Robinhood Chain recorded about $25 million in fees over the past week, up from roughly $1.4 million in the previous week, as on-chain activity accelerated across the network. On the equity side, StoneX Financial has initiated coverage of Robinhood Markets (HOOD) with a Buy rating and a $170 price target.
Weekly fees jumped to about $25 million
According to on-chain data cited in the report, Robinhood Chain generated about $25 million in cumulative fees in the latest week, versus about $1.4 million a week earlier, or roughly 17.9 times the prior level. On Sept. 4, daily fees briefly reached about $6 million, setting a record since the chain went live.
DeFiLlama’s latest data also showed Robinhood Chain posting around $25.95 million in seven-day fees, temporarily ahead of major public chains including BNB Chain, Tron, Solana and Ethereum. Over the same stretch, total value locked on the chain stood at about $900 million, while stablecoin market capitalization was around $1 billion.
Pons was the main driver of the surge
The latest burst of activity was driven mainly by Pons, a token issuance platform. Pons allows users to issue fixed-supply tokens on Robinhood Chain, trade them through a bonding curve, and then move them into Uniswap V4 liquidity pools.
DeFiLlama had previously noted that Pons was generating only about $150,000 in daily fees in mid-July. By late August, that figure had climbed to as much as $4.89 million, marking growth of more than 30 times in just seven weeks.
Trading volume rose alongside fees. Data in the report showed weekly DEX volume reaching about $12.4 billion, more than double the prior week. That suggests the jump in fees was accompanied by expanding trading activity rather than being driven only by higher gas prices.
At the same time, average daily active accounts were about 396,000, lower than the previous week. The report said that may indicate revenue growth was concentrated in a small number of high-traffic applications such as Pons and in high-frequency trading activity, rather than a broad-based jump in user count.
StoneX begins coverage with a Buy rating
The rapid rise in on-chain activity is now feeding into Wall Street valuation models. On Sept. 8, StoneX Financial Managing Director and Senior Research Analyst Mark Palmer initiated coverage of Robinhood and assigned a Buy rating with a 12-month price target of $170.
Based on HOOD’s closing price of $117.34 that day, the target implies about 44.9% upside. Palmer identified Robinhood Chain and prediction markets as major drivers for the company’s next stage of growth.
Other Wall Street firms have also updated their targets on Robinhood. Bernstein maintained a $160 target, Piper Sandler set a $145 target, and Goldman Sachs raised its target from $124 to $142.
Second-quarter results added fundamental support
Robinhood’s underlying business performance also provided support. The company reported second-quarter revenue up 32% year over year to a record $1.31 billion. Trading-related revenue rose 44% to $776 million, net income increased 48% to $573 million, and funded customers reached 28.4 million.
One of the standout figures came from prediction markets. Revenue from that segment reached $156 million in the second quarter, up more than 10 times from a year earlier. That was higher than the company’s $100 million in cryptocurrency trading revenue during the same period and also above its $129 million in stock trading revenue. Quarterly event contract volume hit a record 13.6 billion contracts.
Robinhood is expanding across on-chain finance and prediction markets
Robinhood officially launched Robinhood Chain on July 1, positioning it as an Ethereum Layer 2 built for financial services and real-world assets, or RWA. At the same time, the company expanded into tokenized stocks, DeFi lending and other on-chain asset services.
On the prediction market side, Robinhood recently announced a multi-year partnership with Crypto.com and its spun-out derivatives platform OG.com. Some event contracts will receive liquidity through OG.com, and Robinhood will take minority stakes in both Crypto.com and OG.com.
Robinhood is trying to extend a business model that has historically leaned heavily on retail trading conditions into a platform spanning centralized and on-chain financial services, from brokerage and crypto trading to prediction markets, tokenized assets and its own blockchain.
Still, the report noted that the recent fee spike on Robinhood Chain was driven to a large extent by speculative token trading tied to platforms such as Pons. Whether that can turn into durable on-chain revenue remains unclear. StoneX’s $170 target also stands well above the current Wall Street average target of about $126, leaving sustained trading activity as a key metric for the market to watch.