Activity on Robinhood Chain has declined sharply, with daily transactions dropping 42% since mid-September.
Key Metrics Show Sharp Decline
Daily activity has dropped from 10.8 million transactions to 6.2 million since mid-September.
The number of active blockchain addresses also declined, averaging about 322,000 a day, down 31% from mid-September.
Trading Volumes Reflect Shifts
Uniswap, a major decentralized exchange, handled roughly 77% of spot trading activity on the chain.
Deposits and Futures Show Contrast
Despite lower trading, deposits in lending and trading apps rose about 2% to $1.04 billion.
Stablecoin balances increased to about $1.10 billion, indicating users are not withdrawing funds.
Perpetual Futures Volume Grows
Trading in perpetual futures—contracts that allow bets on price movements without owning assets—rose 26% in a seven-day period.
This suggests some user activity is shifting toward speculative instruments.
Network Fees Continue to Be Covered
What This Means for Users
The slowdown reflects a broader trend: fewer transactions, even as deposits remain stable.
Users appear to be holding funds rather than actively trading, possibly due to reduced confidence or lower incentives.
What to Watch Next
Robinhood launched the chain in July to enable token trading, borrowing, and lending via Ethereum-based applications.
Each transaction incurs a network fee, and Robinhood keeps roughly nine-tenths of those fees, according to a Bernstein note from last month.
Robinhood has tried to stimulate activity by offering reward points for stock-token swaps and delaying the end of its fee coverage.
For more on Robinhood Chain activity, see the original report from CoinDesk.
Sources & further reading
AI-generated illustration.
