# Robinhood Chain DEX volume — X 热门讨论 (2026-09-20 03:34 UTC)
## @Kaffchad (Kaff 📊) · 09-19 08:31 · ♥90 ↻8 💬27 The obvious thesis was @RobinhoodApp is the biggest stock trading app for retail, they can put stocks onchain, move those users into DeFi and suddenly become the consumer RWA chain.
But that’s not really what happened.
RH Wallet users were only around 1–2% of chain txs around the early Sep peak, and Stock Tokens still aren't available to US persons…
Meanwhile the chain itself went completely feral.
– 12.3M addresses, 576M txs
– $929M DeFi TVL, $1B stables
– $34.6B cumulative DEX volume
– $1.47B DEX volume/day and $12.1B/week
– perps are another $523M/day and $3.3B/week
Robinhood distribution is supposed to be the moat, but the flywheel started spinning before that distribution moat was fully plugged in.
What actually bootstrapped it was the trenches.
Pons, Uniswap, chain-native memes, stock-paired memes, AI etc turned RH into a casino first, and the casino is now creating demand for the financial primitives underneath it.
Now everyone is talking about the flywheel:
Meme gets launched against stock → LPs hold both sides → stocks get more holders + liquidity → deeper markets → another product can use that liquidity → demand for tokenized stocks expands.
This is completely different from putting an ERC20 wrapper around a stock and praying somebody trades NVDA/USDC once a week.
Some of the examples got kinda absurd.
– stock memes on @longdotxyz absorbed 20–40% of certain stocks' onchain float at one point
– $BONER held ~42% of HIMS float while $AI held ~18% of NVDA
Obviously that doesn't mean they moved 18% of Nvidia haha. But that is exactly the reflexivity.
A dumb meme can create meaningful transactional demand for a very thin RWA float without the trader having any fundamental interest in the stock itself.
Sep started showing what happens when this scales.
– tokenized-stock DEX volume hit $4.3B in one week, +127.8% WoW
– RH accounted for ~$2.87B / 66.3% of that measured week
– Robinhood-issued Stock Tokens did around $7B DEX volume over 30d.
I’m seeing the next stage slowly forming too.
– @ponsdotfamily doing $4M daily fees
– @Uniswap another $2.4M
– all apps combined doing $7.7M/day in fees
– new dev teams up ~3.1x YoY
– important infra keeps deploying fast: @PareStocks, @pairdotfund, @deltaliquidity, @orbiodotso, @Hookrfun, @routedotfun, @ClutchMarkets.
RH Chain rn is much more valuable as a place where apps can actually build businesses. And that creates a second flywheel:
Builder sees billions of turnover + users willing to pay millions/day → ships another primitive → that primitive gives existing capital another reason to stay → another app can compose with it.
The flywheel isn't fully closed yet.
But I'm increasingly convinced the craziest part is RH can use speculation to create the market for tokenized stocks. https://x.com/Kaffchad/status/2101227587813154870