Crypto trading terminals settled more than $1 billion in volume on Sept. 2, the first time the category has crossed that level since January 2025, according to a Dune chart published by the analyst Adam on X.
Adam’s count put the day’s total at $1.03 billion. GMGN, a multi-chain trading terminal, handled $479.7 million of that amount. The venue mix behind the latest billion-dollar day looks different from the last time the category reached that threshold.
GMGN now gets roughly nine out of every 10 dollars of its volume from Robinhood Chain, the two-month-old network Robinhood built for tokenized equities. On Sept. 2, GMGN recorded $445.5 million of volume on Robinhood Chain, equal to 90.7% of its total for the day. Thirty days earlier, the chain accounted for $18.2 million.
Its Solana volume barely moved over the same span: $9.5 million on Sept. 2 versus $9.4 million 30 days earlier. BSC moved the other way, falling from $91.6 million a day to $29.6 million.
DefiLlama data showed GMGN posted $490.9 million of volume on Sept. 2, its third-largest day on record. Its two larger days came on Oct. 8 and Oct. 9, 2025, at $519.2 million and $494.9 million. Its January 2025 peak, during the TRUMP memecoin launch, was $272.4 million on Jan. 19.
GMGN volume and revenue both moved higher
Across all chains, GMGN settled $3.02 billion over 30 days, up from $2.49 billion in the prior 30-day window, a 21.5% increase. The jump came from Robinhood Chain, while the rest of GMGN’s footprint expanded far less or contracted.
Revenue followed volume. GMGN brought in $2.46 million on Sept. 2, up from $956,000 on Aug. 26, and revenue increased on each of the five days starting Aug. 28. Its record remains $5.74 million, set on Oct. 8, 2025.
Robinhood Chain posted record DEX activity
Robinhood Chain’s own DEX volume also climbed. The network hit a record $1.67 billion on Sept. 1. Over the 24 hours to 20:24 UTC on Thursday, it stood at $1.55 billion, versus $354 million on Aug. 3.
Over 30 days, the chain settled $20.36 billion, compared with $15.09 billion in the previous window, a 34.9% increase. That put it second among all networks, behind Solana at $2.29 billion over 24 hours and ahead of Ethereum at $1.32 billion, BNB Chain at $1.14 billion and Base at $792 million.
The Defiant reported on Sept. 1 that Robinhood Chain had passed Ethereum, BNB Chain and Base on DEX volume. Its launchpads were also taking close to 70% of launchpad fees across crypto. On Aug. 31, The Defiant reported that the chain had surpassed Ethereum in daily app revenue.
Two datasets, one day
DefiLlama’s own total for the same category came to $600.3 million on Sept. 2, below Adam’s $1.03 billion, because DefiLlama defines the field more narrowly.
Its Trading App and Telegram Bot categories exclude basedbot, which Adam’s query credited with $77.8 million. Adam also credited the pump.fun mobile app with $67 million, while DefiLlama placed that app under Interface and put its Sept. 2 volume at $17.9 million.
For fomo, the second-largest terminal on Adam’s chart at $268.2 million, DefiLlama’s adapter covers Solana only and reported $27.2 million.
The two counts still point in the same direction and identify the same leader. In its Axiom methodology, DefiLlama says its adapters exclude volume routed through venues it has not indexed, which means its terminal figures should be read as a floor.
Axiom and smaller terminals
Axiom, the largest Solana terminal through most of 2025, recorded $60.3 million on Sept. 2 by DefiLlama’s count and $95.5 million by Adam’s.
Its daily volume was little changed from a month earlier, at $61.3 million on Aug. 3. Its 30-day total, however, nearly doubled to $2.36 billion from $1.22 billion.
Photon handled $1.5 million on Sept. 2, Trojan did $2.6 million and BullX posted $286,000.
The rebound extended beyond terminals
Volume across all decentralized exchanges reached $9.18 billion over 24 hours and $236.3 billion over 30 days, up from $187.6 billion in the prior 30-day window, a 26% increase.
August closed at $233.5 billion, the strongest month since February and up from $197.2 billion in July. Even so, the market remains well below its October 2025 record of $588.3 billion.
Uniswap V4 became the largest single DEX by 30-day volume at $28.21 billion, ahead of V3 at $26.54 billion. Against the previous 30-day window, V4 rose 10.8% and V3 climbed 7.4%, while Uniswap V2 fell 58.8% to $1 billion.
Uniswap Labs turned on protocol fees for V4 pools on July 27. At that time, protocol revenue nearly tripled.
Other venues and chain-level moves
PumpSwap did $1.02 billion over 24 hours and is up 16.6% over the 30-day window. PancakeSwap Infinity is up 50.7%, Hyperliquid’s spot order book 69.3%, and Kuru CLOB on Monad 547%.
Monad’s chain-level DEX volume rose from $30 million a day on Aug. 3 to $134 million on Sept. 2. According to The Defiant’s reading of the exchange’s own API, Hyperliquid’s perpetuals venue traded $7.55 billion of notional across 233 markets over 24 hours.
The Defiant reported in August that DEX spot volume reached a record 24% of centralized exchange spot volume in July, during a month when total spot volumes fell to a two-year low.
Prices rose with the volume
The pickup in activity came alongside a price rally. CoinGecko data showed Bitcoin at $81,406, up 5.2% over 24 hours and 27.2% over 30 days. Ether traded at $2,507.61, up 34.3% over 30 days, and Solana at $105.22, up 41.9%. Total crypto market capitalization stood at $2.75 trillion.
Tokens tied to the venues taking that flow moved more sharply. UNI traded at $6.26, up 35% over seven days and 60.3% over 30 days, for a market capitalization of $3.9 billion. HYPE was at $85.38, up 55% over 30 days. PUMP gained 89.3% over 30 days. JUP, whose aggregator handled $385.8 million over 24 hours, traded at $0.2367, up 24.5% over 30 days.
Pons out-earned pump.fun in daily fees
Pons, a launchpad that exists only on Robinhood Chain and supplies much of the token flow traded through these terminals, collected $5.95 million in fees on Sept. 2. pump.fun collected $1.46 million.