Robinhood Chain surpasses Ethereum in daily app revenue, led by memecoin trading

Robinhood Chain, a two-month-old blockchain built by Robinhood, generated more revenue for its applications than Ethereum over the past 24 hours, according to data from DefiLlama. The network earned $2.66 million in app revenue, while Ethereum brought in $1.28 million during the same period.

The ranking excludes stablecoin issuers, liquid staking, and gas fees—categories that typically produce most of Ethereum’s onchain income. Solana led all networks with $5.07 million in app revenue, followed by Robinhood Chain, Hyperliquid, BNB Chain, and Base.

Robinhood Chain was launched on July 1 as infrastructure for tokenized securities, but memecoin trading quickly became a major use case. The chain now combines both, with launch platforms pairing memecoins with tokenized equities.

Memecoin launchpad drives revenue

Pons, a token launchpad exclusive to Robinhood Chain, collected $5.34 million in fees over 24 hours and $16.77 million over seven days. Its V2 contracts keep 30% of swap fees for most pools and charge 0.0005 ETH per token launched. The PONS token traded at $0.32, up 13.7% in a day and 313.6% over a week, with a market value of $230 million.

Other top earners on the chain included trading bot GMGN, which took in $956,450 in fees, and Uniswap’s V4 and V3 deployments, which collected $2.68 million and $1.45 million, respectively. The chain processed $1.03 billion in decentralized exchange volume over 24 hours, a 12.1% increase from the previous day.

Robinhood earns from gas, not app fees

None of the app revenue goes to Robinhood. The company earns from transaction gas fees, which totaled $963,612 over 24 hours and $4.04 million over 30 days. These figures are net of Ethereum L1 execution and blob costs, as well as a 10% fee share owed under the Arbitrum Expansion Program license. This share is split between the Arbitrum DAO (8%) and the Arbitrum Developer Guild (2%).

Ethereum still leads over longer periods

While Robinhood Chain led in daily app revenue, Ethereum remains ahead over longer timeframes. Ethereum generated $11.91 million in app revenue over seven days, compared to Robinhood Chain’s $9.34 million. Over 30 days, Ethereum earned $45.8 million, while Robinhood Chain brought in $23.23 million.

Why this matters

The data shows how new blockchains can quickly gain traction in specific areas, such as memecoin trading, even if they do not yet match established networks like Ethereum in overall activity. It also highlights how revenue metrics can vary depending on what is included or excluded from the calculations.

Sources

• The Defiant