Robinhood Chain DEX Volume Hits Record $989 Million as TVL Doubles in a Month
Summary
- Robinhood Chain’s daily DEX volume hit a record $989 million, The Block reported.
- DeFi total value locked, or TVL, rose about 100% from a month earlier to $708 million.
- The PONS market capitalization of token issuance platform Pons expanded from $20 million to more than $200 million during August.
Forecast Trend Report by Period
Trading volume and locked assets on Robinhood Chain’s decentralized exchanges are rising rapidly. Demand is expanding beyond memecoins to projects focused on practical services such as token issuance and liquidity.
Crypto news outlet The Block reported on Sept. 1 that daily DEX volume on Robinhood Chain recently reached a record $989 million.
Total value locked, or TVL, in decentralized finance on the chain also climbed to an all-time high of $708 million. That was up about 100% from a month earlier. Stablecoin supply on the network increased 47% over the same period to about $770 million.
The tokens driving trading are also changing. Memecoins led the market in July, but in August a larger share of activity came from projects that provide functions such as token issuance and liquidity.
Pons, a token issuance platform, saw the market capitalization of its PONS token grow from about $20 million to more than $200 million during August. LONG, which issues tokens tied to tokenized stocks, also helped lift trading volume.
The Block reported that memecoins linked to tokenized stocks now account for about a quarter of stock-related trading volume on Robinhood Chain.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.