Robinhood Chain Earned $51 Million in Q1, Surpassing Ethereum

Robinhood Chain earned approximately $51 million in its first quarter of operation. At the same time, Ethereum (ETH) reported revenue of about $41 million for the same period. This is according to ARK Invest's data on decentralized finance for the third quarter of 2026. According to ARK, Ethereum's revenue fell by 35% compared to the second quarter. Overall, network revenues in the report increased by approximately 24% to $349 million, which is 47% lower than the level a year earlier. This quarter marked the first increase in five quarters, driven by the recovery of Solana (SOL) and the debut of Robinhood Chain. Ethereum's market share in tokenization also declined: from 50% at the end of June to 44%, while Ethereum maintained its leadership with about $16.7 billion in tokenized assets.

The trading volume of Ethereum decentralized exchanges (DEX) decreased by 27% compared to the second quarter, while Robinhood Chain processed a DEX trading volume of $65 billion in its debut quarter, making it the fourth-largest network by this metric. Tokenized stocks accounted for about $13.7 billion of the total volume, with only BNB Chain having a higher volume—approximately $16.5 billion.

For Robinhood shareholders, network results will be announced on October 27, when the company presents its third-quarter results—this will be the first full quarter of network operation. Robinhood linked its network revenue to its usage level, stating: "Our ability to generate revenue from Robinhood Chain significantly depends on the level of adoption and developer activity on the network." ARK also pointed out risks associated with Robinhood Chain's revenue, noting: "We do not expect Robinhood Chain to continue showing such impressive revenues, as the recent increase in gas prices on Robinhood Chain will eliminate high fees due to congestion." At the time of publication, Robinhood shares were trading at $101.9, down 11.5% since the beginning of 2026.