At the beginning of September, Robinhood Chain, which previously gained significant online popularity with "coin-stock pairing + rapid token issuance," faced a sharp correction, with daily chain fees plummeting from over $5 million at its peak to $1.06 million.
However, the daily trading volume on DEX remains stable at around $1.8 billion, indicating that the "collapse of chain fees" does not mean a halt in trading, but rather is due to network expansion and alleviation of inventory price pressures. As Robinhood Chain cools down, Meme funds are quickly migrating across chains, and with CZ mentioning "IPO on-chain," BSC (BNB Chain) ignited a new momentum for "coin-stock Meme" with 4STOCK, rapidly absorbing funds.
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1. Robinhood Chain's chain fee dropped by 80%, has it completely cooled down?
From September 4 to September 9, Robinhood Chain's daily chain fee quickly fell from a high of $6.04 million to $1.06 million, a drop of 82.5%. On-chain revenue and UNI burn rates have significantly decreased.
However, during the same period, the daily trading volume on DEX remained stable around $1.8 billion.
Why did the trading volume not collapse, yet fees dropped? The core reason lies in the adjustment of the Gas pricing mechanism and expansion parameters:
- Nitro mechanism and supply and demand for computing resources: Chain fees depend on the consumption of computing resources and unit price. During the previous congestion peak, the Nitro mechanism caused the unit price of resources to be driven up crazily (in mid-August, the average fee was about $0.13, and it was pushed to $15.90 at the beginning of September).
- Official expansion alleviated congestion: The official long-term constraint target for limits was raised from 18m/s to 30m/s, then further raised to 40m/s. After the resource limits were expanded, the system did not need to frequently trigger punitive price increases, significantly reducing the Gas fees for single transactions.
- Existing users and lack of secondary engines: The previous peak was essentially due to the "surge of payment intensity" from high-net-worth existing users, heavily reliant on a single launchpad, Pons. After the pace of token issuance slowed, fees naturally fell back.
One cannot deduce from the decline in chain fees that the "ecosystem is completely cold." Although Meme has indeed cooled down at certain stages, daily revenues of $900,000 to $1.4 million in the L2 track are still considerable, and more reflects a process of "squeezing out excess" due to network expansion.
2. Value capture must be stratified: Do not blindly use "chain hot" as indicators
When evaluating the Robinhood ecosystem, asset stratification should be conducted:
HOOD: 90% of sequencer revenue belongs to the company, with high margins serving as a valuation anchor on Wall Street (Bernstein previously set a target price of $160; although the short-term annualized model of $1.2 billion in chain fees has become invalid, the long-term narrative still holds).
PONS: The launchpad sells shovels, with about 80% of protocol fees used for buyback and destruction (approximately 27%-28% of the supply has been burned), with around $7.02 million in buybacks in the last seven days, and the buyback intensity (about 1.7%) is close to Pump.fun.
UNI / stock tokens: UNI had previously capitalized on the burning dividends, while on-chain stock tokens serve as the narrative foundation, with liquidity still needing to settle.
3. BSC takes over the frenzy: 4STOCK and BUILD kick off the "coin-stock Meme" treasury flywheel
As Robinhood Chain cools down, new funds and attention are pouring into BSC.
On September 8, CZ announced, "IPOs will move on-chain," directly igniting the "coin-stock Meme" trend in BSC:
4STOCK (first-mover leader): Four.meme launched the 4Stock model—issuing a base asset linked to US stocks (like BNC4) first, then issuing Meme tokens based on that pool. The market currently exhibits a frenzied wealth effect, with BNC4 once trading at nearly a 10x premium over the underlying stock, and during trading, someone made over a million dollars in unrealized gains off a $4,400 investment in $4STOCK.
BUILD (treasury flywheel associated token): As a "treasury token" derived from 4STOCK, transactions incur a 1% tax (half is distributed among token holders, the other half is directly reinvested to accumulate BNC4 as the underlying treasury), achieving a positive flywheel effect through the "Meme trading volume → tax collection → stock token accumulation" mechanism.
MAX: As an earlier Giggle Academy blue rabbit charity Meme, it also received a second wave of attention amidst this trend of funds returning to BSC.
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⚠️ Disclaimer: The above content is for reference only and does not constitute any investment advice. Derivatives trading is a high-risk investment behavior, belonging to high elasticity speculative targets on the Robinhood chain, with significant short-term volatility. Please strictly control leverage and positions to avoid risking principal loss.
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