Robinhood’s (HOOD) recently launched Robinhood Chain briefly generated more daily transaction fees than the Ethereum network in early September. The Ethereum Layer-2 network officially went live on July 1. Speculative activity on meme coin launchpads primarily drove the revenue spike.
Robinhood Chain generated $34.4 million in transaction fees during the 30 days ending September 10. Ethereum generated $11.3 million during that same 30-day window. Daily revenue for the chain peaked at over $5.4 million on September 4.
Daily revenue has since fallen below $1 million. This decline raises questions regarding the long-term consistency of the new income source.