On-chain activity on Robinhood Chain kept cooling in the week of Oct. 2 to Oct. 8. CoinDesk, citing calculations based on growthepie data, said the network averaged 6.2 million transactions a day during the period, down 42% from 10.8 million between Sept. 10 and Sept. 16. It was also 20% lower than the previous week.
Average daily active addresses came in at about 322,000 over the same stretch, a 31% decline from mid-September.
Spot volume also moved lower
Spot trading volume fell alongside transaction activity. From Oct. 2 to Oct. 8, spot volume on Robinhood Chain dropped to $7.45 billion, down 21% from $9.46 billion a week earlier. Uniswap handled about 77% of that total.
Deposits and stablecoin supply increased
Even with lower trading activity, capital did not leave the network during the period. Deposits in on-chain lending and trading applications rose about 2% week over week to $1.04 billion, while stablecoin supply increased to about $1.1 billion.
Perpetual futures volume rose against that backdrop, climbing 26% to about $7.35 billion.
Fee revenue shrank with lower activity
As usage slowed, fee revenue declined as well. Users paid an average of about $65,000 a day in network fees during the week, down 39% from the previous week and well below the single-day peak of $8 million recorded in early September.
Robinhood launched the chain in July. It supports token trading and lending through applications connected to Ethereum, and the company plans to introduce round-the-clock trading for tokens linked to stocks and funds. In a report published last month, Bernstein said Robinhood keeps about 90% of network fees.