Robinhood Chain hits record $989 million in daily DEX volume as TVL grows

Robinhood Chain recorded a record $989 million in single-day DEX trading volume on Friday.

Total value locked (TVL) clocked in at a record $708 million, a near 100% month-over-month increase. Stablecoin supply on the chain also stands at ~$770 million, a 47% month-over-month increase.

Alongside the absolute growth, the composition of projects and tokens that have grown in recent weeks, compared to the month prior, has changed.

In July, Robinhood Chain was dominated by memecoin beta, following the run and eventual Robinhood spot listing of CASHCAT. In August, tokens that have garnered the most attention and volume have been those related to utility and infrastructure.

The most notable example is PONS, one of the chain’s most dominant launchpads, whose market cap grew from $20 million to over $200 million this month alone.

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The chain’s other dominant launchpad is LONG (long.xyz), which facilitates tokens (mainly memecoins) paired against tokenized stocks, which remain Robinhood Chain's key differentiator.

The largest stock-paired memecoin in the chain was launched from the LONG launchpad, with the ticker "AI," short for Artificial Inu, paired against tokenized NVDA. The AI memecoin had grown from a $1.5 million market cap on Aug. 1 to a peak of $135 million on Aug. 30, as it now holds over ~$3.3 million of liquidity in its NVDA pool, more than triple the depth of its WETH pool.

Memecoins paired against tokenized stocks now account for roughly a quarter of all stock-linked trading volume on Robinhood Chain.

Other notable utility-related Robinhood Chain projects include Delta, a liquidity-layer protocol, UP, a ve(3,3) emissions project similar to Aerodrome on Base and NetNet, an OHM-style bonding project, all of which have 10x’d their valuations in August alone.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.