Robinhood's New Blockchain Is Now Making More Money Than Ethereum. Does That Make Robinhood Stock a Buy?

Robinhood Markets' (NASDAQ: HOOD) newly launched Robinhood Chain is now a bigger earner than Ethereum (CRYPTO: ETH) in terms of the fees it brings in. Over the 30 days ending on Sept. 10, the network's users paid $34.4 million in transaction fees, whereas Ethereum only saw $11.3 million, per data from DefiLlama. Most of the Robinhood Chain's haul flooded in during the final seven days of that period, as the crypto market's speculative fervor intensified considerably.

Can this pace possibly continue, and if it does, is Robinhood's stock worth buying?

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One meme coin launchpad pulled in $40.8 million of fees

The goal of Robinhood's new blockchain is to become a hub for the trading of tokenized stocks. It could still accomplish that goal, but for now, its users have other ideas about what they'd prefer to do with the platform.

Pons, a meme coin launchpad, is the project that embodies the state of the chain at the moment.

Essentially, its service is to enable anyone to create and trade a new meme token in minutes using tokenized stocks to fund the process. It collected a whopping $96.1 million in user fees over the 30 days ending on Sept. 10, making it the chain's largest launchpad by fees, as well as the biggest generator of the chain's deluge of transaction fees paid to Robinhood.