The vibes are officially off for the Robinhood Chain. After a massive 97% collapse in network fees reported last month, the slowdown has now bled into actual trading activity. According to data from growthepie, the chain averaged 6.2 million daily transactions between Oct. 2 and Oct. 8—a steep 42% drop from the 10.8 million seen in mid-September. Real talk: that is a major L for the platform, which launched in July to streamline Ethereum-based trading and lending. Daily active addresses are also down 31%, suggesting that both human traders and the automated bot armies that usually drive volume have exited the chat. Interestingly, while the trading frequency is down, users aren't actually pulling their bags out. Total deposits in the chain's apps rose slightly to $1.04 billion, and stablecoin supply is also up. It seems like everyone is just holding their positions and waiting for the next move. Meanwhile, perpetual futures are the main character right now, with volume jumping 26% even as spot exchange activity fell by over 20%. To keep the momentum going, Robinhood is doubling down on its fee-coverage promo. They’ve extended the policy to cover all network fees for swaps over 50 cents through the Robinhood Wallet until the end of the year. It’s a highkey attempt to get that $1 billion in parked liquidity moving again before the holiday season hits. ## Why it matters Whether this is just a temporary lull or a long-term struggle, the data shows that even with subsidized fees, getting users to trade on-chain is harder than it looks. Robinhood has less than three months to turn the ship around before the network becomes a lot more expensive for the average user to interact with.