Much of the FUD around Robinhood Chain comes down to one number: network revenue is down 94% from the 9/4 peak. That framing misconstrues what really occurred. On 9/4 the chain did $8.3M in REV at an average fee of $0.59 per transaction, a congestion premium from a memecoin surge that no high-throughput L2 can sustain on a longer timeframe. Arbitrum-style pricing climbs exponentially once gas demand clears the throughput target, so a memecoin cooldown that cut gas demand in half cut the gas price by 88%. The fee per transaction has kept compressing, to $0.045 on Sunday, and it still sits 4x above the chain's 0.02 gwei floor. Daily REV has run under $1M since 9/11. If the gas price finishes decaying at current usage, REV settles around $40-50M a year, in line with expectations from the Blockworks pre-launch forecast. The chain is landing where it was expected to before the spike, with more users than it had. Underneath the fee, usage is holding: daily active wallets are up 18% since the peak, unique DEX traders up 16%, transactions steady in a 10-14M band, $930M in TVL, and the highest throughput of any L2 at 28 Mgas/s. Arc mainnet goes live Wednesday with BlackRock, DTCC, Visa and Mastercard as validators and Aave, Morpho and Uniswap at launch. If anything rotates, it's the DeFi side of Robinhood Chain, about $1B in stablecoins. There's no retail brokerage or stock-token product on Arc's launch list, which is why I expect Vlad to keep leaning on the tokenized-stocks framing to hold that capital on Robinhood.