Robinhood Chain’s Layer-2 activity has dropped sharply from its September highs, with daily transactions down 42% even as more than $1 billion remains deposited across applications on the network. Between October 2 and October 8, the Ethereum Layer 2 averaged about 6.2 million transactions per day, compared with 10.8 million in the September 10–16 period, according to growthepie data. Daily active addresses averaged roughly 322,000, down 31% from mid-September.
Spot trading has weakened most clearly. Decentralized exchanges on Robinhood Chain processed approximately $7.45 billion during the latest measured week, down 21% from $9.46 billion the prior week. Uniswap accounted for roughly 77% of that total. Network fees averaged about $65,000 per day, down 39% from the previous week and far below the roughly $8 million collected on the chain’s busiest day in early September. Current DefiLlama data show about $46,000 in 24-hour fees, with roughly $41,000 classified as chain revenue.
Capital has not left at the same pace. Deposits in Robinhood Chain lending and trading applications rose about 2% to $1.04 billion during the measured week, while stablecoin supply held around $1.1 billion. Total value locked remains near $1.05 billion, suggesting users are keeping funds onchain but trading less frequently.
One exception is perpetual futures. Rolling seven-day perpetual volume reached approximately $7.35 billion in the early October 9 reading, up 26% week over week, even as spot activity declined. Robinhood integrated decentralized perpetual trading into its Wallet when the Robinhood Chain mainnet launched in July, with eligible users accessing contracts through Lighter. The divergence suggests some traders may be migrating toward leveraged products rather than frequent low-value swaps.
Robinhood is still subsidizing part of the activity. The company extended a promotion covering network fees for Robinhood Wallet swaps above $0.50 through December 31, after it had been scheduled to end September 29. Arcus has separately offered additional reward points for stock-token swaps made through Robinhood Wallet. The fee deadline is now a key test: if spot volume recovers before users pay their own fees, the slowdown may be a normalization; if activity keeps falling despite subsidized gas, the harder question is what happens once the subsidy disappears.
