Solana and Robinhood Chain take nearly half of onchain app revenue in 2026's best month

Add the top five chains together and they come to $383.34 million, about 82% of the month ^[1]. That leaves $84.32 million for the other 351 chains in DefiLlama's count ^[2]. Robinhood Chain earned roughly $70,000 more than all of them combined ^[3].

The measure is narrow. App revenue is the part of a swap or trading fee that an application keeps after paying liquidity providers and, for some apps, lenders or token creators ^[12]. Gas fees, stablecoin issuers and liquid staking protocols are left out ^[13].

One reading of September is that fee revenue is moving towards memecoin launchpads and towards new chains such as Robinhood's. For Solana, the first part has support. Cryptopolitan says most of the network's month came from launchpads and memecoin trading, with StonkFun at the centre ^[16]. StonkFun lets creators pair new tokens with tokenized stocks, pre-IPO tokens or other crypto assets in place of SOL ^[10]. The recovery is partial. Solana's $144.25 million is about 22% of the roughly $650 million its apps made in January 2025, at the height of the memecoin frenzy ^[9][6].

Robinhood Chain is harder to read. "Robinhood Chain posted the most surprising number on the board," wrote Anush Jafer, the Cryptopolitan analyst who reported the figures ^[17]. September came to about 2.8 times either of the two months before it ^[9]. The report does not say which apps on the chain earned the money or what users paid them for.

That gap leaves several readings open. If the Robinhood Chain figure is a one-month spike, September was a Solana recovery with one outlier attached. If it recurs, Solana has a second fee centre beside it. A third reading treats both as trading volume. Hyperliquid, which earns most of its revenue from perpetual futures, took $60.56 million ^[14][5], and on that view fees go wherever trading happens, whatever the product.

I think the evidence supports the launchpad half of the reading and not yet the Robinhood half. The counter-case is that a chain that went from about $30 million a month to more than Ethereum's $55.43 million ^[7][5] has shown real demand, whatever its source. The view is wrong if Robinhood Chain's apps turn out to be earning recurring fees from ordinary trading. In that case both halves of the reading hold.