Robinhood Chain settled more decentralized exchange volume over the past 24 hours than Ethereum, BNB Chain and Base, ranking second across all networks behind Solana. At the same time, launchpads running on the chain captured close to 70% of the fees paid to launchpads across crypto.
The network Robinhood built for trading tokenized equities has turned into the main venue for memecoin issuance. Pons, a launchpad that exists only on Robinhood Chain, has earned more in daily fees than Solana’s pump.fun every day since Aug. 29. Its share has kept climbing, while pump.fun’s has stayed roughly flat.
DefiLlama data shows Robinhood Chain recorded $1.49 billion in DEX volume over 24 hours, up 6.2% from the prior day, 131.1% over seven days and 517.4% over 30 days.
Solana led with $2.5 billion. Robinhood Chain followed, ahead of Ethereum at $1.3 billion, BNB Chain at $1.12 billion, Base at $878.8 million and Hyperliquid at $446.9 million. Over the last seven days, Robinhood Chain processed $7.25 billion. Over 30 days, it handled $17.75 billion.
Pons moves ahead of pump.fun
On Aug. 31, the most recent full day in the dataset, Pons collected $4.89 million in fees, compared with $1.72 million for pump.fun, according to DefiLlama. Out of the $7.65 million paid to launchpads across crypto that day, Pons accounted for 63.9% and pump.fun for 22.5%. Launchpads deployed on Robinhood Chain together took about 70%.
Pons had only beaten pump.fun on daily fees once before, during six days in late July, and then trailed it for about a month. Its biggest day was Aug. 30, when it brought in $5.34 million. The protocol earned $21.04 million over seven days and $31.03 million over 30 days.
The Defiant noted that in the 30 days through Aug. 11, pump.fun held 42.2% of launchpad fees. Pons had earned $19.8 million since its July 13 launch. That report came after pump.fun’s share recovered above half, following a July slide to 26.7%. Pons shipped its V2 contracts on Aug. 3.
Under the V2 documentation, Pons V2 charges a launch fee plus a swap fee on both the bonding curve and the Uniswap V4 pool a token enters after graduation. Rates are set per launch and can be read onchain, rather than published in a standard schedule. The protocol takes its cut first. From the remainder, a portion is used to buy back the launched token if the creator has enabled that option, and the rest goes to the creator. Bought-back tokens vest over five years and are split between the creator and the protocol. Buys in a token’s first five seconds face a tax that starts at 99% and decays to zero, a measure aimed at checking snipers.
Every other launchpad on Robinhood Chain remains much smaller. On Aug. 31, Pons V1 took in $508,139, NOXA Fun generated $142,924, o1 Exchange’s launchpad brought in $141,382, LetsCash earned $47,925 and Uniswap Labs’ Pools.trade made $38,553. Pools.trade, which out-launched Pons on its first day on Aug. 5, charges 0.25% per trade and nothing to launch a token.
According to CoinGecko, PONS traded at $0.4352 on Tuesday, up 6% over 24 hours, 363.4% over seven days and 1,554.6% over 30 days. It carried a market capitalization of $309.9 million and ranked No. 129. The token set an all-time high of $0.4933 at 07:32 UTC on Sept. 1 and posted $98.8 million in turnover over the past day.
ETH traded at $2,437.87, down 1.1% over 24 hours.
Robinhood Chain becomes Uniswap V4’s biggest venue
Most Uniswap V4 trading now happens on Robinhood Chain. The deployment there handled $720.3 million over 24 hours, equal to 51% of the $1.42 billion Uniswap V4 processed across all chains. That was also more than three times the volume of the Arbitrum One chain that Robinhood Chain settles to.
Uniswap V3 on Robinhood Chain added another $486.5 million in 24-hour volume. Together, Uniswap V4 and V3 made up 81% of the chain’s DEX volume.
Pons V2’s own pools traded $86.5 million over 24 hours and $309.7 million over seven days.
Robinhood’s revenue comes from gas
None of the application fees collected by launchpads accrue to Robinhood. The company earns transaction gas fees instead, which DefiLlama tracked separately at $2.13 million over 24 hours.
Net chain revenue, after Ethereum L1 execution costs, blob costs and the 10% fee share owed under the Arbitrum Expansion Program license, was $1.92 million. That 10% split sends 8% to the Arbitrum DAO treasury and 2% to development funding.
On DefiLlama’s app series, applications on Robinhood Chain earned $14.3 million in fees and kept $3 million in revenue over 24 hours. That series excludes stablecoin issuers, liquid staking and gas fees, the categories that generate most of Ethereum’s onchain income. By that measure, Robinhood Chain passed Ethereum on Aug. 29 and has remained ahead since.
From stock tokens to memes
Robinhood launched the chain’s mainnet on July 1 alongside 24/7 stock tokens, onchain lending and plans for agentic trading, presenting the network as infrastructure for tokenized securities.
Memecoin trading arrived in the first week. Robinhood CEO Vlad Tenev, after earlier skepticism, said the chain works for memes too.
The two use cases then started to converge. Launch platforms began pairing memecoins with tokenized equities, and by late July Robinhood Chain carried more tokenized stock volume than Solana’s venues combined. Three weeks after launch, the chain also passed Base on daily active users.
Total value locked on Robinhood Chain stood at $738.7 million, up 3.9% over 24 hours. Ethereum stood at $48.85 billion, Solana at $5.79 billion and Base at $5.53 billion. Stablecoins on Robinhood Chain totaled $796.7 million, up 7.8% over seven days.
Onchain figures are from DefiLlama as of 16:15 UTC on Sept. 1. Prices are from CoinGecko.