Robinhood Chain Surpasses Ethereum in DEX Volume, Memecoin Launchpads Soar

Robinhood Chain has seen its decentralized exchange (DEX) volume reach $1.49 billion over the past 24 hours, ranking second among all networks behind Solana. This is a significant increase from just two months ago when the network was launched by Robinhood to trade tokenized equities. However, it appears that memecoin issuance has become its main use case.

The Arbitrum network, which is where Robinhood Chain is settled, ranked second among all chains by DEX volume over 24 hours, ahead of Ethereum, BNB Chain and Base. The launchpad on the chain, Pons, took two-thirds of the fees paid to launchpads across crypto.

Pons has earned more in daily fees than Solana's pump.fun every day since August 29. According to DefiLlama data, Pons collected $4.89 million in fees on August 31, compared to $1.72 million for pump.fun. This gave Pons 63.9% of the $7.65 million paid to launchpads across crypto that day.

The V2 contracts of Pons charge a launch fee plus a swap fee on both the bonding curve and the Uniswap V4 pool a token graduates into. The protocol takes its cut first, followed by a slice of the remainder being used to buy back the launched token where the creator has enabled it.