Robinhood Chain transactions fall more than 40% as memecoin trading cools

Robinhood Chain's memecoin party is winding down. According to CoinDesk, the network's slowdown has moved beyond fees and into trading activity, with transactions falling more than 40%.That's a sharp reversal for a chain that only went live on July 1, 2026.Start with fees, where the drop was most dramatic. Daily fees on Robinhood Chain peaked at approximately $8 million in early September.By September 16, they had collapsed 97% to about $230,000.Transactions followed fees lower. Daily transaction counts slid from 13.1 million to 8.9 million by mid-September, a day-over-day decline of roughly 32% on that measure.The smoothed view is gentler. The seven-day average for transactions dipped only about 6% over the same stretch.The engine behind both the boom and the bust was memecoin trading. Launches on platforms such as Pons generated heavy gas spending in August and early September, which is what pushed fees so high. Weekly memecoin volume on Pons fell 37% as appetite for high-gas activity cooled.Decentralized exchange (DEX) volume on the chain held at or above $1 billion daily during mid-September, even as fees cratered.Daily DEX volume did come down from its peak of around $1.88 billion in mid-September, roughly halving from that high.Total value locked (TVL) stayed steady at approximately $1 billion through the turbulence. That figure remained resilient into late September and October, even as DEX volume eased.There was also no visible mass migration to rival networks such as Solana, with user retention appearing stable.Robinhood Chain is an Ethereum layer-2 network built using Arbitrum Orbit technology. The network carries the weight of its parent company, Robinhood (HOOD).Activity has also started to diversify beyond memecoins, with new token pools continuing to appear into early October.The chain also added support for NEAR Intents, which enables cross-chain swaps across more than 180 assets on more than 30 blockchains.