Robinhood Chain Crushes Records with Record-Breaking DEX Volume

Robinhood Chain, an Ethereum Layer 2 built on the Arbitrum Orbit stack, hit a record $989 million in single-day decentralized exchange trading volume on August 31. This figure came alongside a record $708 million in total value locked, which nearly doubled month-over-month.

The chain generated $2.66 million in 24-hour app revenue, surpassing Ethereum and Hyperliquid's daily income of $1.27 million and $1.70 million respectively. Only Solana ranked higher at $5.07 million.

The activity was driven by three main protocols: GMGN, a Telegram trading bot; Pons, a launchpad native to the chain; and Uniswap, which added $235,000 after its fee switch on Robinhood Chain went live in late July. These apps made up roughly 88% of all app revenue on the chain that day.

The current volume is not coming from tokenized stocks as promised by the official pitch. Instead, it's being driven by memecoin and launchpad activity, with memecoins paired against tokenized stocks accounting for a quarter of all stock-linked trading volume on the chain.