Solana has been dominating the 24-hour DEX volume to this point.
But now it is being challenged. According to DeFiLlama data, Solana remains number one in a 30-day DEX volume with a cumulative DEX volume of more than $65 billion, over 2x larger than the second-ranked BNB Chain, and nearly 3x the volume of the Robinhood Chain.
But recently Robinhood has surpassed Solana in terms of daily DEX volume. As the chart below shows, Robinhood processed $1.45 billion in DEX volume on the 5th of September, compared with Solana’s $1.25 billion. This marked the first-ever daily volume flip between the two.
More importantly, Robinhood is maintaining this lead intraday with $1.36 billion in DEX volume so far versus Solana’s $1.28 billion.
If this trend continues, Solana’s [SOL] dominance in DEX activity could face a serious challenge.
In addition to this, Robinhood Chain just crossed $3 billion in daily DEX volume for the first time. Nearly $880 million is now locked on the chain, up by about 30% in just one week.
Meanwhile, deposits are now rapidly approaching the $1 billion mark, putting additional pressure on the dominance of DEX of Solana.
Notably, the activity isn’t limited to on-chain. Robinhood’s growth is also beginning to reflect in revenue, with the platform recently seeing $6.8 million in earnings, a record high revenue for any Ethereum L2 to date.
Analysts are growing increasingly bullish on ETH as increased activity on Robinhood could see the value return to the Ethereum ecosystem.
Against this backdrop, the bigger question is: Could Robinhood’s rise be the catalyst that finally triggers an ETH/SOL breakout?
Robinhood’s DEX surge could reshape the SOL/ETH battle
The effect of Robinhood’s on-chain activity is not limited to Solana’s DEX volume.
Pump.fun, one of the largest memecoin platforms on the Solana blockchain, saw its volume fall to $1.18 million from a $3.16 million peak only eight days ago, while 53% of its application’s volume now comes from Robinhood Chain.
At the same time, the volume of transactions on the Solana blockchain dropped by 37% from its peak on the 28th of August. In short, the data points to a clear rotation in on-chain activity.
Notably, the timing couldn’t be better for Ethereum [ETH]. As can be seen in the chart below, the SOL/ETH ratio has been oscillating around the 0.04 level for more than a year.
For L1s, on-chain dynamics are one of the critical factors in technical performance, and Robinhood’s impact on the Ethereum layer could improve the ETH technical standing versus Solana.
Thus, a breakdown of the SOL/ETH ratio could benefit Ethereum as the market rolls into Q4.
According to AMBCrypto, this is where Solana’s DEX volume begins to take on more importance. In this cycle, Solana’s DEX dominance has been one of its strongest assets.
However, with Robinhood’s rise in both DEX volume and liquidity, the dominance of Solana is beginning to see pressure.
That puts Ethereum in a stronger relative position, with Robinhood’s increasing fee generation on the network emerging as a key catalyst for a possible ETH/SOL breakout.
Final Summary
- Robinhood has flipped Solana in daily DEX volume, putting Solana’s dominance under pressure.
- Robinhood’s growing activity on Ethereum could strengthen ETH and support an ETH/SOL breakout.