Robinhood Chain Surges Past $3B in Daily Volume, UNI Burn Hits $1M

Uniswap's revenue is now tied to Robinhood Chain, which topped $3 billion in daily decentralized exchange (DEX) volume on Thursday. This marked a new record for the Ethereum layer two network and pushed UNI burn past $1 million.

The $1.15 million daily burn was the second-largest by token count since the mechanism went live and represents 11% of supply if it held annually. The majority of the tokens, over 80%, were paid for by traders on Robinhood Chain through a fee switch that redirects a portion of protocol fees to buying and burning UNI.

Robinhood Chain's DEX volume more than tripled in just six days, from $875 million to $3 billion. Uniswap handled as much as 98% of the volume on the chain, which has processed $34.6 billion in transactions since its launch on July 1.