Robinhood Chain DEX volume has dropped 72% since its peak, but transaction count and deposits have reached record highs.

Huo Xing Cai Jing reports, according to The Defiant, Robinhood Chain’s DEX trading volume dropped 72.5% between its peak on July 11 and August 1, declining from approximately $878 million to $241 million per day. During the same period, the number of transactions, total value locked (TVL), and stablecoin supply on the chain all reached all-time highs. The chain’s global DEX trading volume share fell from a peak of 16.65% to 4.32% by August 2, while overall DEX trading volume across all chains increased, indicating that this decline was specific to Robinhood Chain rather than a market-wide downturn. The report notes that on August 5, the chain recorded a record-high 13.3 million transactions; on August 6, TVL reached $433 million and stablecoin supply hit $597 million. However, average DEX trading volume per transaction dropped from $105.56 on July 13 to $27.82 on August 4—a 74% decline—indicating that on-chain activity has become more frequent but with significantly lower transaction values. This divergence stems from the fact that most of the chain’s TVL is concentrated in lending protocols like Morpho rather than DEX liquidity. Currently, 19 incentive programs on the chain distribute approximately $58,000 daily, with 92% going to depositors and only about $4,543 allocated to trading liquidity.