Subscribe
18:00Tao calls OpenAI’s Navier–Stokes push “resource extraction”17:10LAPTOP memecoin hits $190.81, then loses 99% inside an hour17:05Hubinger puts the odds of AI killing everyone above 10%; a colleague resigns16:39CancerBench launches; five frontier models tied at zero cancer types cured16:30ElevenLabs preparing 2028 IPO after $11bn round, The Information reports16:30Anthropic retracts its July explanation: Mythos 5 attacked systems knowingly
Crypto2 min read
Brief · 45sFull · 2 min

Robinhood Chain's fee record was already three days old when it was announced

DefiLlama posted $900 million of TVL and $28.5 million of weekly revenue on September 8. Its own fee series had fallen 37 percent from Friday's peak by then.

Published by TheSampleSpaceReviewed by the editor · Sep 8, 2026
In briefDefiLlama reported Robinhood Chain TVL of $900.4M, $1.0B stablecoin market cap, $10.4B weekly DEX volume and $28.5M weekly app revenue two months after launch1Robinhood Chain's daily all-protocol fees peaked at $24.5 million on September 4 and fell to $15.5 million by September 72Robinhood Chain's first non-zero TVL day on DefiLlama is July 2, 2026, and TVL rose from $726.7 million on September 1 to $904.5 million on September 73

DefiLlama posted Robinhood Chain's two-month scorecard on September 8. TVL of $900.4 million, a $1.0 billion stablecoin float, $10.4 billion of weekly DEX volume, $28.5 million of weekly app revenue. For a chain whose first dollar of TVL landed on July 2, that is a fast start by any measure anyone uses.

DefiLlama.com@DefiLlama

Robinhood Chain by the numbers in the two months since launch.
TVL: $900.4M
Stablecoin Mcap: $1.0B
Weekly DEX Volume: $10.4B
Weekly App Revenue: $28.5M t.co/Y97ySwbmyZ

on X · 12.0K views · captured Sep 10, 2026

We pulled the same daily series off DefiLlama's API to see the shape rather than the total. Here is every protocol on the chain, day by day, in fees.

Robinhood Chain fees, all protocols, $m per day
Aug 29Aug 30Aug 31Sep 1Sep 2Sep 3Sep 4Sep 5Sep 6Sep 715.58.7

The peak was Friday September 4, at $24.5 million.

By Monday the chain was doing $15.5 million, down 37 percent, and both the DefiLlama post and The Block's write-up went out after that (DefiLlama's at 14:58 UTC, The Block's after the US close). Nobody hid anything. Weekly numbers are trailing by construction, and a victory lap for last week is a normal thing to run. But if you read those posts as a description of the present, you read them wrong.

The Block's account of the week is worth quoting because it contains the mechanism. Fees over the prior seven days ran about $25 million against $1.4 million the week before, a 17x jump, while daily active accounts averaged 396,000 and were lower than the previous week. Fees per active account went from $0.13 in mid-August to $15.90 by early September.

That is a 122x increase in extraction per user, with fewer users.

Which is what a launchpad cycle looks like, and not what a chain finding product-market fit looks like.

One protocol did it. Pons, the chain's leading token launchpad, produced nearly $6 million of fees on September 3, more than Pump.fun or Hyperliquid managed that day. Its token hit an all-time high valuation above $970 million on September 5, up more than 200 percent in a week, on tokenomics that route roughly 80 percent of revenue into buybacks and have burned over 28 percent of supply.

Do you see the loop? Fees buy the token, the token going up attracts launches, launches produce fees. The Block's analysts named the fragile part themselves, which we appreciated: fees are a lagging function of how many new pools exist to trade against.

A small housekeeping note on the numbers. DefiLlama's weekly DEX volume for the chain is $10.4 billion and The Block's is $12.4 billion, and DefiLlama's weekly revenue is $28.5 million against The Block's roughly $25 million in fees. Different windows, different definitions of which protocols count. Neither is wrong. Both get quoted as though they were the same measurement.

Our read is that this is a Pons cycle wearing a Robinhood Chain jersey, and that the fee series is the thing to watch rather than TVL, which is stickier and rose 24 percent in the same week for reasons that have little to do with launchpad volume. We would expect average daily chain-wide fees under $10 million by mid-October (they were $8.7 million as recently as August 29). A rising count of new token launches through September, rather than rising fees on the same pools, is what would tell us the flywheel is real.

Robinhood built a chain and a launchpad built the numbers. Those are not the same company.

Sources

01
DefiLlama reported Robinhood Chain TVL of $900.4M, $1.0B stablecoin market cap, $10.4B weekly DEX volume and $28.5M weekly app revenue two months after launch“Robinhood Chain by the numbers in the two months since launch. TVL: $900.4M Stablecoin Mcap: $1.0B Weekly DEX Volume: $10.4B Weekly App Revenue: $28.5M” — x.com · primary · Sep 10
02
Robinhood Chain's daily all-protocol fees peaked at $24.5 million on September 4 and fell to $15.5 million by September 7“[1788393600,16462194.009999996],[1788480000,24510917.729999997],[1788566400,20806913.400000002],[1788652800,17120135.519999996],[1788739200,15523271.210000003]” — api.llama.fi · primary · Sep 10
03
Robinhood Chain's first non-zero TVL day on DefiLlama is July 2, 2026, and TVL rose from $726.7 million on September 1 to $904.5 million on September 7“{"date":1783036800,"tvl":1342} ... {"date":1788652800,"tvl":904478481}” — api.llama.fi · primary · Sep 10
Show all 7 sources
04
Robinhood Chain hit a single-day record $6 million in fees on September 4; prior seven days totalled about $25 million against $1.4 million, a 17x increase; weekly DEX volume was $12.4 billion, more than double the prior week“Robinhood Chain generated a single-day record of $6 million in fees on Friday, Sept. 4. Fees over the prior seven days totaled approximately $25 million, compared to just $1.4 million, representing a 17x increase in just one week.…” — theblock.co · reported · Sep 10
05
Daily active accounts averaged 396,000, lower than the prior week, and fees per active account went from $0.13 in mid-August to $15.90 by early September“Interestingly, daily active accounts averaged 396,000 across last week, which is lower than the prior week's average. This implies that Robinhood Chain has been extracting far more from its existing user base than before, as fees…” — theblock.co · reported · Sep 10
06
Pons generated nearly $6 million in fees on September 3, more than Pump.fun or Hyperliquid that day; PONS reached an all-time high valuation over $970 million on September 5, up over 200% in a week; roughly 80% of revenue goes to buybacks with over 28% of supply burnt“On Sept. 3, Pons managed to generate nearly $6 million in fees, which was more than what Pump.fun and Hyperliquid managed in the same day. The PONS token reached an all-time high valuation of over $970 million on Sept. 5, and the token…” — theblock.co · reported · Sep 10
07
The Block's analysts noted fees are a lagging function of how many new pools exist to trade against“It will be interesting to watch how Pons' token launch count fares in the coming weeks, as fees are merely a lagging function of how many new pools exist to trade against, and whether the flywheel maintains if volume drops off.” — theblock.co · reported · Sep 10
Up next · Keep readingCrypto · 3 min read

LAPTOP peaked at $190.81 two minutes after launch, on $48,000 of liquidity. The design did the rest

Hunter Biden's memecoin printed a $144 billion valuation against a pool smaller than a house deposit, then lost 99 percent inside an hour. He says nobody on his side sold. The tokenomics say nobody on his side could.

Continue ↓