Robinhood Chain 的每日收入刚刚超越 Solana，免费乘车将在 27 天后结束

A two-month-old Layer 2 chain is out-earning every blockchain on Earth, powered by a memecoin casino and a gas subsidy that expires at the end of September.

Summary Robinhood Chain generated $4.01 million in chain revenue on Sept. 2, 2026, exceeding Solana ($81,714), Ethereum, and Tron on the same DeFiLlama leaderboard.

Cumulative DEX volume crossed $47 billion in under two months, ranking fifth among all chains by 30-day volume at $15 billion, but the majority of that activity flows through memecoin launchpad Pons and trading bot GMGN rather than the tokenized stocks Robinhood pitched at launch.

The 90-day gas subsidy covering all Robinhood Wallet transactions expires on Sept. 29, meaning users currently paying zero for trades will face real costs for the first time.

Pons collected $4.89 million in fees on Aug. 31 alone, surpassing Solana pump.fun every day since Aug. 29, while launching roughly 22,600 new tokens in a single day at peak.

Arbitrum collects 10 percent of net sequencer revenue from Robinhood Chain, sending an estimated $377,000 to its DAO treasury on the record-breaking Sept. 1 fee day alone.

Two months ago, Robinhood launched a blockchain. The pitch was regulated, 24/7 tokenized stock trading for 120 countries. The reality is something else entirely.

On Sept. 2, Robinhood Chain posted $4.01 million in chain revenue on $4.45 million in fees, according to DeFiLlama. That placed it above Solana, Ethereum, and Tron on the same page. Just six days earlier, its daily revenue sat at $179,815. The jump is not gradual. It is vertical.

The numbers look like the kind of growth that venture capitalists frame on their walls. But they come with an asterisk the size of the chain itself: every transaction on Robinhood Wallet is free. The 90-day gas subsidy that launched alongside the mainnet on July 1 expires on Sept. 29, and nobody knows what happens when the bill arrives.

The revenue that is not really revenue

The first thing to understand about Robinhood Chain revenue is what it measures and what it does not.

The $4.01 million figure tracks fees paid by users at the application layer, primarily through Pons, GMGN, and Uniswap. These are not gas fees in the traditional sense. Robinhood Wallet users pay nothing for on-chain execution. The fees that DeFiLlama counts come from memecoin launchpad spreads, trading bot commissions, and DEX swap fees baked into the protocols people are using.

NEW: Robinhood introduces mainnet for new chain designed for real-world assets pic.twitter.com/Q1ZUbuWZK1 — crypto.news (@cryptodotnews) July 2, 2026

This distinction matters. When Solana earns $81,714 in daily chain revenue, that comes from actual gas paid by users to validators. When Robinhood Chain earns $4.01 million, most of it flows to third-party applications sitting on top of a subsidized execution layer. The chain itself is burning cash to keep the lights free.

DeFiLlama also reported $4.32 million in application revenue and $24.4 million in total fees paid on the same day. Those bigger numbers include every fee a user encounters across the entire stack, from DEX spreads to bot commissions to launchpad cuts. The gap between $4.45 million in chain fees and $24.4 million in total fees reveals how much value the application layer extracts on top of the base chain. Users are paying plenty. They are just not paying Robinhood.

Robinhood has not disclosed what the gas subsidy costs. The company reported $1.31 billion in total Q2 revenue, with crypto transaction revenue falling 38 percent year-over-year to $100 million. Prediction markets, which generated $156 million, overtook crypto for the first time in company history. The chain launched after Q2 closed, so the first full quarter of mainnet data will show up in Q3 results due late October.

The question of who keeps the money is surprisingly murky. CryptoSlate reported that $2.7 million poured into Robinhood Chain applications in one day, but noted that it “says little about Robinhood’s actual take.” The company has not publicly disclosed its own revenue share from on-chain activity, its sequencer margin, or the internal cost of the gas subsidy. Until Q3 earnings arrive, the market is flying blind on the chain’s actual economics.

Pons ate the tokenized stock narrative

Robinhood built its chain for stocks. Memecoins took it over.

Pons, a token launchpad modeled on Solana pump.fun, has become the single largest fee generator on Robinhood Chain. On Aug. 31, Pons pulled in $4.89 million in fees, almost triple the $1.72 million pump.fun earned on the same day. Users paid about $5.95 million through Pons in the most recent 24-hour period, ranking it fourth globally among all protocols tracked by DeFiLlama, above pump.fun at $4.64 million. At peak, users launched roughly 22,600 new tokens through Pons in 24 hours. That is one new memecoin every 3.8 seconds.

GMGN, a sniping and trading bot, collected $956,450 in daily fees. Together with Pons, the two platforms capture about 70 percent of all launchpad and trading bot fees across the entire crypto ecosystem. Uniswap, the protocol that was supposed to anchor the tokenized stock vision, ranks a distant third.

The irony is thick. Robinhood spent years fighting its reputation as a gamification engine for retail speculation. It built an entire blockchain to prove it could do something more serious. And within 60 days, its chain became the most popular memecoin casino in crypto, outpacing the Solana ecosystem that spent years building that exact niche.

Tokenized stock volume on Uniswap did reach $1.5 billion in cumulative trading over six weeks, with a single-day peak of $130 million on Aug. 29. That is real. But it is dwarfed by the overall $47 billion in DEX volume, meaning tokenized stocks represent roughly 3 percent of actual trading activity on a chain purpose-built for them.

The gas subsidy math

Robinhood launched its gas subsidy on July 1 alongside the mainnet, covering all swap costs above $5 for Robinhood Wallet users. In practice, most users pay zero. The subsidy runs for 90 days, putting the expiry at approximately Sept. 29.

The subsidy applies only to the Robinhood Wallet. Users transacting through MetaMask, Rabby, or other third-party wallets already pay standard gas fees. This creates two tiers of users: the Robinhood-native crowd trading for free, and the crypto-native crowd paying their own way.

NEW: Tom Lee calls the Robinhood Chain L2 mainnet launch on July 1 one of the biggest crypto success stories of 2026 pic.twitter.com/dGc0XJhyDJ — crypto.news (@cryptodotnews) July 14, 2026

Nobody outside Robinhood knows the total cost. But the chain is processing 7.6 million daily transactions and closing in on Base, which handles 9.2 million. Even with Arbitrum Orbit’s low execution costs, covering gas on millions of daily transactions for 90 days adds up. A back-of-the-envelope calculation at even $0.001 per transaction on 7 million daily transactions runs to $7,000 a day, or $630,000 over 90 days. At $0.01 per transaction, that becomes $6.3 million. Neither figure is large for a company earning $1.31 billion a quarter, but the subsidy cost matters less than the behavioral shift it has created. Users have spent two months treating gas as someone else’s problem. Retraining that expectation is the hard part.

The strategic logic is obvious. Free gas drives adoption. Adoption drives volume. Volume drives fee revenue from protocols like Pons. Protocol revenue drives attention and, eventually, Robinhood’s own take rate once the subsidy ends. It is the same playbook Uber ran for a decade: subsidize demand, capture the market, flip the switch.

The question is whether crypto users behave like rideshare passengers. Uber riders had no alternative once cabs disappeared. Memecoin traders have Solana, Base, and a dozen other chains one bridge transaction away.

What $47 billion in volume actually means

Robinhood Chain crossed $47 billion in cumulative DEX volume by mid-August, a milestone most Layer 2s took years to reach. It now sits fifth among all chains by 30-day volume at $15 billion, and daily volume hit an all-time high of $1.49 billion, up 131 percent over seven days and 517 percent over 30 days.

Strip out the context and those numbers are staggering. Put the context back, and the picture gets more complicated.

The vast majority of that volume runs through Pons and GMGN. Pons alone captured 63.9 percent of the $7.65 million paid to crypto launchpads on Aug. 31. These platforms cater to pure speculation. Users launch memecoins, snipe early liquidity, dump within minutes, and move on. The volume is real in the sense that tokens are changing hands, but the economic activity underneath is closer to a slot machine than a stock exchange.

Total value locked on Robinhood Chain surged from $4 million in June to roughly $1.4 billion by late August, before pulling back to about $738 million on Sept. 1 per DeFiLlama. That pullback happened during the chain’s highest-revenue days, which suggests some of the early TVL was parked capital waiting for opportunities rather than committed liquidity.

Still, reaching 700 million in TVL within two months is a trajectory no Ethereum Layer 2 has matched this early. Base, arguably the closest comparison as another corporate-backed L2, took significantly longer to reach similar numbers.

The user metrics tell a similar story of explosive early growth. Robinhood Chain surpassed one million active wallets within two weeks of launch. By July 20, it registered 191,855 daily active wallets out of 864,665 across all EVM chains, putting it ahead of Polygon and Base and behind only BNB Chain. On July 21, it briefly surpassed Base itself with 324,000 daily active wallets versus 275,000. Active wallets do not equal unique users since bots and multi-wallet users inflate the count, but the scale of early engagement is difficult to dismiss.

Arbitrum collects its rent

Robinhood Chain is not an island. It settles to Ethereum through Arbitrum, and that relationship comes with a price.

Under Arbitrum’s Expansion Program, every Orbit chain pays 10 percent of net sequencer revenue to the Arbitrum DAO. The split runs 8 percent to the DAO treasury and 2 percent to the Developer Guild. The fee calculates against revenue after operating costs, so it tracks actual profitability rather than raw throughput.