[DigitalToday reporter Chi-gyu Hwang (황치규)] Transactions on Robinhood's blockchain, Robinhood Chain, fell by more than 40 percent in a month.
A report by CoinDesk on Oct. 10 (local time) said Robinhood Chain averaged 6.2 million transactions a day in Oct. 2-8, down 42 percent from 10.8 million in Sept. 10-16.
That was down 20 percent from the previous week. Over the same period, average daily active addresses fell 31 percent from mid-September to about 322,000. CoinDesk said that did not necessarily mean the number of users fell by the same amount, as one person can use multiple addresses or automated trading programs can generate large volumes of transactions.
Robinhood unveiled Robinhood Chain in July, allowing token trading and lending through Ethereum-based apps. Network fees are charged for each transaction. Bernstein said Robinhood takes about 90 percent of the fees. A drop in transactions could also reduce Robinhood's fee income.
Despite the decline in transactions, funds have not flowed out. Deposits in Robinhood Chain lending and trading apps rose about 2 percent in a week to $1.04 billion. Stablecoin supply also inched up to about $1.1 billion.
Chi-gyu Hwang
delight@d-today.co.kr