Uniswap Surges on Robinhood Chain's Growth, Hits Record Daily UNI Burns

Uniswap has become the largest beneficiary of Robinhood Chain's rapid growth, which has led to a significant increase in tokenized-stock holders and daily trading volume. In just two months, the number of tokenized-stock holders on Robinhood Chain rose from nearly zero to 863,800, while daily trading volume averaged between $100 million and $130 million.

This surge in activity has substantially increased fees and revenue for Robinhood Chain, with daily fees reaching $6 million and revenue climbing to $5.4 million on September 4th. As a result, Uniswap's daily UNI burns have also reached a record value of $1.15 million, with approximately 184,000 UNI being burned.

The majority of this activity is driven by Uniswap, which accounted for 98% of the Robinhood DEX volume that surpassed $3 billion for the first time on September 4th. Despite the record burns, Uniswap's price continued to face selling pressure from spot traders, but market indicators suggest a bullish bias.

With stronger demand and continued burns, analysts predict that Uniswap could target $7 if it can hold above $6 support level.