Robinhood Chain settled more decentralized exchange volume over the past 24 hours than Ethereum, BNB Chain and Base, ranking second among all networks behind Solana, as the launchpads running on it took close to 70% of the fees paid to launchpads across crypto.

The chain Robinhood built to trade tokenized equities is now 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, and its take is climbing while pump.fun’s holds flat.

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, according to DefiLlama.

Solana led with $2.5 billion, followed by Robinhood Chain, Ethereum at $1.3 billion, BNB Chain at $1.12 billion, Base at $878.8 million and Hyperliquid at $446.9 million. The chain has processed $7.25 billion over seven days and $17.75 billion over 30 days.

Pons Passes Pump.fun

Pons collected $4.89 million in fees on Aug. 31, the most recent full day, against $1.72 million for pump.fun. That gave Pons 63.9% of the $7.65 million paid to launchpads across crypto that day and pump.fun 22.5%, DefiLlama data shows. Launchpads deployed on Robinhood Chain took about 70% between them.

Pons had led pump.fun on daily fees once before, on six days in late July, then fell behind for a month. Its largest day is Aug. 30, at $5.34 million. The protocol has earned $21.04 million over seven days and $31.03 million over 30 days.

In the 30 days to Aug. 11, pump.fun held 42.2% of launchpad fees and Pons had earned $19.8 million since its July 13 launch, as The Defiant reported when pump.fun’s share recovered above half following a July slump to 26.7%. Pons shipped its V2 contracts on Aug. 3.

V2 charges a launch fee plus a swap fee on both the bonding curve and the Uniswap V4 pool a token graduates into, with the rates set per launch and readable onchain rather than published. The protocol takes its cut first, a slice of the remainder buys back the launched token where the creator has enabled it, and the rest goes to the creator, according to the V2 documentation. Bought-back tokens vest over five years, split between creator and protocol. Buys in a token’s first five seconds carry a tax starting at 99% that decays to zero, a check on snipers.

Every other launchpad on the chain is far smaller. On Aug. 31, Pons V1 took $508,139, NOXA Fun $142,924, o1 Exchange’s launchpad $141,382, LetsCash $47,925 and Uniswap Labs’ Pools.trade $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.

PONS traded at $0.4352 on Tuesday, up 6% over 24 hours, 363.4% over seven days and 1,554.6% over 30 days, for a market capitalization of $309.9 million and a rank of 129, according to CoinGecko. The token set an all-time high of $0.4933 at 07:32 UTC on Sept. 1 and turned over $98.8 million in the past day.

ETH traded at $2,437.87, down 1.1% over 24 hours.

Uniswap V4’s Largest Home

Robinhood Chain is where most Uniswap V4 trading now happens. The deployment there handled $720.3 million over 24 hours, 51% of the $1.42 billion Uniswap V4 processed across all chains and more than three times the volume of the Arbitrum One chain Robinhood Chain settles to. Uniswap V3 on Robinhood Chain added $486.5 million, and the two together account for 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 Cut Is Gas

None of the application fees accrue to Robinhood. The company earns transaction gas fees, which DefiLlama tracks separately at $2.13 million over 24 hours. Chain revenue, net of Ethereum L1 execution and blob costs and the 10% fee share owed under the Arbitrum Expansion Program license, was $1.92 million. That share splits 8% to the Arbitrum DAO treasury and 2% to development funding.

Applications on the chain earned $14.3 million in fees and kept $3 million in revenue over 24 hours on DefiLlama’s app series, which excludes stablecoin issuers, liquid staking and gas fees, the categories that produce most of Ethereum’s onchain income. Robinhood Chain passed Ethereum on that measure on Aug. 29 and has stayed 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, pitching the network as infrastructure for tokenized securities. Memecoin trading arrived in week one, and CEO Vlad Tenev said the chain works for memes too after earlier skepticism.

The two use cases then merged. Launch platforms began pairing memecoins with tokenized equities, and by late July Robinhood Chain carried more tokenized stock volume than Solana’s venues combined. The chain passed Base on daily active users three weeks after launch.

Total value locked on Robinhood Chain stands at $738.7 million, up 3.9% over 24 hours, against $48.85 billion on Ethereum, $5.79 billion on Solana and $5.53 billion on Base. Stablecoins on the chain total $796.7 million, up 7.8% over seven days.

Onchain figures via DefiLlama as of 16:15 UTC on Sept. 1. Prices via CoinGecko.