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Robinhood Chain Nears $1B DEX Volume as TVL and Stablecoin Liquidity Surge
- Robinhood Chain’s DEX volume hit a record US$989 million, while TVL nearly doubled month-on-month to US$708 million.
- August marked a shift from memecoin speculation towards utility, infrastructure and new token models.
- PONS surged from US$20 million to more than US$200 million in market cap, while Delta, UP and NetNet also rose more than tenfold.
- Tokenised stocks remain a key differentiator, with stock-paired memecoins accounting for roughly a quarter of stock-linked trading volume.
Robinhood Chain is putting up some eye-catching numbers, with single-day DEX trading volume hitting a record US$989 million (AU$1.3 billion) last week. Total value locked has climbed to an all-time high of US$708 million (AU$987.7 million), almost doubling month-on-month, while stablecoin supply has reached roughly US$770 million (AU$1.07 billion), up 47% over the same period.
But the bigger story is that activity on the chain is changing. July was heavily driven by memecoin speculation, particularly around CASHCAT and its eventual Robinhood spot listing. In August, however, attention increasingly shifted towards utility, infrastructure and new token models.
Read more: Ripple Prepares XRP Ledger for a Post-Quantum Future
From Memecoins to Infrastructure – With Stocks Still in the Mix
PONS, one of the chain’s leading launchpads, saw its market capitalisation jump from around US$20 million (AU$27.9 million) to more than US$200 million (AU$279 million) during August. Other projects, including liquidity protocol Delta, emissions project UP and bonding platform NetNet, also saw their valuations rise more than tenfold.
Meanwhile, tokenised stocks remain Robinhood Chain’s key differentiator. LONG, another major launchpad, has helped fuel memecoins paired against tokenised equities.
Artificial Inu (AI), paired with tokenised NVDA, surged from a US$1.5 million (AU$2.09 million) market cap at the start of August to a US$135 million (AU$193.9 million) peak, with its NVDA liquidity pool now significantly deeper than its WETH pool. Memecoins paired with tokenised stocks now account for roughly a quarter of the chain’s stock-linked trading volume.
In mid-August Robinhood CEO Vlad Tenev said in a CNBC interview that he believes tokenisation will dominate the entire financial system. He called it the “tokenisation supercycle” and said it’s the “best path” to make the US financial system future proof in an always-on model.
Read more: Robinhood Chain Nears $1B DEX Volume as TVL and Stablecoin Liquidity Surge
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
