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Robinhood Chain’s daily gas fees plunged 99.6% to $34,000 on Oct. 18 from $8.4 million on Sept. 4, according to cryptocurrency analyst The Smart Ape.
Compared with the chain’s busiest day on Oct. 14, fee revenue over the most recent 14 days fell 92% for Pons V2, 96% for GMGN and 94% for Axiom. The median drawdown for memecoins on the chain from their all-time highs reached 97%, while 72% of all memecoins were down more than 90% from their peaks. By contrast, total value locked hit a record $1.05 billion. Last week, active wallets totaled 873,000 and gas fee revenue came to about $345,000. Of total TVL, about $480 million was concentrated in two stablecoin lending markets on Morpho, which The Smart Ape analyzed as being tied mainly to leveraged arbitrage.