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Robinhood Markets' new Robinhood Chain has generated more in transaction fees than Ethereum over the past month, a reversal driven largely by speculative meme coin activity rather than the tokenized stock trading the platform was designed to support.
Data from DefiLlama shows that for the 30 days ending September 10, users paid $34.4 million in fees on Robinhood Chain, compared to $11.3 million on Ethereum.
The majority of the Robinhood Chain's revenue arrived in the final week of that period as crypto market speculation intensified.
The surge is attributed primarily to Pons, a meme coin launchpad that allows users to create and trade new tokens using tokenized stocks.
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