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Following
ARB 
DASH 
UNI 
ZEC Altcoins perform strongly across the board
In the past month, the overall performance of altcoins has been impressive. The TOTAL2ES index, which measures the total market value of all crypto assets except Bitcoin and stablecoins, rose nearly 32%. In the past week, we have seen double-digit gains for large-cap altcoins such as Zcash and established currencies such as Dash. Among other significant assets in the top 100 by market capitalisation, Uniswap's UNI rose 39.1%, and Arbitrum's ARB more than doubled to 107.4%(as of writing). For ARB, this is the highest price level since early January; UNI has not traded at this high level since November last year.
Both gains can be traced to the same source: Robinhood Chain. The network was officially launched about two months ago and has now become the largest fee-generating chain in the cryptocurrency space. Uniswap and Arbitrum are the two closest agreements to this gain. Currently, the cumulative decentralized exchange (DEX) transaction volume on the chain has exceeded the US$40 billion mark. Daily chain revenue has exceeded US$4 million, making it surpass Hyperliquid, Ethereum, BNB Chain and Base.
Uniswap has almost all traffic exclusive to
Uniswap is the main exchange on Robinhood Chain, where the vast majority of transactions occur. In addition, the exchange earns more revenue per dollar traded on the chain than it does on other networks. It retains 0.465% of each transaction value on the Robinhood network, while its average rate across the network is just 0.214%. Tokenized stocks are the main reason for this difference because they are traded in the highest Uniswap rate tier. These pairs had almost no on-chain trading volume in August, but now account for about 4.1%.
Fee switches translate transaction volume into reduced supply
If it were a year ago, the UNI token itself might not have reacted so violently to such dynamics. Liquidity providers took most of the fees, and tokens stayed out of this cycle until the Unification upgrade completely changed the situation. With the launch of Fee Switch, fees are now used to purchase and destroy UNI, permanently removing it from circulation.
More Robinhood users bring higher Uniswap transaction volume, higher transaction volume generates more fees, and more fees destroy more UNI.
Arbitrum's share is written into smart contracts
The connection method of ARB is different. Robinhood Chain is built based on Arbitrum technology and will refund 10% of its net agreement revenue according to the "Arbitrum Extension Plan". Of this, 8% is allocated to the Arbitrum DAO treasury and 2% is allocated to the Developer Guild.
By early September, the 30-day revenue from this arrangement was approximately US$1.32 million. In comparison, Uniswap extracted US$78.73 million from the same chain through transaction fees, and ARB earned only a fraction of the amount. In addition, the funds go into the treasury controlled by the DAO governance rather than flowing to ARB holders in any direct way.
Single chain, single company, accounting for two-thirds of expenses
This concentration is a focus worthy of attention. Uniswap has been committed to decentralizing itself across dozens of chains for years, and this expansion is exactly its original intention. Today, most of its fee income relies on a single network controlled by publicly listed brokerages and accountable to the SEC and its own shareholders. If Robinhood adjusts redemption routes, changes fee structures, or encounters regulatory issues, the destruction rate that currently supports UNI prices will shrink. Uniswap has never before assumed this level of single counterparty risk.
For now, the growth story still dominates the narrative. The chain continues to set new records for transaction volume, the destruction volume continues to rise, and the prices of both tokens have been re-priced accordingly.
