Robinhood Chain transactions drop 42% as deposits hold above $1 billion

What happened

Robinhood Chain recorded a 42% decline in average daily transactions since mid-September. The network averaged 6.2 million daily transactions during October 2, 8, down from 10.8 million during September 10, 16. Daily active addresses fell 31% to about 322,000. The drop was 20% from the prior week alone.

Spot trading volume fell 21% to $7.45 billion, while application deposits remained above $1 billion. Perpetual futures trading moved the other way, rising 26% to $7.35 billion. Uniswap accounted for about 77% of spot exchange volume, which fell from $9.46 billion.

Why it matters

The slowdown matters because Robinhood keeps roughly nine-tenths of network fees, according to a Bernstein note. Users paid about $65,000 a day in network fees, down 39% from the week before. The busiest day in early September brought in $8 million. Deposits in lending and trading apps rose about 2% to $1.04 billion, so funds remain on the chain even as activity falls.

What the data shows

• Daily transactions: 6.2 million during October 2, 8, down from 10.8 million in mid-September.
• Active addresses: approximately 322,000 daily, down 31%.
• Spot volume: $7.45 billion, down 21% from $9.46 billion.
• Deposits: above $1 billion, with lending and trading app deposits at $1.04 billion.
• Perpetual futures: $7.35 billion, up 26%.
• Network fees: about $65,000 a day, down 39% from the prior week.
• Total value locked: near $1.05 billion.
• Chain fees in past 24 hours: about $46,000.

Background

• Robinhood Chain launched its public mainnet on July 1, 2026.
• In its October 9 quarterly report, growthepie confirmed the network processed approximately 793.7 million transactions between July and September.
• The analytics provider recorded $51 million in network fees paid by users and approximately $591.4 million in application revenue during the quarter.
• Robinhood Chain first exceeded 10 million transactions in a single day on August 4.
• In July, activity reached 7.6 million daily transactions.
• Fees had already collapsed 97% in September, but transactions were near their highs.
• Plans include round-the-clock trading of tokens linked to stocks and funds.

What is still unclear

• The data does not establish an equivalent reduction in individual users because one trader can control several addresses.
• Automated programs can create thousands of transactions on their own.
• The reports do not give a user count, only address counts.

What to watch

• 2026-12-31 Robinhood will pay network fees on wallet swaps over 50 cents until Dec. 31.

Questions readers ask