Robinhood Chain Logs Its Largest Day Yet: $874.8 Million in Daily DEX Volume, 5.5 Million Transactions

Activity on Robinhood Chain has picked significantly over the past week. According to DefiLlama, the network surpassed Ethereum and Hyperliquid in 24 hour app revenue and only behind Solana. Within the same timeframe, the chain recorded $874.8 million in DEX volume and the number of daily transactions hit 5,521,213 yesterday. These figures make it the largest day for the network since mainnet went live on July 1. 

Source: Dune

In terms of the daily DEX volume, the chain has completed a full round trip in two months. From the launch-week euphoria to a six week drawdown to around $140 million a day in early August, the network has since staged a three week climb over the previous highs set on July 11. 

One Launchpad Accounted For Half the Record 

Pons.family is a permissionless token launchpad on Robinhood Chain that lets any user deploy a fixed supply token that can be traded against WETH with the platform taking a cut for each swap. Ever since Noxa halted new token launches on July 11, Pons.family has become the chain’s busiest token launchpad platform. 

Source: Dune

Pons drew in $445.98 million in token volume yesterday which represents about 51% of everything traded across the chain that day. This is close to 2.6 times the launchpad’s own mid-July peak and more than twenty times where it was sitting in mid-August. 

Uniswap Came for the Launchpad and Lost the Round

Earlier this month on August 5, Uniswap Labs launched Pools.trade which is another launchpad built specifically for Robinhood Chain, with zero platform fees and permanently locked v4 liquidity. Token volume and daily token creation on this platform actually overtook Pons during the first 24 hours but this momentum did not carry for long. 

Three weeks later the incumbent is printing record volume. A reflexive fee loop is doing some of that work. pons currently routes 80% of protocol fees into an automated TWAP buyback that sends PONS to a burn address, per the protocol’s documentation, and the team said on August 29 that 29% of the original 1 billion supply had been retired. That was the day before the record. Higher volume funds more burn, the token rallies, attention returns, and more tokens get launched off the back of it. 

Leverage and Stock-Token Collateral Landed in the Same Window

Arcus, the dYdX-built DEX backed by Robinhood Crypto, launched pTokens on August 25. These wrap leveraged perpetual accounts into transferable ERC-20s, including pBTC3x and pHOOD3x. Arcus also began accepting SPY, QQQ and MAG7 stock tokens as collateral at 50% LTV, which gives traders a way to put tokenized equity exposure to work without unwinding it.

Then the wider market turned. Bitcoin has rallied since August 17 on what Bloomberg called a record $2.7 billion wave of short liquidations, the largest since records began in 2021, following a White House crypto meeting and a US Treasury move to double long-dated bond buybacks. BTC ran to a high near $81,500. Ether added nearly 29% on the week and a long list of altcoins followed.

Launchpad speculation is the highest-beta way to express that kind of rotation. Robinhood Chain’s trough maps almost exactly onto the market’s, and so does the recovery.

What the Record Does Not Settle

The July 11 high came from launch-week novelty. This one came from a single venue doing half the chain’s throughput while a well-funded competitor sat on the same chain with lower fees. Both are volume records. Only one of them tells you much about how the chain performs when speculation cools.

Robinhood Chain’s next test is whether transactions and volume hold any level without pons carrying them. 

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