Robinhood Chain: beyond the hype 🔍 @RobinhoodCrypto Activity has cooled. But that’s only part of the picture. Over the past week, average daily transactions fell ~42% compared with mid-September, while daily active addresses dropped ~30%. Capital and trading data tell a different story: 💰 Over $1B remains in onchain applications 🪙 Stablecoin supply sits at roughly $1.1B 📈 Perpetuals trading volume continues to grow Lower activity alone doesn’t tell us whether an ecosystem is losing traction. The bigger question is whether users, capital, and product demand persist as the initial buzz fades. Robinhood Wallet has also extended gas-free swaps through year-end. With incentives still in place, sustained usage remains an important test. 👀 Three areas to watch next: 🔸 Continued growth in Stock Tokens 🔸 Capital retention across DeFi 🔸 Whether perpetuals and Agent products can turn initial interest into repeat usage The first wave of attention may be fading. What comes next matters more: lasting demand, sustained liquidity, and products people keep using.