Robinhood Chain Daily Gas Fees Fall 99.6% From Sept. 4 to Oct. 18

Robinhood Chain’s daily gas fees fell 99.6% from Sept. 4 to Oct. 18 as fee revenue for Pons V2, GMGN and Axiom also declined, underscoring weaker meme coin activity.

Daily gas fees dropped from $8.4 million to $34,000 over that period. The fee revenue comparisons cover the network’s busiest consecutive 14 days and its most recent 14 days. Pons V2 fell from $87 million to $7 million, GMGN from $22 million to $900,000, and Axiom from $4.6 million to $300,000.

The median meme coin on Robinhood Chain was 97% below its peak price. About 72% of the network’s meme coins were down at least 90% from their highs.

Robinhood Chain still recorded 873,000 active wallets last week and generated about $345,000 in gas fees. Roughly $480 million in locked assets was concentrated in two Morpho stablecoin lending markets.

Robinhood Chain is an Ethereum Layer 2 network built with Arbitrum technology. Its public mainnet opened July 1. The fee decline contrasts with Robinhood Chain’s $6.6 million in August gas revenue.