Robinhood Chain Fees Surge Past Solana and BNB

Robinhood Chain fees accelerated after its 1 July launch as an Ethereum Layer 2 built with Arbitrum Orbit. In its first 24 hours, fees reached a record $6.04 million, with about $5.44 million retained after Ethereum settlement costs and Arbitrum revenue sharing. Over seven days, revenue reached $20.33 million, driven largely by memecoin trading, token launches and speculative activity. The later 15-day September update showed Robinhood Chain generating about $33 million in fees, exceeding Solana’s roughly $11 million and BNB Chain’s $9 million. Total fees since launch reached about $39 million. Robinhood retains around 90% of fees, while about 10% goes to Arbitrum-related funds and less than 1% covers Ethereum gas costs. Trading activity also expanded. DEX volume initially reached $1.71 billion in 24 hours and $9.95 billion over seven days, later surpassing $50 billion cumulatively. TVL rose from about $1.17 billion in native protocols to approximately $1.5 billion, while bridged value reached around $3.03 billion. Stablecoin market capitalisation increased 26.6% in one week to about $951.8 million. Tokenised stock holdings grew from roughly $10 million to $140 million in two months. GMGN, Pons and Uniswap supplied most application revenue, with the three accounting for about 93% in one snapshot. Record gas fees in late August and early September led Robinhood to subsidise wallet users through 29 September. Bernstein maintained an Outperform rating on Robinhood Markets with a $160 target price. For crypto traders, Robinhood Chain highlights rising competition among Ethereum Layer 2 networks and growing demand for tokenised securities. However, the Robinhood Chain rally remains exposed to falling memecoin activity, concentrated application revenue, temporary gas subsidies and regulatory risks around tokenised stocks. Its long-term revenue will depend on whether trading volume remains strong after incentives end.