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ARB 
ETH Robinhood Chain has shown parabolic growth recently
In the past week, Robinhood Chain has shown parabolic growth. Currently, it is the leading toll chain in the cryptocurrency space, second only to Solana in terms of chain revenue. According to DefiLlama, on September 2, the network charged $4.45 million in chain fees, of which $4.01 million was retained as revenue. This is the fourth consecutive day of rapid growth in expenses and revenue. Just six days earlier, chain fees were $200,211 and revenue was $179,815. In less than a week, the increase was about 22 times.
Actual meaning of chain fees and chain revenue
Chain fees refer to the total gas fees paid by users when conducting transactions on the network. The portion Robinhood retains after paying its own costs, including transmitting transaction data back to Ethereum and 10% of the net agreement revenue paid to Arbitrum for running the Orbit chain, is chain revenue. 8% of the agreement revenue goes to the Arbitrum DAO, with the remaining 2% going to the Developer Guild. The share is calculated based on profit rather than total throughput.
The gap between the two lines is small. On August 27, the gap was $20,396, which means that Ethereum costs about $400 that day. In effect, the entire difference was paid to Arbitrum. On September 1, the Arbitrum ecosystem received approximately $370,000 in revenue from Robinhood Chain. On that day, Arbitrum One's own expense income was less than $15,000.
Where does expense growth come from
Pons is a token launch platform on Robinhood Chain that was launched 12 days after the Robinhood Chain main network went online on July 1. By the end of August, the platform accounted for 63.9% of every dollar in launch platform fees in the cryptocurrency space.
Pons V2 will be launched on August 3. It charges a launch fee and then a redemption fee twice: once on the binding curve and once in the Uniswap v4 pool where graduation tokens end up entering. 80% of the V1 agreement is used to purchase and destroy PONS. The team said on August 29 that 29% of the initial supply had been destroyed. The token rose more than 300% this week and hit a record high of about $0.50 in price while setting record fees.
Every graduation will benefit Uniswap
Every Pons graduation will enter the Uniswap pool. v4 and v3 deployments on Robinhood Chain incurred fees of $2.68 million and $1.45 million respectively in 24 hours, which together accounted for 81% of the chain's DEX transaction volume. Robinhood Chain currently accounts for 51% of v4 transaction volume on all networks on which Uniswap runs.
Tokenized assets account for the smallest proportion in the chain
TVL is US$783.09 million, stablecoins are US$868.28 million, and bridging assets are US$2.707 billion. 24-hour DEX trading volume was US$1.405 billion, with an additional US$304.64 million in perpetual contracts. RWA's active market value is US$193.25 million. A network originally built to host tokenized stocks is now operating as a venue for meme coins.
Gas subsidies will end on September 29.
Chain income is not Robinhood's income. CFO Shiv Verma told analysts on a second-quarter conference call that the company earns a few basis points per transaction, about half of which is shared with Arbitrum, but did not disclose specific rates or any reconciliation information.
All of this happened while gas was subsidized. Robinhood lowered the gas sponsorship threshold in his wallet from $5 to $0.50, and the plan will last until September 29, the end of the initial 90-day window. Once users start paying their own gas bills, whether these numbers can be maintained is a matter of concern.
