ARK Invest Q3 2026 DeFi Report: Tokenized Stocks Drive Chain Activity, Account for 9% of Spot DEX Volume

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On-chain data from ARK Invest’s Q3 2026 DeFi report reveals that tokenized stocks are driving a rebound in chain activity. Spot DEX volume reached $50 billion, nine times that of Q2, accounting for 9% of total spot DEX volume. Overall DEX volume increased 13% to $571 billion, marking the first quarterly growth in four quarters. Robinhood Chain generated $65 billion in DEX volume and $51 million in revenue, nearly matching BNB Chain. ARK cautions that recent gas fee changes may reduce chain revenue. DeFi exploit risks remain low despite rising activity.

According to Huoxing Finance, on October 21, ARK Invest’s Q3 2026 DeFi report revealed that stock tokenization emerged as the primary driver behind the quarter’s rebound in on-chain trading activity. Spot DEX trading volume for tokenized stocks reached approximately $50 billion, about nine times the previous quarter’s level, increasing its share of total spot DEX volume from around 1% to approximately 9%. Overall spot DEX trading volume rose by about 13% quarter-over-quarter to $571 billion, marking the first growth in four quarters. Robinhood Chain, in its first quarter of operation, generated approximately $6.5 billion in DEX trading volume and $51 million in network revenue, nearing the level of BNB Chain during the same period. However, ARK anticipates that recent Gas mechanism adjustments will cause revenue on this chain to decline from current levels. The total supply of stablecoins decreased by about 3% quarter-over-quarter to $309 billion, but adjusted trading volume increased by approximately 16% to $781 billion, while monthly active addresses rose by about 39% to 73 million. Perpetual contract DEXs showed a divergence between open interest and trading volume: open interest increased by about 76% quarter-over-quarter to $24 billion, while quarterly trading volume declined by approximately 16% to $1.4 trillion. Hyperliquid accounted for approximately $13 billion in open interest, or about 53%. ARK believes this indicates fewer but larger positions with longer holding durations.

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