Robinhood Chain Tops Ethereum In Daily App Revenue

Robinhood Chain generated more revenue for the applications running on it than Ethereum did over the past 24 hours, two months after the network went live.

The chain Robinhood built to trade tokenized stocks now earns most of its application revenue from memecoin speculation. The ranking also rests on a metric that strips out stablecoin issuers, liquid staking and gas fees, the categories that produce most of Ethereum's onchain income.

Robinhood Chain's 24-hour app revenue was $2.66 million as of 18:30 UTC on Monday, against $1.28 million for Ethereum, according to DefiLlama. Solana led all networks with $5.07 million, followed by Robinhood Chain, Hyperliquid at $1.7 million, BNB Chain at $886,126 and Base at $438,882.

Memecoin Launchpad Does The Work

Pons, a token launchpad that exists only on Robinhood Chain, collected $5.34 million in fees over 24 hours and $16.77 million over seven days, DefiLlama data shows. Its V2 contracts keep 30% of curve and Uniswap V4 swap fees for most pools and charge 0.0005 ETH per token launched, with the rest going to token creators. Roughly 80% of V1 revenue funds buybacks and burns of the PONS token.

PONS traded at $0.32 on Monday, up 13.7% over 24 hours and 313.6% over seven days, for a market capitalization of $230 million, according to CoinGecko.

Trading bot GMGN took $956,450 in fees over the same period, and Uniswap's V4 and V3 deployments collected $2.68 million and $1.45 million. The chain processed $1.03 billion in decentralized exchange volume over 24 hours, up 12.1% from the prior day, per DefiLlama.

Pons has not had the launchpad market to itself. Uniswap's own launchpad out-launched Pons on its first day on the chain in August, and Robinhood Chain venues have been taking share from Pump.fun in launchpad fees since July.

DefiLlama's app revenue series measures what applications keep, excluding stablecoins, liquid staking apps and gas fees. On Ethereum, that removes Tether, Circle and Lido from the comparison.

The one-day figure is also a snapshot. Ethereum leads over longer windows, with $11.91 million in seven-day app revenue against Robinhood Chain's $9.34 million, and $45.8 million over 30 days against $23.23 million.

Robinhood's Cut Is Gas

None of the app revenue accrues to Robinhood. The company earns transaction gas fees, which DefiLlama tracks separately at $963,612 over 24 hours and $4.04 million over 30 days, net of Ethereum L1 execution and blob costs and the 10% fee share owed under the Arbitrum Expansion Program license. That share splits 8% to the Arbitrum DAO and 2% to the Arbitrum Developer Guild, per the Arbitrum Foundation's mainnet factsheet.

Robinhood launched the chain's mainnet on July 1 alongside 24/7 stock tokens, onchain lending and plans for agentic trading, pitching the network as infrastructure for tokenized securities. Memecoin trading arrived in week one, and CEO Vlad Tenev said the chain works for memes too after earlier skepticism.

The two use cases have since merged. Launch platforms began pairing memecoins with tokenized equities, and by late July the chain carried more tokenized stock volume than Solana's venues combined at $29.7 million a day, most of it a byproduct of memecoin trades.

Robinhood Chain passed Base on daily active users three weeks after launch. ETH traded at $2,441.86 on Monday, down 0.6% over 24 hours and 0.4% over the week.