Is the Robinhood Chain boom over? Volume is down 49% and fees 78% from the peak

Cooled, not over. On DefiLlama's data to 4 October 2026, weekly DEX volume on Robinhood Chain was $9.32B, about 49% below the peak week of 31 August to 6 September ($18.2B), but only 3% below the week before. Weekly fees paid across apps on the chain fell harder, from $151.6M in the peak week to $32.7M, down 78% and still falling 22% week on week. Value locked held steady at about $1.05B.

The launchpad picture changed most. Pons earned about $9.5M in fees in the latest week, down 36% from the week before and 81% from its peak week. pump.fun plus PumpSwap earned about $47.7M, up 15%. And on volume, the chain that briefly out-traded Solana in the peak week now trades about 57% of Solana's weekly DEX volume. A 90 day gas subsidy for Robinhood Wallet reportedly ended around 29 September, but the slide in fees started three weeks earlier.

All numbers are as of 5 October 2026, use complete days only, and will change. Not financial advice. Most launches go to zero. Only trade what you can afford to lose.

Two things stand out. Volume has almost stopped falling: the last two weeks are within 3% of each other, at roughly $1.3B a day. And fees have kept falling much faster than volume, so the fee taken per dollar traded has fallen by more than half, from about 0.8% to about 0.35%.

DefiLlama does not say why, so this is our reading. The fees come from heavy fee venues and light fee venues. Launchpad curves such as Pons take about 1% of each trade, while established pools can charge a hundredth of that. The Hood Inu pool that NAVI looked at on 5 October charges a 0.01% fee tier and traded about $23.6M in a day (Hood Inu on Robinhood Chain). When trading shifts from launchpad curves to tight pools, volume can hold while fees fall. The Pons numbers below, and NAVI's count of launches, fit that reading.

It is a reading, not a proof. Volume also includes bot activity, and a single token can swing a day. Weekends are quieter every week: Saturday 3 October traded $711M and Sunday 4 October $961M, against $1.6B on Monday 28 September.

So Solana's volume barely moved while Robinhood Chain's roughly halved, and the ratio has steadied at a little over half. Two cautions. DEX volume on both chains includes bot and wash trading, and Robinhood Chain's looks heavier: the Hood Inu pool traded about 38 times its liquidity in a day. And a volume comparison says nothing about quality: our Robinhood Chain vs Solana vs Base guide compares fees, speed, launchpads and scam surface. To follow both from one place, NAVI's trending on all chains list ranks Solana and Robinhood Chain tokens together, and our best Solana memecoins today page covers the Solana side.

In the latest week pump.fun on its own earned $15.9M (up 20%) and PumpSwap $31.8M (up 13%). Pons keeps charging a fee after a token graduates, so the fairest comparison sets it against pump.fun and PumpSwap together. Pons V2 daily fees peaked at $11.1M on 5 September and were $0.85M on 4 October. For the product by product comparison see Pons vs pump.fun, and for what each launchpad pays creators see pump.fun vs Pons creator fees.

NAVI's on-chain count of Pons V2 launches points the same way. Launches fell from 10,368 on 23 September to 3,957 on 4 October, down 62%, and graduations from 125 a day to 32 (how many launches survive). Fees are paid by traders, so falling launchpad fees mean fewer or smaller trades there, not cheaper trading.

Press reports say a 90 day gas subsidy for Robinhood Wallet transactions ended around 29 September, and several outlets linked it to weaker fees. We could not find the subsidy described on Robinhood's own documentation, so treat the date as reported, not confirmed.

The data does not support free gas as the main driver. Weekly fees were already down 32% in the week of 7 to 13 September, 46% in the week after and 25% in the week after that, all while the subsidy was still running. The latest week's 22% fall is in line with the trend. Gas is also a small part of the total: on DefiLlama's protocol list the chain's own gas fees were about $0.7M of the roughly $33M paid across apps in the latest seven days, about 2%, and NAVI's sample on 30 September put the median swap at about a cent. See Robinhood Chain gas fees for the full cost stack.

What has not held up is the typical token. Among 23 tokens in CoinGecko's Robinhood Chain Meme category with usable price history, the median was 69.5% below its all-time high on 5 October, and 17 of 23 were more than 50% down. Those are the listed survivors. See the full list in our Robinhood Chain memecoins report for 5 October and the standing Robinhood Chain memecoins list.

This is information, not a forecast. A cooling market tends to concentrate volume in fewer tokens and leave more launches with no buyers, so thin pools and unlocked liquidity matter more, not less. Before you trade anything new, check the contract, the liquidity and whether the pool is locked, as in our Robinhood Chain token checker guide, and read the rug ring investigation for the launch patterns to avoid.

NAVI's Robinhood Chain scanner runs a simulated buy and sell and reads taxes, owner powers, proxies, liquidity locks and holder concentration for any 0x token. The honeypot checker runs the sell test alone, the Robinhood Chain trending list and new Pons launches put a risk level beside each token, and the Pons launchpad page shows curve progress. If you decide to trade, Robinhood Chain swap shows the full cost before you sign, and bridging from Solana is covered in its own guide. NAVI never labels a token safe.

Volume and fee figures are from DefiLlama's Robinhood Chain and Solana DEX volume, chain fees and protocol fee data, including Pons V1, Pons V2, pump.fun and PumpSwap, read on 5 October 2026. Weeks run Monday to Sunday and use complete days only, so 5 October is excluded. DefiLlama revises history and adds venues, so older press figures can differ from the chart today. "Fees paid across apps" is the sum of fees DefiLlama attributes to each protocol on the chain, including DEXs, launchpads, trading apps and the chain's own gas. It is not sequencer revenue, and how complete the attribution is can differ between chains, so we compare volumes across chains and fees mainly within Robinhood Chain. Token figures are from CoinGecko's markets data at about 19:00 UTC on 5 October, and exclude DEGEN, an older token with a 2024 high, and JOHN, whose price data had not updated since July.

NAVI is independent and not affiliated with or endorsed by Robinhood. It is non-custodial: your own wallet signs every transaction.

Trading on NAVI is not available in every region. Pons curve trading is not offered to users in the United Kingdom, Stock Tokens are information only on NAVI, and you should never use a VPN to get around a regional block.

Not financial advice. Most launches go to zero. Only trade what you can afford to lose.