Robinhood Chain Tops Hyperliquid Volume
Robinhood Chain recorded $433 million in 24-hour decentralized exchange trading volume, surpassing Hyperliquid for the top position by that metric. Separately, Robinhood Chain drove $500 million in Uniswap volume in its first eight days of operation, with Arbitrum receiving 10% of fees generated on the chain.
Hyperliquid: a $43 million question about what just happened
Robinhood Chain beat Hyperliquid on 24-hour DEX volume — $433 million to $296 million — eight days after launch. That sounds like a serious upset.
However nearly $90 million of Robinhood Chain's locked capital sits in one lending protocol, Morpho, much of it from a single $50 million deposit by Ethena. Also gas fees are waived for 90 days. The CEO sold $43 million of his own stock into the hype. This is an institution engineering a launch metric, not organic traders discovering a better venue.
Hyperliquid's volume comes from people who want to speculate. Robinhood Chain's comes from institutional liquidity parked to earn yield, and promotional zero-fee trading. Those are different animals.
The number to watch isn't day eight. It's day ninety-one, when the free gas ends.
Related storylines
- Hyperliquid platform riseHyperliquid competitive position in DEX volume rankings
3 sources
- Robinhood Chain shocks DeFi as Uniswap volume hits $500M in 8 days · crypto.news · T2
- Arbitrum to Capture 10% of Fees From Robinhood Chain · thedefiant.io · T2
- Robinhood Chain surpasses Hyperliquid in 24-hour DEX trading volume, reaching $433 million · panewslab.com · T2