Robinhood Chain activity falls 42% as trading slowdown deepens
Daily transactions on Robinhood Chain dropped to 6.2 million in the week to 8 Oct, down 42% from mid-September, as spot trading volume also fell while deposits held above $1 billion.
Why it matters: Robinhood Chain's fee revenue depends on transaction volume, and the drop from fees into trading shows the activity that underpins the business is weakening.
Key points
- Robinhood Chain averaged 6.2 million daily transactions from 2-8 Oct, down 42% from 10.8 million in mid-September, per CoinDesk calculations using growthepie data.
- Weekly spot trading volume fell 21% to $7.45 billion, with Uniswap handling about 77% of it, according to DefiLlama figures.
- Deposits in lending and trading apps rose about 2% to $1.04 billion, and perpetual futures volume climbed 26% to roughly $7.35 billion.
Activity on Robinhood Chain has slowed sharply, with daily transactions down 42% from mid-September, according to CoinDesk calculations using growthepie data.
Perpetual futures were the exception, with rolling seven-day volume of about $7.35 billion on Friday, up 26%. Robinhood launched the chain in July and keeps roughly nine-tenths of network fees, per a Bernstein note. It has extended its fee promotion, paying network fees on swaps over 50 cents through 31 December.
What to watch: Robinhood's fee promotion, which pays network fees on swaps over 50 cents, runs until 31 December.
Live updates on NewsFeeds:MacroDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.