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Robinhood Chain Out-Earns Ethereum in Daily App Revenue, Led by Memecoin Apps
Robinhood Chain recorded $2.66 million in app revenue on August 31, surpassing Ethereum and Hyperliquid, though longer-term figures show Ethereum still leads. The spike was driven by memecoin-focused apps GMGN, Pons, and Uniswap, highlighting concentration risks.
By Tertius News AI Desk2 distinct · 2 mastheads · 2 articlesVersion 1Coverage Published
Robinhood Chain Surpasses Ethereum in Daily App Revenue
Robinhood Chain, the Ethereum Layer 2 network launched by the trading app, recorded $2.66 million in app revenue over a single 24-hour window on August 31, according to DeFiLlama data. That figure put it ahead of Hyperliquid L1 ($1.70 million) and Ethereum ($1.28 million), with only Solana ranking higher at $5.07 million.
Three Apps Drive 88% of Revenue
The revenue was not evenly distributed. GMGN, a Telegram trading bot, led with $803,000. Pons, a launchpad and swap platform native to the chain, contributed $632,000. Uniswap added $235,000 after its fee switch on Robinhood Chain went live on July 27, 2026.
Together, these three apps accounted for roughly 88% of all app revenue on the chain that day. This concentration cuts both ways: it shows the chain can attract high-fee activity, but it also highlights that the revenue base remains narrow. GMGN and Pons draw memecoin and launchpad flow, not the tokenized stock plumbing Robinhood has pitched publicly. CEO Vlad Tenev acknowledged this in a July X post, writing that the chain “works great for memes too.”
Gas Revenue and Arbitrum Split
Separate from app revenue, the chain itself netted $495,000 in gas revenue on August 31, after subtracting Ethereum L1 costs and the 10% Arbitrum Expansion Program share (8% to the Arbitrum DAO treasury, 2% to developer guild). The Arbitrum Foundation collected $44,000 from the chain that day. That split matters for HOOD holders: the chain’s net gas revenue flows toward Robinhood, not ETH stakers or Arbitrum broadly.
Longer-Term Context
The daily flip is not a structural shift. Hyperliquid’s 30-day app revenue stands at $53.41 million, while Robinhood Chain’s is $23.23 million over the same stretch. Ethereum’s 30-day figure is $45.8 million. The August 31 result is a daily spike, not a sustained reversal.
The wider network metrics also paint a mixed picture. Robinhood Chain’s total value locked reached $727.15 million on August 31, up 7.4% in a day, with $2.32 billion bridged in and a stablecoin supply of $769.44 million that gained 7.8% on the week. DEX volume ran to $1.19 billion over 24 hours, and perps added another $189.86 million. Onchain real-world asset volume set records four days running, each session clearing roughly $115 million against a July peak near $60 million, with RWA market cap at $149.22 million.
Broader Chain Revenue Ranking
Over 30 days, Robinhood Chain pulled in $3.13 million in chain revenue, third among all chains behind Canton at $49 million and Tron at $26 million. Base did $2.89 million, and Ethereum did $2.47 million. Over the past day, the gap widened, with Robinhood at $495,477 against $71,703 for Base and $25,746 for Ethereum.
Pons and the Memecoin Engine
Pons, a launchpad and swap platform, has become a significant revenue driver. On August 31, it booked a record $690,000 in revenue, which annualizes to $64 million on $279.88 million in fees. The PONS token traded at $0.3591 after a 46% day and a 499% week, carrying a $254.89 million market cap on $79.58 million of volume. On Tuesday, PONS was $0.1333 and $94.9 million. Around 80% of Pons V1 revenue goes to buying back and burning the token.
Pons accounted for roughly half of all DEX volume on Robinhood Chain at its peak. On August 30, it contributed $445 million of the chain’s $874.8 million in daily volume. By August 29, 29% of Pons’ original one billion token supply had been retired.
The memecoin activity has been substantial. At peak activity in July, 16,000 new tokens were created daily, in part because launching a token was free. Robinhood Chain processed 5.5 million daily transactions on August 25.
Robinhood’s Broader Onchain Push
Robinhood Chain launched on July 1, 2026, as an Ethereum L2 built on the Arbitrum Orbit stack, at Robinhood’s “The World is Flat” keynote in London. The chain uses ETH as its gas token, and blocks finalize in around 100 milliseconds. CEO Vlad Tenev said the chain hit 100 million transactions faster than any other EVM chain ever had.
Robinhood launched Stock Tokens as a flagship product at mainnet, offering ERC-20 representations of stocks like NVIDIA, Apple, GameStop, and SpaceX. Stock Tokens trade around the clock in more than 120 countries, though they are not available to US persons. By August 21, cumulative tokenized stock volume through Uniswap on Robinhood Chain surpassed $1 billion. QQQB drove 288 percent of July’s tokenized equity volume.
Robinhood’s core user base drove $1.31 billion in Q2 2026 revenue, with net income rising 48% year-over-year to $573 million. The stock is trading above $100.
Market Context
The broader crypto market has been volatile. Bitcoin rallied sharply since August 17 on a record $2.7 billion wave of short liquidations, reaching near $81,500. Ether gained nearly 29% in a single week. Stablecoin market capitalization on Robinhood Chain reached $640 million by late August, with USDe from Ethena accounting for the bulk of inflows. Robinhood Earn offers an estimated 7% yield on USDG, a stablecoin developed with Paxos.
Solana validators doubled the network’s disinflation rate in a vote that cleared by 0.33 points, hitting the 1.5% issuance floor by 2029 instead of 2032. A separate Solana fee-burning proposal failed.
In other news, the Ninth Circuit ruled Nevada can regulate Kalshi’s sports contracts, rejecting the argument that federal commodities law preempts state gaming rules. Six wallets dormant since 2011, 2012, and 2014 moved 553.59 BTC worth about $40.15 million between August 16 and 26. BitGo acquired NYDIG’s institutional trading arm for about $42.5 million in cash and stock plus up to $15 million in earnouts. A flaw in an outdated Rain card contract drained about $1.1 million from Avicie’s neobank, knocking AVICI down 49% to a record low before it pared losses. Cronos halted its entire blockchain Sunday after an attacker drained about $75 million from Tectonic, stranding roughly $60 million. Polygon disclosed it patched consensus and denial-of-service flaws through two hard forks.
The Bitcoin ETFs saw $202 million in net outflows on Friday but $924 million in net inflows on the week. The ETH ETFs saw $102 million in inflows on Friday and $815 million on the week.
Evernorth cleared its SEC registration for a $1 billion XRP treasury merger, sending the Armada Acquisition Corp. II merger to a September 30 shareholder vote ahead of a Nasdaq listing under XRPN.
fun did $17.7 million in revenue last week, beating Hyperliquid’s $16.77 million and coming in third for all protocols behind Tether and Circle. Pons did $950,000 in revenue on Sunday, a new ATH, more than Jupiter, Axiom, and Polymarket. The PONS token was listed on Hyperliquid perps.
Outlook
Robinhood Chain’s rapid ascent in daily revenue is notable, but the reliance on memecoin-driven apps and the one-day nature of the record warrant caution. Longer-term comparisons still favor Ethereum and Hyperliquid. The chain’s 90-day gas fee subsidy runs through approximately Sept. 29, 2026, and was reduced from $5 per transaction to $0.50 in mid-August, a 90% cut. How the chain performs once subsidies fade will be a key test of its sustainable revenue base.
How each outlet told it
A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.
Framing: Highlights a single-day record in app revenue for Robinhood Chain, emphasizing it flipping Ethereum and Hyperliquid. — Balanced, noting the daily achievement but also the concentration risk and longer-term comparisons.
Facts Included:
Robinhood Chain recorded $2.66 million in app revenue over a single 24-hour window on August 31, per DeFiLlama data.
GMGN led with $803K.
Pons contributed $632K.
Uniswap added $235K.
GMGN and Pons draw memecoin and launchpad flow.
The chain itself netted $495K in gas revenue, after subtracting Ethereum L1 costs and the 10% Arbitrum Expansion Program share.
The Arbitrum Foundation collected $44K from the chain that day.
AI-extracted; can misattribute a claim — see Methodology.
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimRobinhood Chain recorded $2.66 million in app revenue over a 24-hour window on August 31, per DeFiLlama data.
ClaimRobinhood launched Stock Tokens as a flagship product at mainnet, offering ERC-20 representations of stocks like NVIDIA, Apple, GameStop, and SpaceX.
ClaimStablecoin market capitalization on Robinhood Chain reached $640 million by late August, with USDe from Ethena accounting for the bulk of inflows.
ClaimOn Aug. 7, Vlad Tenev described Robinhood Chain as the fastest-growing chain in history, noting that it reached 100 million cumulative transactions faster than any other network.
ClaimIn July, Robinhood Chain generated roughly $3.6 million in transaction fees, making it the top revenue-producing Layer 2 across Ethereum at 38% of the estimated $6.3 million in total L2 fees collected that month.
ClaimIn July 2026, decentralized exchanges handled spot volume equal to 24.14% of centralized exchange volume, the highest ratio since The Block began tracking the metric in 2019.
ClaimOnchain real-world asset volume on Robinhood Chain set records four days running, each session clearing roughly $115 million against a July peak near $60 million.
ClaimRobinhood Chain pulled in $3.13 million in chain revenue over 30 days, third among all chains behind Canton at $49 million and Tron at $26 million.
ClaimRobinhood Chain's chain revenue over the past day was $495,477 against $71,703 for Base and $25,746 for Ethereum.
ConfidenceHigh
StatusMulti-source (2 outlets · 2 distinct) via Decrypt , CoinGape
ClaimRobinhood Chain apps took in $1.84 million in revenue over 24 hours, second only to Solana at $5.03 million and ahead of Ethereum's $1.14 million.
ClaimSolana validators doubled the network's disinflation rate in a vote that cleared by 0.33 points, hitting the 1.5% issuance floor by 2029 instead of 2032.