Robinhood Chain has generated high trading volume and revenue, with tokenized stocks, Launchpad, and DEX ecosystem accelerating their formation, while the real retail user dividends have yet to be released.

Written by: Saksham Diwan,CoinDesk Research

Translated by: Starbase Accelerator

Summary of the Announcement

In September 2026, CoinDesk Research released a study report on Robinhood Chain. The report points out that despite the significant retail user base of Robinhood not being fully onboarded, its on-chain ecosystem has already established a strong liquidity and revenue foundation. Over the past 30 days, Robinhood Chain's TVL grew by approximately 90% to $757 million, with the latest daily DEX trading volume reaching $1.69 billion, and cumulative holder income around $20 million, while Robinhood's own app users currently contribute only about 1%–2% of on-chain trading volume.

The core logic of the report is: the true advantage of Robinhood Chain that is hard to replicate lies in its distribution capability. Robinhood has tens of millions of retail users, a mature consumer finance brand, and the ability to mint tokenized stocks through authorized participants, but most of the on-chain growth currently comes from crypto-native users. If in the future its retail users gradually migrate on-chain, the existing TVL, DEX, Launchpad, tokenized stocks, and stablecoin ecosystem may only be the starting point of growth. The report unfolds mainly from the following dimensions:

• Activity and liquidity growth: TVL has grown rapidly, DEX trading volume has entered the forefront of the industry, and a considerable on-chain revenue is beginning to form
• User and traffic structure: current trading mainly comes from crypto-native scenarios such as Uniswap, trading terminals, and Launchpad, with Robinhood app users still accounting for a very low proportion
• Launchpad and Uniswap V4: new asset issuance has become an important source of trading volume, and the programmable Hook mechanism has achieved large-scale application on Robinhood Chain
• Tokenized stocks and stock Memecoins: Robinhood has gained structural advantages in on-chain stocks through its authorized participant minting mechanism, resulting in new trading models
• Stablecoins, lending, and RWA infrastructure: the simultaneous expansion of stablecoin supply, credit, and RWA scale provides a settlement foundation for future Robinhood retail user entry on-chain

Rapid Growth of On-Chain Activity

Robinhood Chain has currently formed on-chain activity that is not matched by its developmental stage. In the past 30 days, its TVL grew by about 90% to $757 million, reaching roughly $801 million on September 2, and as per TVL, it has already entered near the 12th position among public chains.

More notable than TVL is the efficiency of capital turnover. The latest daily DEX trading volume of Robinhood Chain has already reached about $1.69 billion, accounting for about 17% of global DEX trading volume; the cumulative DEX trading volume over the past 7 days is approximately $8.2 billion, second only to Solana's $18.1 billion and Ethereum's $9.8 billion, higher than BSC and Base.

This means that Robinhood Chain is not relying on a large amount of accumulated capital to increase TVL, but has already formed a high-frequency on-chain trading activity. Relative to the approximate $757 million TVL, its daily DEX trading volume can exceed two times the TVL, indicating a high level of on-chain capital turnover.

The Real Variable: Robinhood Users Have Not Entered

Over 98% of transactions come from crypto-native users

The biggest characteristic of Robinhood Chain currently is that the aforementioned growth almost does not come from Robinhood's own users.

On-chain swaps within the Robinhood app are primarily routed through 0x, and even at peak times, this portion of transactions only accounts for about 1%–2% of Robinhood Chain's daily trading volume. The vast majority of remaining activity comes from third-party trading terminals, Uniswap, Launchpad, and other crypto-native trading scenarios.

Trading terminals are particularly evident, with their weekly trading volume having grown from less than $20 million at the end of June to recently over $1.2 billion, and Robinhood Chain currently accounts for about 33% of the total cross-chain trading terminal volume.

Therefore, the current TVL, trading volume, and revenue of Robinhood Chain are more like a "pressure test without Robinhood users' participation": before the company's most important distribution resources are released, the crypto-native market has already established a certain scale of liquidity cycle by itself.

Uniswap Becomes the Core Liquidity Center

This crypto-native traffic is highly concentrated in Uniswap. Currently, Uniswap contributes approximately 77% of Robinhood Chain's DEX trading volume, Ramses about 6%, and UP about 5%.

This concentration even inversely affects Uniswap's own cross-chain structure—Robinhood Chain currently contributes over 50% of Uniswap’s total trading volume across chains, becoming the first non-Ethereum network to reach this level.

Moreover, the application of Uniswap V4 Hook on Robinhood Chain is noteworthy. Launched in January 2025, V4's Hook allows developers to add dynamic fees, limit orders, custom issuance mechanisms, and oracles in liquidity pools, but the early adoption has been slow. Robinhood Chain has become one of the early ecosystems to transform Hook from an "optional feature" into an actual trading infrastructure.

Launchpad and stock Memecoins extensively utilize V4 Hook for fee routing, liquidity guidance, and asset issuance, allowing Robinhood Chain to rapidly become an important source of trading for cross-chain V4 Hook pools.

Launchpad Becomes the Volume Engine

Single-day issuance platform trading volume breaks $600 million

Another core source of growth for Robinhood Chain is Launchpad. On September 1, its Launchpad single-day trading volume had already surpassed $600 million, with Pons accounting for about 60% and long.xyz about 25%.

From a full-chain comparison, Robinhood Chain currently contributes about 14% of Launchpad revenue, ranking third, behind Solana and BSC. These asset issuance activities simultaneously drive trading demand to DEX such as Uniswap, so Launchpad is not an independent segment, but an important source of Robinhood Chain's high DEX trading volume and on-chain revenue.

This has formed a relatively clear growth path for Robinhood Chain: new asset issuances attract speculation and trading demand, trading activities enter DEX and generate fees, and liquidity and revenue further attract new protocols and market-making capital.

V4 Hook Enhances Issuance and Trading Linkage

The growth of Launchpad on Robinhood Chain is highly related to the programmable liquidity mechanism of Uniswap V4. Traditional Launchpads solve the question of "how assets are issued," while V4 Hook further allows project teams to customize fees, liquidity, and trading rules after asset issuance.

This means that Launchpad, AMM, and liquidity management are starting to be compressed from three relatively independent segments into the same infrastructure. The rapidly growing trading volume of Robinhood Chain essentially comes partly from the high coupling of new asset issuance and secondary liquidity.

Tokenized Stocks Create Structural Advantages

Robinhood occupies about 53% of the on-chain stock share

Compared to Launchpad and Memecoins, tokenized stocks may represent an advantage of Robinhood Chain that is more difficult for other public chains to replicate.

Currently, Robinhood accounts for about 53% of the on-chain tokenized stock scale of different issuers. Its key advantage comes from the authorized participant minting mechanism: Robinhood is able to build a supply of tokenized assets around real stocks, rather than solely relying on third parties to cross-chain or repackage assets.

This means that Robinhood Chain is not only a trading venue for tokenized stocks but also controls part of the entry for assets onto the chain. Compared to public chains that solely rely on liquidity incentives to attract RWA assets, this issuance and distribution capability constitutes a stronger structural barrier.

Stock Memecoins Form New Trading Structure

The recent growth of tokenized stocks has also spawned a special "stock Memecoin" model. Some Memecoins on long.xyz do not directly form AMM pools with stablecoins, but pair with corresponding tokenized stocks.

Therefore, the price of Memecoins actually reflects the relative price of "stock token / Memecoin." When users buy Memecoins, the corresponding stock tokens enter the liquidity pool, thereby directly linking Launchpad speculation activities with tokenized stock liquidity.

Currently, some stock Memecoins have already accounted for 20%–40% of the corresponding stock's on-chain circulation. For instance, BONER accounts for about 42% of HIMS' on-chain circulation, MOO about 27% of MU, and AI about 18% of NVDA.

However, this high proportion more reflects that the tokenized stock market is still quite small. Taking AI/NVDA as an example, even at peak times, its scale is only about 0.0048% of NVIDIA's market capitalization. Thus, current stock Memecoins have almost no impact on the traditional stock price itself, but possess considerable influence in the still small on-chain stock market.

Meanwhile, because Robinhood stock tokens can only be minted through authorized participants, during the closing hours of U.S. stock markets, when minting and redemption are restricted, if Memecoin trading occupies too high an on-chain circulation, it may cause the prices of tokenized stocks to temporarily deviate from traditional market reference prices.

Stablecoins and RWA are Forming Underlying Settlement Foundation

Stablecoin supply approaches $900 million

Beyond trading activities, the settlement foundation of Robinhood Chain is also expanding in parallel. Currently, the on-chain stablecoin supply is about $868 million, increasing by approximately $118 million in the past 7 days, a growth of 15.8%, with USDG accounting for about 63%.

Meanwhile, the on-chain lending TVL continues to grow, with active RWA market capitalization reaching about $197 million.

The importance of these data lies in that they represent Robinhood Chain starting to extend from a simple high-frequency trading network to a financial infrastructure capable of payments, pledging, lending, and real asset transactions. Stablecoins handle settlement, lending protocols provide credit, tokenized stocks and RWA provide asset endpoints, while DEX and Launchpad provide liquidity and trading demand.

If in the future, Robinhood migrates more retail users on-chain, this infrastructure has already been able to accommodate the corresponding assets and trading activities without needing to build from scratch.

Conclusion

What is currently worth paying attention to about Robinhood Chain is not the 90% growth in TVL or the daily DEX trading volume reaching $1.69 billion as isolated data points, but the premise of these numbers: Robinhood's true distribution advantage has yet to be released.

Currently, about 98%–99% of on-chain transactions come from crypto-native users, with Robinhood's own app users contributing only about 1%–2%, yet Robinhood Chain has already established a TVL of $757 million, weekly trading volume in the billions, around $20 million in cumulative holder income, and a preliminary financial ecosystem composed of Uniswap, Launchpad, tokenized stocks, stablecoins, lending, and RWA.

This makes Robinhood Chain's growth logic different from that of ordinary new public chains. Most new chains need to first attract liquidity through incentives and then look for real users; Robinhood already has tens of millions of retail users and mature financial distribution channels, it is just that these users have not yet entered on-chain on a large scale. Meanwhile, its ability to mint tokenized stocks through authorized participants gives Robinhood an entry point in the RWA, particularly in the stock tokenization field, that is difficult for other public chains to replicate.

Therefore, the report focuses not on how much growth Robinhood Chain can currently rely on crypto-native transactions, but when and at what conversion rate Robinhood can transfer its Web2 financial users onto the chain. If this distribution funnel gradually opens up, then the current TVL, trading volume, and revenue are more likely to become the baseline for future growth; conversely, if Robinhood fails to achieve user migration, then the current growth structure that heavily relies on Launchpad, Memecoins, and crypto-native trading still needs further validation for sustainability. The core investment logic of Robinhood Chain essentially revolves around the judgment of whether "distribution capability can be converted into on-chain financial activities."