previous week's $9.46 billion, with Uniswap handling about 77% of it. However, funds have not fled; on-chain lending and trading application deposits increased by about 2% week-over-week to $1.04 billion, and the supply of stablecoins rose to about $1.1 billion. Perpetual contract trading volume, on the other hand, grew against the trend by 26% to about $7.35 billion.

Fee income has shrunk accordingly. During that week, users paid an average of about $65,000 in network fees daily, a decrease of 39% from the previous week, far below the peak of $8 million per day at the beginning of September. According to a report by Bernstein last month, Robinhood retains about 90% of network fees.