ARK Invest’s DeFi report for the third quarter of 2026 said tokenized equities were the main force behind the recovery in on-chain trading activity during the period. Spot decentralized exchange volume for tokenized stocks reached about $50 billion, roughly nine times the prior quarter, while their share of total spot DEX volume rose from about 1% to about 9%.
The report also said total spot DEX volume increased about 13% quarter over quarter to $571 billion, marking the first increase in the past four quarters. Robinhood Chain, in its first quarter after launch, recorded about $65 billion in DEX volume and $51 million in network revenue, a level of revenue that came close to BNB Chain over the same period. ARK Invest added that a recent gas mechanism adjustment is expected to pull the chain’s revenue down from current levels.
In stablecoins, total supply fell about 3% quarter over quarter to $309 billion, while adjusted transaction volume rose about 16% to $781 billion and average monthly active addresses climbed about 39% to 73 million. In derivatives, perpetual futures DEX open interest rose about 76% to $24 billion, though quarterly trading volume fell about 16% to $1.4 trillion. Hyperliquid accounted for about $13 billion, or roughly 53%, of that open interest.
ARK Invest’s DeFi report for the third quarter of 2026 said tokenized stocks were the main driver behind the rebound in on-chain trading activity during the quarter.
According to the report, spot DEX volume for tokenized equities reached about $50 billion, roughly 9 times the previous quarter. Their share of total spot DEX volume rose from about 1% to about 9%. Total spot DEX volume increased about 13% quarter over quarter to $571 billion, the first quarterly increase in the past four quarters.
Robinhood Chain posted about $65 billion in DEX trading volume and $51 million in network revenue in its first quarter after launch. Its network revenue came close to BNB Chain over the same period. ARK Invest said a recent gas mechanism adjustment is expected to bring the chain’s revenue down from current levels.
In stablecoins, total supply fell about 3% quarter over quarter to $309 billion. Adjusted transaction volume, however, rose about 16% to $781 billion, while average monthly active addresses increased about 39% to 73 million.
In perpetual futures DEXs, open interest rose about 76% quarter over quarter to $24 billion, while quarterly trading volume fell about 16% to $1.4 trillion. Hyperliquid accounted for about $13 billion of open interest, or roughly 53%.
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