Robinhood Chain Surpasses Ethereum in Daily App Revenue

Applications on the two-month-old Arbitrum network generated $2.66 million in revenue over 24 hours, placing it second behind Solana. A memecoin launchpad accounted for the largest share of that activity.

Robinhood Chain’s applications generated more revenue than those on Ethereum over the past 24 hours, roughly two months after the network went live.

The chain built by Robinhood to support tokenized stock trading now generates most of its application revenue from memecoin speculation. The ranking is based on a metric that excludes stablecoin issuers, liquid staking and gas fees, which account for much of Ethereum’s onchain income.

Robinhood Chain recorded $2.66 million in app revenue over 24 hours as of 18:30 UTC on Monday, compared with $1.28 million for Ethereum, according to DefiLlama. Solana led the 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 Handles the Heavy Lifting#

Pons, a token launchpad operating exclusively on Robinhood Chain, generated $5.34 million in fees over 24 hours and $16.77 million over seven days, according to DefiLlama data. Its V2 contracts retain 30% of Curve and Uniswap V4 swap fees from most pools and charge 0.0005 ETH for each token launch, while the remaining fees go to token creators. About 80% of V1 revenue is used to fund PONS token buybacks and burns.

PONS traded at $0.32 on Monday, gaining 13.7% over 24 hours and 313.6% over seven days, according to CoinGecko. The token’s market capitalization stood at around $230 million.

Trading bot GMGN generated $956,450 in fees during the same period, while Uniswap’s V4 and V3 deployments brought in $2.68 million and $1.45 million, respectively. Robinhood Chain processed $1.03 billion in decentralized exchange volume over 24 hours, marking a 12.1% increase from the previous day, according to DefiLlama.

Pons has faced competition in the launchpad market. Uniswap’s launchpad outperformed Pons on its first day on Robinhood Chain in August, while launchpad platforms on the network have taken market share from Pump.fun in fees since July.

DefiLlama’s app revenue metric tracks the fees and revenue retained by applications, while excluding stablecoins, liquid staking platforms and gas fees. On Ethereum, this means Tether, Circle and Lido are left out of the comparison.

The one-day figure offers only a short-term snapshot. Over longer periods, Ethereum remains ahead, generating $11.91 million in seven-day app revenue compared with $9.34 million for Robinhood Chain, while its 30-day total reached $45.8 million versus $23.23 million.

Robinhood’s Revenue Cut Comes From Gas Fees#

Robinhood does not receive any of the application revenue. Instead, the company earns transaction gas fees, which DefiLlama recorded at $963,612 over 24 hours and $4.04 million over 30 days, after Ethereum L1 execution and blob costs and the 10% fee share required under the Arbitrum Expansion Program license. The share is divided between the Arbitrum DAO with 8% and the Arbitrum Developer Guild with 2%, according to 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, presenting the network as infrastructure for tokenized securities. Memecoin trading followed in the first week, while CEO Vlad Tenev later said the chain can support memecoins as well, despite his earlier doubts.

The two use cases have since come together. Launch platforms started pairing memecoins with tokenized equities, and by late July, the chain handled more tokenized stock volume than Solana’s venues combined, reaching $29.7 million a day. Most of that volume came as a byproduct of memecoin trading.

Robinhood Chain surpassed Base in daily active users just three weeks after its launch. Meanwhile, ETH traded at $2,441.86 on Monday, slipping 0.6% over 24 hours and 0.4% over the past week.