Analyst: Robinhood Chain Meme Coin Trading Heat Declines, On-Chain Funds Flow More Toward Stablecoin Lending

Odaily Report: Crypto analyst The Smart Ape posted on X platform that data shows Robinhood Chain's daily Gas fees dropped from $8.4 million on September 4 to $34,000 on October 18, a decline of 99.6%. Comparing the most active 14 consecutive days with the most recent 14 days, Pons V2 fee revenue fell from $87 million to $7 million (-92%), GMGN from $22 million to $900,000 (-96%), and Axiom from $4.6 million to $300,000 (-94%). Additionally, the median price decline of Meme coins on the chain from their all-time highs reached 97%, with 72% of Meme coins falling by 90% or more.

However, Robinhood Chain still had 873,000 active wallets last week, Gas fee revenue of approximately $345,000, and TVL hit an all-time high of $1.05 billion, of which about $480 million is concentrated in two stablecoin lending markets on Morpho, primarily involving leveraged arbitrage trading. Therefore, it is judged that the high-risk speculative capital on Robinhood Chain has clearly receded, with retained funds more concentrated in scenarios such as stablecoin lending, and there is a clear divergence between on-chain capital activity and TVL growth.