Robinhood Chain Logs $1.06B DEX Day as Meme Coins Muscle Out Tokenized Stocks 🥊

Robinhood Chain processed more than $1.06 billion in decentralized exchange volume over 24 hours, its first billion-dollar day since the Arbitrum-based Layer 2 launched on July 1, according to Dune data. The figure topped the $874.8 million record set on Aug. 30 and brought cumulative DEX volume above $1 billion. DeFiLlama recorded a separate $1.595 billion in DEX volume between Aug. 28 and Sept. 1, a 61% jump from $989 million at the start of that window.

Meme coins powered much of the surge. Pons (PONS) led the Aug. 30 token rankings with $67.38 million in volume, 135,566 trades and 12,670 unique traders, with Cash Cat (CASHCAT) second at $32.66 million. PONS trades at $0.443, up roughly 20.4% over 24 hours and more than 370% over seven days, with a market cap near $300 million after hitting a record $0.49 on Aug. 30. Artificial Inu (AI) holds more than $3.3 million of liquidity against NVDA, about triple the depth of its WETH pool, while CASHCAT trades at $0.215 with a $212 million market cap. Uniswap routed almost 95% of Aug. 30 volume across versions 2, 3 and 4, with version 4 leading at $432 million, ahead of version 3 at $356.9 million and version 2 at $40 million. Together, Pons, GMGN and Uniswap captured close to 88% of application revenue.

The chain's other usage metrics climbed in step. As of Sept. 1 it held $738.11 million in DeFi deposits, nearly $797 million in stablecoins, $353.96 million in daily perpetual futures volume and $2.524 billion in bridged assets, DeFiLlama data show. Tokenized real-world assets reached $51.81 million on Aug. 30, led by $40.76 million in stocks, while RWA activity that day totaled $165.5 million, both records. The network processed 5.5 million transactions on Aug. 30 and 17 million during its launch week, drawing nearly 350,000 addresses. Robinhood crypto chief Johann Kerbrat said in an August interview with Decrypt's FOMO Hour that the chain had processed more than 200 million transactions and described its strategy as balancing "two wolves": conventional financial products and the speculative tokens that attract crypto traders.

Tokenized stock trading has grown to about 27% of total chain volume, while native memecoin pairs fell to 36% from 100% at launch, Bernstein analysts said in a Tuesday report shared with Cointelegraph. The firm attributed the shift to automated market-making pools on Uniswap that pair memecoins with stock tokens, creating "reflexive demand" for both sides. Bernstein forecast Robinhood Chain could generate as much as $160 million in annual fees by 2028. The chain produced $2.13 million in fees over the prior 24 hours, ranking it first among blockchains. AMC Entertainment CEO Adam Aron separately called Robinhood's tokenized AMC shares "outrageous" and said the company would seek an investigation from outside securities counsel.