Robinhood Chain Smashes Daily DEX Volume Record
Robinhood Chain has set a new record for daily decentralized exchange (DEX) volume, reaching $874.8 million in transactions on August 29. This marks the largest day for the network since its mainnet launch on July 1.
The surge in activity is largely attributed to Pons.family, a permissionless token launchpad that has become the chain's busiest platform after Noxa halted new token launches on July 11. Pons drew in $445.98 million in token volume yesterday, accounting for about half of the total DEX volume on the chain.
Uniswap Labs' Pools.trade had briefly overtook Pons in token volume and daily token creation during its first 24 hours, but this momentum did not carry long-term. The incumbent's record-breaking volume is partly due to a reflexive fee loop, where protocol fees are routed into an automated TWAP buyback that sends PONS tokens to a burn address.
Arcus, the dYdX-built DEX backed by Robinhood Crypto, launched pTokens on August 25, allowing traders to wrap leveraged perpetual accounts into transferable ERC-20s. This feature, combined with the launch of stock-token collateral at 50% LTV, has contributed to the chain's growing activity.
The market's recent rally, particularly Bitcoin's surge above $81,500, has also likely driven some of the speculation and volume on Robinhood Chain.