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Robinhood Chain briefly topped the chain-fee leaderboard. The harder question is who actually captures that value. On Sep 3, the network collected about $4.50M in chain fees. That came roughly two months after its July 1 launch on Arbitrum technology. Robinhood positioned the L2 around financial services and tokenized assets, but early activity has leaned heavily toward crypto-native trading. The scale: · Cumulative DEX volume crossed $47B in roughly two months, with the chain ranking around fifth by 30-day DEX volume · TVL was around $900M in early September · In one 24-hour snapshot, chain fees were roughly 240x Arbitrum One's Pons has become the chain's largest application-fee generator, but its gross fees are separate from Robinhood Chain's gas revenue. As of Sep 4, it had posted higher daily gross fees than pump.fun every day since Aug 29, including $4.89M on Aug 31. Pons also said Uniswap Labs purchased PONS tokens for "long-term alignment." Neither side disclosed the size, price or wallet involved. The Arbitrum link matters, but the revenue flow needs context. Under the Arbitrum Expansion Program, Robinhood Chain returns 10% of net protocol revenue: · 8% to the ArbitrumDAO treasury · 2% to the Arbitrum Developer Guild ArbitrumDAO recorded $6.19M in total income across all sources in H1 2026, while AEP licence fees contributed about $360K in July. That creates a new ecosystem revenue stream, not a direct payout to ARB holders. ARB rose about 127% from Aug 30 to an intraday high near $0.197 on Sep 6 amid growing attention to that narrative. Now two dates matter: Tokenomist projects a 92.65M ARB unlock on Sep 16, while Robinhood Wallet's gas subsidy for eligible swaps is scheduled to end Sep 29. Which is the bigger test for the Arbitrum revenue narrative: the unlock, or activity after the subsidy ends? #RobinhoodChainARBRev