Robinhood built a bigger business that makes less money

I read Robinhood's two-month update on Robinhood Chain last night. On the surface it is a big win: $34.6B traded, 12.3M addresses, 576M transactions.

Here is the part the update leaves out. Robinhood earns very little on that volume. The chain collected about $20M in fees in two months. The Robinhood app made $100M on $18B of crypto trades in Q2, about half the chain's volume.