On September 1st and 3rd, Robinhood Chain increased its gas target from 18M to 30M, then 40M gas/s, a 122% increase overall, which helped bring gas prices down. Whilst short-term fee revenue has decreased, @RobinhoodCrypto is building for a future where all assets come onchain. That requires higher throughput and lower transaction fees. We expect fee revenue to grow over time as activity scales. We’re already seeing the results, with more and more propAMMs coming live on Robinhood Chain, bringing more liquidity, competition and better execution. Gas prices are a key variable in oracle-update costs for propAMMs. Lower fees are allowing them to quote tighter spreads and generate higher PnL as a major operating cost comes down.