Robinhood Chain Holds $1.1 Billion in Locked Assets as Fees Fall

Robinhood Chain had about $1.1 billion in locked assets on Oct. 20, even as daily fees fell more than 99% from an early-September peak to about $30,000 to $40,000 in mid-October.

Nearly half of the total value locked was in the Steakhouse USDG Vault. The vault held about $540 million and had received deposits from roughly 75,000 wallets. Curated by Steakhouse Financial, it supplies Global Dollar (USDG) to Morpho lending markets.

The fee decline followed a slowdown in meme-token trading and easing network congestion. Robinhood Chain uses Arbitrum technology, which raises its base fee when usage exceeds a target processing rate. Fees can therefore shift sharply with network activity without a matching change in deposits. The latest figures extend the earlier coverage of Robinhood Chain’s daily fee decline.

The figures describe different parts of the network: locked value reflects assets deposited in applications, while fees respond to transaction activity and congestion. Their divergence shows that lower fees can coincide with a substantial amount of capital remaining on the chain.

Stocks and exchange-traded funds accounted for more than half of the real-world asset tokens issued on Robinhood Chain. The combined outstanding value of stock and other real-world asset tokens was about $150 million. Spot trading volume was about $3.27 billion on Sept. 4 and $3.24 billion on Oct. 7; later daily volume remained at roughly $600 million to $700 million or more.

Robinhood opened the chain’s public mainnet on July 1 with a focus on tokenized stocks. It has also made strategic investments in Lighter and Arcus, both perpetual-trading platforms. A useful way to assess continued activity is to watch vault balances and stock-token supply, meme-token trading, and perpetual activity after token launches and airdrops.