#RobinhoodChain收入连续五日下滑 This revenue decline is mainly not because "nobody is playing anymore," but because "fees have normalized."

One data discrepancy must be pointed out: revenue plunged 83-87%, but DEX trading volume barely fell and even continues to hit new highs.

Look at the specific figures: on-chain revenue fell from a peak of $5.44 million on September 4 to $723,000 on September 13, remaining below $1 million for four consecutive days. But what about DEX trading volume during the same period? It was $1.87 billion on September 10, essentially unchanged from $1.89 billion on September 4; on September 8, it set a daily record of $2.06 billion; seven-day total DEX volume was $12.34 billion, up 26.5% from the previous period.

Trading volume did not fall, but revenue plunged—so what exactly declined? The gas fee per transaction. Average gas fell from $0.43 during the peak period to $0.077, an 82% reduction. CoinDesk's interpretation is direct: the revenue decline was not caused by reduced activity, but by increased capacity after the chain scaled and the disappearance of congestion fees.

In other words, the $5.44 million in daily revenue at the beginning of September was the peak bill from "congestion taxes + speculative frenzy," not the chain's normal revenue level. The current $720,000-$1 million range is actually closer to the real economic structure after scaling.

So has the "hype faded"? Partially, but it has not reached the point of being "dead."

Evidence supporting the view that "the hype is still there":

- DEX trading volume remains steady in the $1.3-$1.9 billion range, and weekly trading volume is still growing
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- DEX trading volume over the nearly 24 hours of September 13 was still approximately $1.346 billion, not a collapse-like decline
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- Transaction counts remain stable, with no large-scale user exodus

Evidence supporting the view that "the hype is fading" (also genuine):

- The previous decline in daily Meme trading volume (peak of $850 million → $360 million, -57%)
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- Leading Meme coins (PONS, CASHCAT, etc.) continue to correct
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- New token launches are still increasing, but incoming capital cannot keep up—a supply-over-demand structure
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- Macro headwinds such as the US-Iran conflict are suppressing risk appetite

Overall judgment: the "peak" of speculative frenzy has indeed passed, but the foundation of on-chain activity is still holding up. This is "a return to normal from frenzy," not a "zeroing-out-style exodus."

The real risk point: the expiration of gas subsidies will be the next life-or-death test

DiarioBitcoin pointed out an overlooked landmine: Robinhood Chain's gas subsidies are about to expire, which will become the chain's "next adoption test."

Meme trading is characterized by "small amounts, high frequency, and extreme sensitivity to fees." Previously, gas subsidies—even exemptions—were one of the core hooks attracting users. Once the subsidies are canceled:

- The cost of small transactions will surge, raising the participation threshold for Meme speculation
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- If Meme activity fades, the structural problem highlighted by OEXN will be exposed on-chain—the actual use case has seriously diverged from the positioning of "tokenized stocks," with most activity being Meme speculation rather than the RWA trading originally envisioned

Therefore, the real metric is not the "revenue figure," but whether DEX trading volume can hold up after the subsidies expire.

Conclusion

This continued revenue decline is, in the short term, "fee normalization after scaling + the retreat of the speculative peak," not direct evidence of a collapse in hype—the fact that trading volume is still holding up is the best rebuttal. But in the medium term, the chain is at the intersection of two tests: first, whether small transactions will disappear after gas subsidies expire; and second, whether genuine RWA trading demand can remain after Meme speculation fades.

Signals to watch: If daily DEX trading volume can remain stable at $1 billion+ after the subsidies expire, it will indicate that the chain has a genuine user base, and this pullback will be a window for watching and entering; if trading volume collapses along with revenue (for example, falling below $500 million), that will be conclusive proof that the "hype is fading," and the chain's economic model will need a new story.$PONS