Robinhood Chain Ranks Second by DEX Volume, and a Launchpad Is Taking the Fees

Robinhood Chain, the Ethereum layer 2 Robinhood launched on the Arbitrum stack two months ago, ranked second among all chains by decentralised exchange volume over 24 hours, according to The Defiant, which recorded $1.49bn and placed the network ahead of Ethereum, BNB Chain and Base. Decrypt separately reported volume climbing to $1.6bn, a 61 percent rise in a matter of days, with deposits in the chain's applications and its stablecoin holdings both approaching $800m.

DefiLlama's figures today run slightly higher again. Volume across the chain's decentralised exchanges was $1.67bn over 24 hours, up 12.04 percent on the day and 130.82 percent over the week. Total value locked, meaning assets deposited in the chain's applications, stands at $758.4m, an all-time high set today and up from $619.6m seven days ago. Stablecoin supply on the chain is $839.2m.

Where the volume sits

It is concentrated in a handful of venues. Uniswap V4 did $678.4m over 24 hours and Uniswap V3 $316.8m, according to DefiLlama, together a majority of the chain's trading. GMGN, a trading interface popular with memecoin traders, did $292.2m. Pons V2, the chain's memecoin launchpad, did $104.9m, and Ramses CL V2 $81.5m.

The Defiant's finding on fees is the more interesting half. Pons took close to two-thirds of launchpad fees across the market on the day measured, earning almost three times what pump.fun did. A launchpad is a venue where anyone can mint a new token and seed it with a trading pool, and it charges on creation and on trading. Pump.fun, on Solana, has been the category's reference point since 2024. Being outbid by a two-month-old competitor on another chain is a change in that ranking.

What a launchpad ranking says about a chain

It says the volume is retail speculation in newly minted tokens rather than institutional flow in tokenized equities, which is a different business from the one the chain's launch materials described. Robinhood positioned the network around Stock Tokens and real-world assets, with Chainlink as its oracle provider and integrations including Uniswap and BitGo. What is actually paying the fees, on the evidence of the launchpad table, is memecoins.

Both things can be true at once and neither cancels the other. The chain's fee revenue is real: $17.0m over 24 hours and $128.6m over thirty days, according to DefiLlama. So is the fact that its most productive application is one that mints assets with no issuer, no register and no underlying.

The durability question

Launchpad-led volume has a well-documented shape. It arrives quickly, concentrates in a small number of tokens, and falls away when the tokens do. Pump.fun's own volume history is the case study. Whether Robinhood Chain retains its position in the volume table depends on whether the Uniswap pools that account for the bulk of trading are being used for something other than the tokens Pons creates.

The measurement to keep is the ratio between volume and locked value. $1.67bn of trading against $758.4m of deposits, on DefiLlama's numbers, is a turnover rate that says capital is moving fast rather than sitting deep. That is characteristic of speculative venues, and it is the first thing to change if the flow becomes something steadier.