Author: Alea Research
Compiled by Deep潮 TechFlow
DeepFlow Summary: Coinbase lists stock tokens, Robinhood builds its own chain, and Circle launches Arc—all three giants are betting on issuance. But what truly determines success is whether assets can reach users. This article analyzes Jumper’s routing data, revealing how new chains have captured nearly 8% of cross-chain traffic in just 74 days, and how LI.FI quietly collects toll fees amid the issuance frenzy.
Coinbase listed stocks on Base, Robinhood built a chain, and Circle opened Arc on September 16. Each of them needs (more) reach.
Coinbase, Robinhood, and Circle—each of their major announcements has had a profound impact on the crypto industry. Each release shares a common thread: issuance. This year, all three made a bet—on tokenized stocks to stablecoins—that only pays off if people can access the assets they issue. Indeed, distribution is king. Over the 30 days ending September 10, Jumper routed $934.6 million, a 40.3% month-over-month increase, with its fastest-growing destination being a chain that is only 74 days old.
LI.FI distributes tokenized stocks from xStocks, Ondo, Backpack, Robinhood, and Coinbase. A single integration connects you to all issuers and brings them to over 1,000 apps and wallets.
Since its first routed transaction on June 28, Robinhood Chain has captured 7.9% of Jumper’s 30-day trading volume, an increase of 2.9 percentage points month-over-month—the largest gain among destination shares.
Intent trading allows users to start with USDG on one chain and instantly hold stock tokens on another chain, without manual cross-chain transfers or exchanges.
In its first month of launch, Advance increased the median transfer amount by 39.1% to $89.42.
Circle’s Arc mainnet opened on September 16, and LI.FI integrated routing on day one, similar to Jumper’s integration with Robinhood Chain in June.
Five issuers, one integration
Tokenized stocks welcomed their issuers in 2026. Coinbase native-listed stocks on Base in August, and LI.FI was among the first routing systems to support them. Robinhood built an entire chain around them. Ondo, xStocks, and Backpack are already live. Centrifuge signed on August 31. Circle’s Arc opened on September 16.
Each of them faced the same issue on their launch day: if someone cannot access a tokenized stock from their existing wallet, chain, or assets, it holds no value for them. Issuance is only the easier half.
This is the service sold by LI.FI, with Jumper operating as a consumer-facing frontend on top of it. The router holds an 18.0% share of the $5.14 billion cross-chain aggregator category, ranking second among twenty-two platforms, behind LI.FI’s own routing API, which holds 23.2%. DefiLlama records both as separate protocols because Jumper’s transactions are counted outside LI.FI’s data rows, allowing their shares to be added together. LI.FI’s technology stack routes 41.2% of the category.
The median transfer amount is $91, and stablecoins account for approximately half of all receiving routes.
On a daily average, this represents a total routing volume of $39.5 million across both legs, with the busiest day of the quarter being September 4 at $59.9 million. Since mid-August, the growth rate has been accelerating.
Robinhood Chain grew from zero to 7.9% in 74 days.
Robinhood Chain routed its first Jumper funds on June 28, 2026. Seventy-four days later, it accounted for 7.9% of Jumper’s 30-day trading volume, becoming the fifth-largest destination after Ethereum, Arbitrum, Base, and Solana—amounting to $73.4 million in 30 days and a cumulative total of $119.6 million since launch.
It also saw the largest share growth among destination chains, rising 2.9 percentage points quarter-over-quarter. Ethereum increased by 1.3 percentage points, Ink added 1.2 percentage points from a much smaller base, and Solana rose by 1.1 percentage points. No chain lost more than one percentage point. Funds are spreading across recently opened chains rather than concentrating behind a single winner.
Dollar volume is one metric, and route volume is another. Based on the share of routes sampled daily by Jumper, Robinhood Chain accounts for nearly 26%, while dollar volume represents only 7.9%. This chain is absorbing a large volume of small transfers rather than a few large ones—exactly what you’d expect from a retail platform operating normally.
Forty tokenized assets and the routes to access them
Robinhood Chain is built around tokenized stocks, and Jumper is one of its funding routers. Of the 280 completed transfers, 52.9% arrived in ETH and 36.1% arrived in USDG.
Every asset listed on Robinhood requires USD to trade, and Jumper is one of the routes that brings USD.
Intent trades can directly route the purchase of stock tokens. Users begin with USDG on one chain and end up holding SPCX on Robinhood Chain, with solvers competing to fulfill the order.
Applications can access this routing without building their own solver infrastructure—LI.FI has delivered it to over 1,000 integrations, including Robinhood Wallet, MetaMask, and Phantom. Jumper also independently operates rwa.jumper.xyz, which hosts around forty tokenized assets, ranging from NVDA and SPY to gold and short-term Treasuries.
Out of 120,000 routes generated by Jumper itself over four months, tokenized stocks accounted for only 34. Jumper’s own app was just one of many routing options—and the least likely to carry such a trade. The key is building distribution before demand arrives. Default entry points for asset categories are only worth securing at low cost while the category is still small.
Fragmentation is more severe than the number of demanded digital assets suggests, and this is precisely why this layer can charge fees. A single Tesla stock is represented as eleven separate tokens on LI.FI’s native registry, spread across eight blockchains, minted by Coinbase, Backed, Ondo, xStocks, Robinhood, and smaller issuers. NVIDIA is also eleven. Someone holding one of these tokens cannot use it where another is quoted, so someone must enable them to be interchangeable.
Cost of fund movement
In the first week of August, Jumper launched Advance: simulated trading, intelligent slippage, large order splitting, and limit orders powered by CoW Swap and 1inch. August also introduced perpetual contracts and Solana quote simulation.
During the launch period, the median transfer amount increased from $64.30 to $89.42. The high tail moved in the opposite direction: the 90th percentile decreased by 10.8% to $2,116.34, and the share of transfers exceeding $10,000 dropped from 4.2% to 3.7%.
Both are true because Jumper achieved growth beneath it. The time required to collect one thousand transfers decreased from 2.65 hours to 1.97 hours. The number of large transfers increased from approximately 380 per day to 445. Their growth rate was slower than all other segments, which is why their share decreased even as their volume rose.
Gas fees are nearly flat per transaction, but not per transfer amount; the median gas fee for transfers under $100 is 0.077% of the transfer amount, while for transfers over $10,000, the same rate falls below 0.001%. By count, transfers under $100 make up the majority of Jumper’s traffic, at 589 out of every 1,000 transactions. Advance is built for the other side of the ledger.
During the same period, routing became more centralized. Based on rolling weekly averages, Relay's share of Jumper routes increased from 13.9% in mid-May to 34.0% on September 9. The top six venues now account for approximately two-thirds of all routing choices, compared to about half in May.
The Intents location owned by LI.FI currently accounts for 6.2% of operations. LI.FI fully owns this location.
Arc opens on September 16.
Circle’s Arc mainnet opened on September 16, and LI.FI launched on day one. A single integration enables on-chain swaps on Arc, cross-chain bridging from all other supported ecosystems, and one-click deposits. This mirrors the actions taken by Jumper when it launched on Robinhood Chain in June and on Coinbase’s Base in August.
Earn is a configuration layer that currently indexes 250 vaults across 26 protocols. Aave holds $16.8 billion of this, accounting for 45.7%. Composer can access 95.2% of these vaults in a single transaction. It added Compound, infiniFi, and Apyx vaults in June, Plume’s Nest in July, and introduced seven-day and thirty-day yield views along with insurance risk labels in August. It is now integrated into MetaMask’s Agent Wallet.
Today, users can earn yields ranging from 7.9% on the USDC vault to 24.4% at the top of the list.
Robinhood Chain reached 7.9% of Jumper’s trading volume in just 74 days, starting from zero. Arc opened on September 16, and the same routing is already in place. As new venues continue to emerge, this position compounds steadily, and there is no shortage of new venues coming in 2026.