Robinhood Chain is now bringing in more fee revenue than Ethereum and Base, according to Decrypt’s Morning Minute newsletter, just two months after the network went live on July 1.
The newsletter, written by Tyler Warner, said the views in the piece were the author’s own and not necessarily those of Decrypt.
Chain revenue moved ahead of Ethereum and Base
Morning Minute defined chain revenue as the portion of transaction fees the network keeps. On that measure, Robinhood Chain posted $3.13 million over the past 30 days, ranking third among all chains behind Canton at $49 million and Tron at $26 million. Base generated $2.89 million over the same period, while Ethereum brought in $2.47 million.
The spread was wider on a 24-hour basis. Robinhood Chain recorded $495,477 in daily chain revenue, compared with $71,703 for Base and $25,746 for Ethereum.
Apps on the network also out-earned Ethereum on the day
The newsletter separately tracked app revenue, which measures what protocols on top of a chain actually earn. Over the past 24 hours, apps on Robinhood Chain took in $1.84 million, second only to Solana at $5.03 million and ahead of Ethereum at $1.14 million.
That lead does not yet hold over a longer window. Over 30 days, Ethereum still leads with $45.84 million in app revenue, versus $21.05 million for Robinhood Chain. The comparison cited in the piece was a one-day snapshot.
TVL, bridged assets, stablecoins, and trading activity all climbed
The network’s balance sheet expanded alongside the revenue gains. Total value locked reached $727.15 million, up 7.4% on the day. Assets bridged in stood at $2.32 billion. Stablecoin supply rose to $769.44 million, up 7.8% on the week.
Trading activity was also heavy. Robinhood Chain logged $1.19 billion in DEX volume over 24 hours, while perpetuals added another $189.86 million.
The newsletter also highlighted real-world asset activity. On-chain RWA volume set records for four straight days, with each session clearing roughly $115 million, versus a July peak near $60 million. RWA market capitalization on the chain was listed at $149.22 million.
Pons stood out as the biggest growth driver
Morning Minute said Pons has been one of the clearest beneficiaries of Robinhood Chain’s rise and a major contributor to the network’s recent growth. The protocol generated roughly $208.82 million in 30-day DEX volume and posted a record $690,000 in revenue on Saturday. The newsletter annualized that pace to $64 million in revenue on $279.88 million in fees.
The PONS token rose alongside those metrics. It was quoted at $0.3591 after gaining 46% on the day and 499% on the week, with a market capitalization of $254.89 million and volume of $79.58 million. On Tuesday, the same token was at $0.1333 with a market cap of $94.9 million.
According to the newsletter, about 80% of Pons V1 revenue is used to buy back and burn the token. The author pointed to that structure as the reason revenue and price were moving together rather than diverging.
The author’s market view on Robinhood Chain
The piece argued that Robinhood Chain is becoming a meaningful force in on-chain crypto and said the company’s CEO and leadership team continue to press forward with the network. It also said RWAs are expanding quickly on-chain and that traders are increasingly concentrating on Robinhood Chain as token prices rise across infrastructure names such as Pons, AI, and Delta, as well as meme tokens including Cashcat and Hmm.
The newsletter said it expects the metrics listed above to keep trending higher in the near term. That forecast was presented as the author’s opinion.
Macro market check: majors edged lower
Morning Minute said major cryptocurrencies were slightly red over the weekend after the U.S. and Iran exchanged attacks again. The price snapshot in the report showed:
- BTC up 0.2% at $77.9k
- ETH down 1% at $2,450
- SOL down 2% at $103
- HYPE down 2% at $81.30
Among altcoins, the top movers listed were XMR at +12%, MNT at +8%, and LIT at +6%.
In traditional markets, oil was up 4% at $87 and gold was down 0.3% at $4,510. Stock futures were slightly lower after the U.S. and Iran exchanged strikes for the first time since July, with the Dow down 0.2% and the Nasdaq down 0.2%.
Solana’s disinflation vote passed, fee-burning proposal failed
The newsletter said Solana validators voted to double the network’s disinflation rate. The measure passed by 0.33 points, moving the timeline for Solana to hit its 1.5% issuance floor to 2029 from 2032. A separate proposal tied to fee burning did not pass.
Court ruling, old Bitcoin wallets, and BitGo’s acquisition
The Ninth Circuit ruled that Nevada can regulate Kalshi’s sports contracts, rejecting the claim that federal commodities law overrides state gaming rules. The report noted that the decision split with an April ruling in New Jersey that reached the opposite result.
It also said six wallets dormant since 2011, 2012, and 2014 moved 553.59 BTC worth about $40.15 million between August 16 and 26. The newsletter said decade-old coins have been stirring at a faster pace in 2026 than in most prior years.
On the corporate side, BitGo acquired NYDIG’s institutional trading arm for about $42.5 million in cash and stock, with up to $15 million in earnouts. The deal adds roughly 30 staff as well as a derivatives and financing desk.
Security and infrastructure incidents hit Avicie, Cronos, and Polygon
An outdated Rain card contract was exploited, draining about $1.1 million from Avicie’s neobank operation, according to the newsletter. It said $500,800 was taken from 1,685 Avici users, and AVICI fell 49% to a record low before recovering part of the loss.
Cronos halted its entire blockchain on Sunday after an attacker drained about $75 million from Tectonic, the network’s largest lending protocol, leaving roughly $60 million stranded.
Polygon disclosed that it had patched consensus and denial-of-service flaws through two hard forks that were rolled out privately before public disclosure. One of the flaws, the report said, would have allowed a single crafted transaction to force costly work across every validator.
ETF flows and treasury news
Bitcoin ETFs posted $202 million in net outflows on Friday but still recorded $924 million in net inflows for the week. Ethereum ETFs saw $102 million in inflows on Friday and $815 million for the week.
The newsletter also said Evernorth cleared its U.S. Securities and Exchange Commission registration for a $1 billion XRP treasury merger. The transaction involving Armada Acquisition Corp. II is set for a shareholder vote on September 30 ahead of a Nasdaq listing under the ticker XRPN.
Meme coin moves and Robinhood Chain leaders
Meme coin leaders were mostly down and finished the week in the red. The moves listed in the report were DOGE at -9%, SHIB at -7%, PEPE at -11%, PENGU at -7%, TRUMP at -5%, SPX at +19%, and Fartcoin at -2%.
Tokens on Robinhood Chain were mixed but included several large gainers. PONS was up 14%, Statics rose 200%, Cinema climbed 73x, Boner jumped 500%, Up gained 140%, and Cashcat fell 10% while holding a $200 million market cap.
Among Solana-related names, Heehaw rose 80x to a $4 million valuation, SKR gained 80%, TJR jumped 900%, and Ansem fell 20% to a $290 million market cap.
Protocol revenue and NFT market snapshot
Pump.fun generated $17.7 million in revenue last week, beating Hyperliquid’s $16.77 million and ranking third among all protocols behind only Tether and Circle, according to the newsletter.
Pons posted $950,000 in revenue on Sunday, setting another all-time high and coming in above Jupiter, Axiom, and Polymarket. The report added that the PONS token was listed on Hyperliquid perpetuals that morning.
In NFTs, most leaders were down. Punks fell 1% to 32 ETH, BAYC dropped 3% to 7.7 ETH, and Pudgy declined 4% to 4.1 ETH.
Spawnhood, up 900%, and Wif Outlaws, up 12%, led the gainers. Quotrons reached a new high of 4 ETH before retracing.
Original Blokyz raised $64 million in its presale raffle to mint at 0.03 ETH. The NFTs were later sitting at a 0.136 ETH floor price.