Robinhood Chain, the network built by Robinhood to trade tokenized stocks, generated more revenue for applications running on it than Ethereum did over the past 24 hours. The milestone comes just two months after the chain went live, and most of that revenue now comes from memecoin speculation.
What the numbers show
According to data tracked over the last day, applications on Robinhood Chain brought in more total revenue than those on Ethereum. That's a striking shift for a network that was designed for a specific use case — trading tokenized equities — and only launched two months ago.
The bulk of that revenue is tied to memecoin trading, not stock tokens. So while the chain's original purpose was to handle regulated, tokenized stocks, the actual activity driving its economics looks a lot like what happens on other speculative crypto networks.
Robinhood built the chain to give users faster, cheaper access to tokenized stocks, and the early revenue numbers suggest the network is getting real usage. But the fact that memecoins are the main revenue source raises a question: is Robinhood Chain becoming a general-purpose trading hub, or is it just another place where speculative tokens find a home?
For Ethereum, the comparison is notable. Ethereum has been the default network for decentralized applications for years, and seeing a two-month-old chain outearn it — even for a single day — is a data point that gets attention.
Robinhood hasn't said whether it will lean into the memecoin activity or try to steer the chain back toward its stock-trading roots. The next few weeks will show whether this revenue level holds or was a one-day spike. Either way, the chain has already proven it can attract meaningful volume in a short time.
