Data from analytics platform Growthepie shows that Robinhood Chain processed over 7 million transactions in a single day, surpassing Coinbase-affiliated Base chain, which recorded 6.32 million transactions over the same period. This milestone is remarkable given the chain had no transactional history at the beginning of the month.
The main driver: Robinhood's decision to cover all gas fees for eligible Wallet users on swaps, bridges and perpetuals for the first 90 days (through late September). This effectively makes transactions cost near zero, pulling in high-frequency users and inflating activity metrics.
7 million daily transactions: Outpacing Base
Combined with a recent memecoin rally, the fee waiver briefly pushed Robinhood Chain's 24-hour DEX volume past Base's Uniswap deployment and above Hyperliquid. Binance Smart Chain and Solana held the top two DEX volume spots, with Robinhood Chain taking third.
Memecoins steal the show: 18,600 new tokens per day
Robinhood initially built its chain for 24/7 tokenized stock trading, now live in over 120 countries. But memecoins now dominate activity. CEO Vlad Tenev acknowledged the memecoin surge after his tweet in early July. Since then, launchpads on Robinhood Chain have averaged about 18,600 new tokens per day. Currently, 20 memecoins on the network have market caps above $1 million.
Fee breakdown: Subsidized vs. user-paid transactions
Only transactions initiated through the Robinhood Wallet app benefit from the gas fee waiver; all others pay gas in ETH. On July 11, network-wide fees topped $300,000, reflecting a mix of subsidized and user-paid activity. This peak coincided with a memecoin rally, underscoring how current volume depends on promotional incentives rather than organic demand.
After September: The real sustainability test
Robinhood Chain's early strong numbers reflect the combination of free gas, a fresh launch, and engagement from the platform's 23 million brokerage users. However, lasting growth will only become clear once incentives expire in September and users pay their own fees. Base's experience — it maintained developer interest after initial speculation cooled — serves as a reference. Robinhood's Q2 earnings in early August are expected to provide the first detailed mainnet performance data, with September marking the real test as fee subsidies end.