ARK Invest’s DeFi report for the third quarter of 2026 said tokenized equities were the main force behind a pickup 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 overall spot DEX volume increased about 13% quarter over quarter to $571 billion, marking the first quarterly increase in the past four quarters. On Robinhood Chain, the first quarter after launch produced about $65 billion in DEX volume and $51 million in network revenue, a level ARK said was close to BNB Chain over the same period.
Elsewhere, stablecoin supply fell about 3% to $309 billion, but adjusted transaction volume rose about 16% to $781 billion and average monthly active addresses climbed about 39% to 73 million. In perpetual futures DEXs, open interest value rose about 76% to $24 billion even as quarterly trading volume fell about 16% to $1.4 trillion. Hyperliquid accounted for about $13 billion, or roughly 53%, of open interest value.
ARK Invest said in its DeFi report for the third quarter of 2026 that tokenized stocks were the main driver behind a rebound in on-chain trading activity during the quarter.
Tokenized equities gained share in spot DEX trading
According to the report, spot DEX volume for tokenized stocks reached about $50 billion, roughly nine times the level of the previous quarter. Their share of total spot DEX volume rose from about 1% to about 9%.
That helped lift overall spot DEX volume by about 13% quarter over quarter to $571 billion, the first increase in the past four quarters.
Robinhood Chain posted strong first-quarter figures
ARK said Robinhood Chain generated about $65 billion in DEX trading volume and $51 million in network revenue in its first quarter after launch. The report said that revenue was close to BNB Chain’s level over the same period.
ARK also said recent gas mechanism changes are expected to pull the chain’s revenue down from current levels.
Stablecoins and perpetual DEXs showed diverging trends
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.
Perpetual futures DEXs showed a split between positioning and turnover. Open interest value 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 in open interest value, or roughly 53% of the total. ARK said this points to fewer positions, but larger ones held for longer periods.
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