Robinhood Chain Congestion Spreads to Trading: Trading Volume Plunges Over 42%

On October 10, according to CoinDesk, recent network congestion on Robinhood Chain has spread from fee mechanisms to core trading processes, significantly cooling on-chain activity. Data shows that affected by the congestion, the chain's average daily transaction volume dropped from 10.8 million in mid-September to 6.2 million between October 2 and 8, a decrease of 42%. Meanwhile, the average daily number of active addresses also fell 31% year-over-year, reflecting a loss of user activity, including trading bots.

Despite the clear decline in spot trading volume, capital flows remain resilient. Statistics indicate that the stablecoin supply within the chain remains around the $1.1 billion mark, and total deposits in lending and trading applications increased slightly by 2% to $1.04 billion. Furthermore, the derivatives market defied the trend, with perpetual contract volume rising 26% over a rolling seven-day period to reach $7.35 billion.

To boost on-chain liquidity and tackle these challenges, Robinhood announced it will continue to cover network fees for token swap transactions over $0.5 conducted by users via the Robinhood Wallet application. This subsidy program will run until December 31, aiming to restore normal trading confidence among users before year-end.