Robinhood Chain sets new record with $989 million in daily DEX volume

Robinhood Chain, a blockchain network, set a new record on Friday with $989 million in daily trading volume on decentralized exchanges (DEXs), which are platforms for swapping cryptocurrencies without a central authority.

Growth in locked value and stablecoins

The total value locked (TVL), or the amount of crypto deposited in its protocols, reached a record $708 million, nearly doubling from the previous month. The supply of stablecoins—cryptocurrencies pegged to traditional currencies like the US dollar—on the chain also grew by 47% in the same period, reaching about $770 million.

Shift from memecoins to utility tokens

In July, trading on Robinhood Chain was mostly driven by memecoins, a type of cryptocurrency often created as a joke or for speculation. However, in August, utility and infrastructure tokens gained more attention. For example, PONS, a launchpad for new projects on the chain, saw its market value rise from $20 million to over $200 million during the month.

Other growing projects include Delta, a liquidity protocol, UP, a token emissions project, and NetNet, a bonding project, all of which saw their valuations increase tenfold in August.

Memecoins paired with tokenized stocks, such as the AI token linked to NVIDIA (NVDA), also remained popular. The AI memecoin grew from a $1.5 million market value on August 1 to a peak of $135 million by August 30. These stock-paired memecoins now account for roughly a quarter of all stock-linked trading volume on Robinhood Chain.

Sources

• The Block