Robinhood Chain Surpasses $3B Daily Volume, Drives UNI Burn Past $1M

Uniswap's daily burn of UNI tokens surpassed $1 million for the first time on Thursday, with over 80% of the burned tokens being paid by traders on Robinhood Chain.

The record burn was a result of Uniswap handling as much as 98% of the $3 billion in decentralized exchange (DEX) volume that passed through Robinhood Chain on its biggest day yet.

Robinhood Chain, an Ethereum layer two network, launched just six days ago and has already seen over $34.6 billion in DEX volume, with 576 million transactions and more than 190 stock tokens listed since July 1.

The daily burn of UNI is tied to the volume running through Uniswap's pools, which has been growing rapidly due to the increasing popularity of Robinhood Chain.