Robinhood Chain revenue drops 85% from peak, below $1M for three days

The gap between Robinhood Chain's still-large DEX volume and its collapsing fee revenue is the real signal here: activity is persisting, but the economics of that activity are thinning fast. For a chain whose pitch leans on retail-facing distribution, three days below $1 million suggests either fee capture is weak relative to flow or the flow itself is mercenary. Whether the 30-day revenue base holds up as the peak rolls off is the open question.