Decline in Trading Activity for Robinhood Chain Meme Coins, On-chain Funds Flowing to Stablecoin Lending

Crypto analyst The Smart Ape noted that the daily Gas fees for Robinhood Chain dropped from $8.4 million on September 4 to $34,000 on October 18, a decrease of 99.6%. Pons V2's fee revenue fell from $87 million to $7 million (-92%), GMGN dropped from $22 million to $900,000 (-96%), and Axiom decreased from $4.6 million to $300,000 (-94%). The median price drop for Meme coins from their historical highs reached 97%, with 72% of Meme coins experiencing a decline of 90% or more. Last week, Robinhood Chain still had 873,000 active wallets, generating approximately $345,000 in Gas fee revenue, while the Total Value Locked (TVL) hit a historical high of $1.05 billion, with about $480 million concentrated in Morpho's two stablecoin lending markets, primarily involving leveraged arbitrage trading. Analysts believe that high-risk speculative traders have left Robinhood Chain, with most of the remaining funds staying within the protocol and not truly flowing.

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