Robinhood Chain Activity Drops 42% as Trading and Fees Slide

What happened: Robinhood Chain’s daily transactions fell 42% from a mid-September peak, dropping from 10.8 million to 6.2 million. Active addresses declined 31% to about 322,000, and weekly spot trading volume slid 21% to $7.45 billion. Network fees are down 39% to $65,000 per day, after a prior 97% collapse in September. Robinhood has extended its fee subsidy on swaps to year-end, signaling concern over the slowdown. Perpetual futures volume rose 26%, providing a rare bright spot.

Why it matters: The sharp drop in activity reflects waning retail and memecoin enthusiasm, challenging Robinhood’s on-chain growth ambitions. The extended fee subsidy suggests management is actively trying to reverse the trend, but the sustainability of incentives is unclear. The uptick in futures trading hints at a shift in user behavior rather than outright exit.

Source: CoinDesk