Robinhood Chain Revenue Declines While Trading Volume Remains High
On September 10, Robinhood Chain reported a significant drop in gas revenue, earning $943,728, which marks an 82.6% decrease from its peak revenue of $5.44 million recorded on September 4. Despite this decline in revenue, trading activity on the network has remained robust, with decentralized exchange (DEX) volume reaching $1.87 billion on September 10, only slightly down from $1.89 billion on September 4. Over the week leading up to September 10, DEX volume surged to $12.34 billion, reflecting a 26.5% increase from the previous week.
The decline in revenue is attributed to a decrease in the average transaction cost, which fell to $0.077 on September 10 from $0.43 on September 4. This change follows a period of congestion that had previously driven fees significantly higher. The network processed approximately 13.6 million transactions on September 10, a slight decrease from 13.98 million on September 4. The base fee for transactions has also dropped, indicating a reduction in demand for blockspace.
Despite the revenue drop, Robinhood Chain remains the second-largest blockchain by daily revenue, trailing only Canton, which earned $1.55 million on the same day. Over the past week, Robinhood Chain generated $15.15 million in revenue, maintaining its lead over other chains. Applications on the chain also performed well, collectively earning $2.64 million in revenue on September 10, surpassing Ethereum in this metric since late August. Total value locked in the chain has increased to $903.77 million, indicating continued interest and investment in the platform.
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Source: KLEA News