CRYPTO majors dipped slightly as the US and Iran exchanged attacks, with Bitcoin trading at $77.9k. Meanwhile, Solana validators voted to double the network's disinflation rate, passing by a narrow 0.33-point margin. In other news, the Avici neobank was hacked for $1.1 million due to a flawed contract, causing its token to drop 49%.
The headline development involves Robinhood’s newly launched chain. Just two months after going live, Robinhood Chain is generating more fees than Base and Ethereum. Over a 24-hour period, the chain collected $495,477 in fees, significantly outpacing Base ($71,703) and Ethereum ($25,746). While Ethereum leads in the 30-day revenue count, Robinhood Chain apps earned $1.84 million in the past day, second only to Solana.
Total Value Locked (TVL) on the chain reached $727.15 million, with DEX volume hitting $1.19 billion in 24 hours. A key driver is Pons, Robinhood’s token launchpad, which generated a record $690,000 in revenue on Saturday. The PONS token surged 499% for the week, trading at $0.3591. Approximately 80% of Pons V1 revenue is used to buy back and burn the token, linking price appreciation directly to protocol revenue.
In macro markets, oil rose 4% to $87, and gold remained steady at $4,510. The Bitcoin ETFs saw $924 million in net inflows for the week, while Ethereum ETFs attracted $815 million. Evernorth cleared SEC registration for a $1 billion XRP treasury merger, set for a shareholder vote on September 30.
In the meme coin sector, PONS gained 14%, while Statics and Cinema saw massive gains on the Robinhood chain. Solana meme leaders included Heehaw and SKR. Notably, Pump.fun generated $17.7 million in revenue last week, ranking third among all protocols behind only Tether and Circle.