Robinhood Chain's gas revenue dropped 82.6% from its Sept. 4 peak to Sept. 10, even as the network kept processing roughly the same number of transactions at a fraction of the cost. Separately, an analyst raised Robinhood's stock price target on expectations the chain could add hundreds of millions in annual revenue, while company data showed Robinhood's overall crypto trading volume climbing in August.
Gas revenue falls, activity holds
Robinhood Chain took in $943,728 in gas revenue on Sept. 10, down 82.6% from the $5.44 million it collected on Sept. 4, according to DefiLlama data. Sept. 4 was the network's record day for both fees and revenue. Trading activity, however, did not fall with it: the chain processed 13.6 million transactions on Sept. 10 against 13.98 million on Sept. 4, a 3% decline.
What changed was the price of blockspace, not demand for it. The average transaction cost $0.077 on Sept. 10, down from $0.43 at the Sept. 4 peak, as the base fee eased off the highs set during an early-September memecoin surge. Decentralized exchange volume on the chain kept setting records through the period: seven-day DEX volume reached $12.34 billion through Sept. 10, up 26.5% from the previous week, including a single-day record of $2.06 billion on Sept. 8.
Analyst raises price target on chain's growth
The Robinhood Chain numbers arrived as Wall Street grew more confident in the project. Investment bank Citizens JMP raised its price target on Robinhood stock to $165 from $155, keeping a "Market Outperform" rating. The firm estimates the chain could contribute roughly $1 million in net revenue per day once reflected in 2027 forecasts, translating to about $365 million a year. The analyst also cautioned that chain-related revenue is likely to stay volatile, since the estimate assumes an initial contribution rather than a continuation of the recent activity spike.
Broader crypto business also grew in August
The chain's swings sit alongside broader momentum in Robinhood's crypto business. The company's notional crypto trading volume rose 61% in August to $17.5 billion, up from $10.9 billion in July, according to operating data Robinhood released. That figure still came in 38% below the $28.1 billion the platform processed in August a year earlier. Robinhood does not break out chain revenue separately in its results; the company reported $1.31 billion in total net revenue for the second quarter, up 32% year over year, with cryptocurrency revenue of $100 million, down 38%.
Sources: The Defiant, CoinGape, Decrypt
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