Robinhood Chain, an Ethereum layer-2 network built on Arbitrum Orbit, has seen a significant decline in activity. Daily transactions dropped by more than 40%, falling from 13.1 million to 8.9 million by mid-September. This represents a day-over-day decrease of approximately 32%, though the seven-day average for transactions saw a more modest decline of about 6%.
The downturn follows a period of high activity driven by memecoin trading on platforms like Pons. Weekly memecoin volume on Pons decreased by 37%, leading to a drop in gas spending. Daily fees on the network, which reached a peak of approximately $8 million in early September, have since fallen significantly alongside the transaction volume.
Despite the decline in transaction activity, other metrics remain resilient. Daily DEX volume, while down from a peak of $1.88 billion in mid-September, has held at or above $1 billion. Total value locked (TVL) has also remained steady at approximately $1 billion through late September and October, with no evidence of mass user migration to rival networks like Solana.
The network is currently diversifying its activity beyond memecoins, with new token pools emerging into early October. Additionally, Robinhood Chain has integrated support for NEAR Intents, a feature that facilitates cross-chain swaps for over 180 assets across more than 30 different blockchains.
