TLDR
- Robinhood Chain hit a record $989 million in single-day DEX trading volume on August 31
- Total value locked reached a record $708 million, up nearly 100% month-over-month
- The chain generated $2.66 million in 24-hour app revenue, beating Ethereum and Hyperliquid
- Three apps, GMGN, Pons, and Uniswap, drove 88% of that daily revenue
- Stock Tokens on Robinhood Chain remain unavailable to US users despite being a core part of the pitch
Robinhood Chain posted a record $989 million in single-day decentralized exchange trading volume on August 31. That figure came alongside a record $708 million in total value locked, which nearly doubled month-over-month.
Robinhood Chain’s 24-Hour App Revenue Surpasses Ethereum and Hyperliquid L1, Nearly 6x Base’s
According to DeFiLlama data, Robinhood Chain generated $2.66 million in app revenue over the past 24 hours, surpassing Hyperliquid L1’s $1.7 million and Ethereum’s $1.27 million, and… pic.twitter.com/TwkQ81bqvc
— Wu Blockchain (@WuBlockchain) August 31, 2026
Stablecoin supply on the chain also grew, reaching around $770 million, a 47% increase from the prior month.
App Revenue Tops Ethereum and Hyperliquid
The chain generated $2.66 million in app revenue in a single 24-hour window, according to DeFiLlama data. That placed it ahead of Hyperliquid at $1.70 million and Ethereum at $1.28 million. Only Solana ranked higher at $5.07 million.
Three protocols were behind most of that activity. GMGN, a Telegram trading bot, led with $803,000. Pons, a launchpad native to the chain, contributed $632,000. Uniswap added $235,000 after its fee switch on Robinhood Chain went live in late July.
Together, those three apps made up roughly 88% of all app revenue on the chain that day.
The revenue picture shifts over a longer window. Hyperliquid’s 30-day app revenue stands at $53.41 million, compared to Robinhood Chain’s $23.23 million over the same period. The August 31 result was a daily spike, not a shift in the overall rankings.
What Is Actually Driving the Volume
Robinhood Chain launched on July 1, 2026, as an Ethereum Layer 2 built on the Arbitrum Orbit stack. The official pitch has centered on real-world assets, particularly tokenized stocks.
But the current volume is not coming from that use case. GMGN and Pons draw memecoin and launchpad activity. Robinhood CEO Vlad Tenev acknowledged this in a July post, writing that the chain “works great for memes too.”
In July, the chain was driven by memecoin trading around CASHCAT. In August, the focus shifted toward utility and infrastructure tokens. PONS, one of the chain’s main launchpads, grew from a $20 million to over $200 million market cap in a single month.
Memecoins paired against tokenized stocks now account for roughly a quarter of all stock-linked trading volume on the chain. The largest of these is Artificial Inu, paired against tokenized Nvidia, which grew from a $1.5 million market cap on August 1 to a peak of $135 million on August 30.
The chain also generated $495,000 in net gas revenue on August 31, after Ethereum Layer 1 costs and Arbitrum program fees were subtracted.
One key limitation remains. Stock Tokens on Robinhood Chain are not available to US users, which excludes Robinhood’s core customer base from the chain’s main differentiating feature.
Coinbase’s Deribit exchange rolled out stock perpetuals in August, and Kraken launched unified US stocks and xStocks trading in Europe, showing that competition in equity-linked onchain trading is growing fast.
Goldman Sachs remains broadly positive on Robinhood stock for the second half of the year.
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