Robinhood Chain generated about $51 million in revenue in Q3 2026, outpacing Ethereum’s roughly $41 million in the same quarter, according to ARK Invest data. The comparison comes with a connection: Robinhood Chain settles transactions on Ethereum, which still collects a portion of the fees it generates.
Key takeaways
- Ethereum’s network revenue dropped about 35% from Q2 2026.
- Robinhood Chain ranked fourth by decentralized exchange volume in its debut quarter.
- Ethereum retained the largest share of tokenized real-world asset value.
Robinhood Chain’s Q3 revenue tops Ethereum
Robinhood Chain’s revenue exceeded Ethereum’s roughly $41 million, while Ethereum recorded a decline of about 35% from the second quarter, ARK’s figures show.
Robinhood opened the public mainnet on July 1, 2026, following its testnet launch in February. Built on Arbitrum technology, this Ethereum layer-2 network settles its transactions on Ethereum while relying on ETH as its gas token.
Network revenue rises as trading shifts
Revenue across the networks covered by ARK increased about 24% to roughly $349 million from Q2, but remained 47% below the year-earlier level. ARK described it as the first quarterly increase in five quarters, crediting Solana’s recovery and Robinhood Chain’s debut.
The trading figures showed a different direction for established venues. Ethereum’s decentralized exchange, or DEX, volume declined about 27% from Q2 2026, while Base’s fell about 17%. ARK said trading activity shifted toward newer venues, including Robinhood Chain.
Robinhood Chain processed about $65 billion in DEX volume during its debut quarter, placing fourth among networks in ARK’s data. Tokenized equities represented about $13.7 billion of that activity. Only BNB Chain recorded more tokenized-equity trading, at roughly $16.5 billion.
Ethereum keeps its tokenization lead
Ethereum remained the largest host of tokenized real-world asset value on public blockchains, with about $16.7 billion, despite losing market share.
Its share fell from about 50% in late June to 44%. That left Ethereum leading this measure even as both its network revenue and DEX trading volume declined during the quarter.
Fee changes and the next earnings report
ARK expects a gas adjustment on Robinhood Chain to eliminate high congestion-pricing fees. The network increased gas, changing the fee conditions behind its debut-quarter performance.
Coinbase’s disclosures illustrate how network fees enter corporate reporting. In July, Coinbase said it records Base sequencer fees within other transaction revenue. It was this broader revenue category, rather than Base revenue by itself, that dropped roughly 11% quarter-over-quarter to $47.4 million. CFO Alesia Haas attributed the drop to weaker instant transfer activity alongside Base revenue.
Robinhood tied the chain’s payoff to usage in its second-quarter SEC filing. Its third-quarter results, scheduled for October 27, 2026, cover the first full quarter of Robinhood Chain’s public operation.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.