Data & Insights: Everyone is fomoing; AI Coins Spike

• Data & Insights is a weekly series showcasing top charts from The Block’s Data Dashboard.
• This week, we’re taking a look at fomo's App Store climb and AI token prices. We’ll also look at how Robinhood Chain is doing as well as an OG Solana DEX's comeback.

Ahhh I'm Fomoing

• fomo, the crypto social trading mobile app, climbed to No.32 in the US App Store's Finance category last Tuesday, the best ranking the app has ever had.
  • It now ranks ahead of Coinbase, which sat at No. 55 that day.
• fomo's trading capabilities offersnusers a single interface to trade onchain tokens across multiple chains such as Ethereum, Solana, Base, BNB Chain and Robinhood Chain.
  • The app generated $13.8 million of revenue in August, with an annualized run rate of roughly $165.6 million, and recorded a single-day high of $1.1 million on September 1st.
  • It is undoubtedly one of, if not THE, breakout crypto app of the year.
  • Though it is worth noting that the trader base behind these metrics is fairly wide and thin.
  • Roughly 101K  daily active users traded in the most recent week, with ~95% of them having either lost money or earning less than $100.
  • Meanwhile, only 229 traders, 0.06% of the cohort, cleared over $10K in profits.

Altman Spying, Altcoins Flying

• The GMCI AI index closed at 51.42 on Saturday, up 5.8% on the week and 27.5% over the past 30 days.
  • Within the index, Venice’s VVV token was the standout performer as it rose roughly 40% on September 9th to a record high, taking its market cap to ~$1.2 billion.
• The catalyst for this repricing of AI-related tokens, notably VVV, came on the same day.
  • NYU mathematician Tristan Buckmaster publicly disputed OpenAI's claim to a full proof of the Navier-Stokes problem, one of the seven Millennium Prize problems.
  • Buckmaster raised the possibility that OpenAI models that were trained on his private Codex sessions informed the lab's approach, noting how OpenAI reserves the right to train on Codex interactions.
  • OpenAI itself denied doing so, but the market responded anyways.
  • The idea is that if a researcher's prompts in a typical LLM can plausibly surface in a competitor's output, then private inference becomes ever more valuable.
• Venice sells exactly that, where prompts stay local, models are open-source, and staked VVV functions as an access key delivering proportional daily API capacity.
  • Coincidentally that same day, Venice executed its largest discretionary burn to date, removing roughly $391,000 of VVV, bringing cumulative burns to ~41.8% of supply.

Robbing Chains

• Stablecoin market cap on Robinhood Chain crossed $1 billion earlier this week.
  • This figure is up ~12% week over week, and up 72% over the last month alone.
  • USDG accounts for 67% of the total, with Ethena’s USDe behind it with ~30%.
  • Though most of the chain’s stablecoin growth lately has come from USDG, as it has grown by ~59% since August 31st, while USDe has been flat since.
• Despite the impressive headline growth numbers, the question is whether this is net new stablecoin issuance or rotations from competing blockchains.
  • Aggregated stablecoin supply across all chains stands at ~$284 billion, essentially flat since July.
  • Meanwhile, Robinhood chain has added ~$825 million worth of stablecoins into its ecosystem over the same period.
  • Evidently, during this time, Ethereum’s stablecoin supply fell by 4.2%, while Hyperliquid’s gained 15%, Tron by 5.8% and Solana by 6.8%.
  • In other words, Robinhood chain has been just one of several chains taking share away from Ethereum.
  • Confirmation that Robinhood is genuinely onboarding balances rather than receiving rotational flows would show up as aggregate stablecoin supply breaking out of above ~$285 billion, alongside a reacceleration in Robinhood's net deposits.

Tokenized Treasuries Grew 75% This Year

• Tokenized US Treasuries reached $15.86 billion across all issuers on September 6, up 75% from $9.07 billion at the end of 2025. 
  • The growth has been front-loaded: $5.1 billion arrived in the first quarter and $1.7 billion in the five months since. 
  • Most of the largest issuers now sit below their own peaks, with Ondo down from $3.39 billion in May to $2.61 billion, Anemoy down from $1.53 billion in April to $829 million, and Circle off roughly $509 million since June. WisdomTree is the only top-seven issuer at its high.
• The additions have mostly come from traditional asset managers. J.P. Morgan Asset Management grew roughly ninefold this year, from $100 million to $903 million, and now ranks sixth by market capitalization. State Street is up nearly the same multiple off a smaller base. Franklin Templeton added $1.6 billion, more than any other issuer in dollar terms.
• ICE, the owner of the NYSE, agreed on August 31 to invest in tZERO and build infrastructure for a planned tokenized securities platform, with the agreement also covering the evaluation of tokenized assets as collateral at ICE's clearing houses.
  • Acceptance as margin in regulated markets would open a considerably larger pool of demand than crypto collateral does, and because clearing houses apply conventional counterparty standards, the issuers best positioned to qualify are the traditional asset managers that have gained the most ground this year.

Stonks Go Brrrr

• Raydium’s AMM TVL has increased by over 35% in the last month, currently at $1.14 billion.
  • It is now the fourth-largest DEX by TVL in all of crypto, behind PancakeSwap, Uniswap V3 and Curve.
• The catalyst behind the recent growth in Raydium TVL can be traced to StonkFun, the Solana-based launchpad that offers STONK pairs, essentially tokenized RWAs such as SPYx or individual equity names.
  • StonkFun token deployments and graduations are routed through Raydium's pools.
  • As StonkFun-sourced tokens continue to grow, it means more tokens are routed and traded through Raydium pools, and away from pump.fun graduations and PumpSwap pools.
  • This shift has been visible in PumpSwap’s TVL, which is down ~4.6% in the last two weeks, while Raydium’s TVL has grown in the same period.
  • As a direct result of this, the RAY token has risen by roughly 90% on the week to $1.75, its highest level since October 2025.
  • Raydium also repurchased ~$640K of RAY on September 9th, its largest single-day buyback since February 2025, funded by the 12% of protocol fees directed to buybacks.
  • Meanwhile, STONK, the native token of the StonkFun launchpad, grew its market cap from $15 million to over $260 million in the last two weeks alone.
• pump.fun themselves have moved to defend the model, launching its own “custom pairs” feature on September 9th.
  • This enables creators to launch coins on pump.fun paired with tokenized stocks and metals, utilizing Backpack Securities' new mints and xStocks issuers.
  • It will be interesting to watch the next month or two to see whether StonkFun's head start was enough for them to remain the leading tokenized RWA pair launchpad or whether pump.fun will be able to reclaim the market share they lost.