A lending vault represented nearly half the $1.1 billion locked in Robinhood Chain applications in an Oct. 20 report by research firm Four Pillars, despite a sharp decline in daily network fees.
The Rollup fee data presented in the report put the daily total at $8.27 million on Sept. 4. By mid-October, it was about $30,000 to $40,000, more than 99% below that level. Four Pillars attributed the decline to quieter meme-token trading and reduced congestion.
The figures measure different kinds of activity. Daily fees change with the number and cost of transactions, while assets can remain in lending applications when trading slows. When transactions exceed the chain's target processing rate, its Arbitrum-based system increases the base charge, adding congestion to the fee total.
Four Pillars valued the Steakhouse USDG Vault at about $540 million in its Oct. 20 report. A separate Morpho vault page showed a balance of roughly the same size and named Steakhouse Financial as curator. The vault accepts Global Dollar (USDG), a stablecoin, and supplies it to borrowers through Morpho markets.
Morpho says borrowers’ interest payments fund returns to lenders. Four Pillars said Robinhood’s incentives also helped attract vault deposits. The report’s locked-asset figure measures capital held in applications, rather than transactions during a day.
Four Pillars estimated about $150 million in outstanding stock and other real-world asset tokens. Tokens tied to shares or exchange-traded funds formed the majority of Robinhood Chain’s real-world asset issuance, the firm found. A separate Oct. 20 reading of tokenized-asset trading put 24-hour volume at $104.73 million across 192 tracked assets. That figure covers trading in those assets, not all activity on the chain.
Robinhood launched the public mainnet July 1 with support for tokenized assets and lending. Four Pillars identified vault balances, stock-token supply, meme-token volume and activity on perpetual exchanges as indicators to watch after the fee decline.
