# Robinhood Chain DEX volume — X 热门讨论 (2026-09-30 08:14 UTC)
## @Nick_Researcher (Nick Research) · 09-30 04:31 · ♥92 ↻5 💬27 i think today is the first real stress test for Robinhood Chain
the 90D @RobinhoodCrypto Wallet gas subsidy ended Sep. 29
and the first post-subsidy snapshot is pretty weird:
- $1.6B DEX volume / 24H - $919M perp volume / 24H - $1.02B DeFi TVL
but only:
- $166K chain fees - $147K chain revenue
for context, Robinhood Chain printed $4.01M daily chain rev on Sep. 2
so revenue is now ~98% below that peak
yet DEX vol is still sitting around the same ~$1.4B/day zone it was doing when the rev narrative first exploded
blockspace monetization collapsed, but trading activity didn’t
and activity is starting to broaden beyond spot
perps did $4.84B over the latest 7D, +25.2% WoW, while DEX vol fell ~12.8% to $9.05B
apps are also capturing far more economics than the chain itself:
> $1.16M app rev / 24H vs > $166K chain rev / 24H
that’s 8x more revenue going to the application layer
this changes what i’m watching on Robinhood
earlier this month the trade was basically:
high activity → expensive blockspace → huge chain rev
now we get to see whether there is an actual eco underneath the subsidy
if DEX vol can stay around $1B+ daily and perp volume keeps expanding while users start paying their own gas
that’s a much stronger signal than the $4M rev spike was
i wouldn’t extrapolate one day
but from here i care much more about vol retention over the next 7-14 days than chain rev
if traders stay when the free ride is gone, that’s the metric that matters https://x.com/Nick_Researcher/status/2105153462824788244