Uniswap UNI Token Surges on Robinhood Chain

Uniswap's UNI token has been on a steady rebound over the past three months, rising more than 100% since June. However, what exactly has driven the market's renewed interest in UNI? The answer lies in its growing presence on Robinhood Chain.

In July, Robinhood Chain launched its mainnet, and as of August 31, its total TVL (total value locked) had surpassed $700 million. Uniswap officially announced that its v2, v3, v4, and UniswapX have served as the chain's public mainnet AMM since day one.

The latest data shows that Uniswap's revenue over the past 24 hours reached $4.29 million, accounting for nearly half of Robinhood Chain's total fee revenue in the same period. Token Terminal reports an even more striking figure: Uniswap's daily trading volume of tokenized stocks on Robinhood Chain has hit a new high of approximately $130 million, up roughly 10x over the past month.

The UNI burn mechanism is also playing a significant role in driving the token price higher. According to Dune data, as of August 31, cumulative burns stand at approximately 110 million UNI, with a total burned value of $630 million.