Member-only story
Is the Robinhood Chain Dead?
Fees fell 97% in seven weeks, and almost everyone is reading the wrong chart. I traced what died, what still trades at 3am, and the five switches Robinhood kept for itself.
A bet you will probably lose
Heres a bet I think youll lose.
On Friday, September 4, people paid $42 million in fees on Robinhood Chain. In one day. Seven weeks later they were paying about $1.3 million a day. Thats a drop of 97%. Count only the gas, the toll you pay to use the road itself, and the fall is more than 99%.
The two hottest memecoins on the chain are down 66% and 72% from their highs. Your feed is probably full of threads asking if the chain is dead. Most have already picked an answer.
So what do you say? Dead or alive?
If you said dead, youre in good company. You would still lose the bet. Not because Robinhood’s fans are right, but because the chart you are looking at measured a casino. And that casino was never really Robinhood’s.
What Robinhood actually built is still running. Most of its stock trading happens after Wall Street closes. And it comes with something no fee chart will ever show you: five off switches, all in one hand.
