Robinhood chain\'s 24-hour DEX transaction volume surpasses Hyperliquid, DeFiLlama data shows

Robinhood Chain overtakes Hyperliquid in the DeFiLlama rankings

Robinhood Chain has surpassed Hyperliquid in 24-hour spot decentralized exchange (DEX) transaction volume, rising to fifth place in the DeFiLlama chain ranking behind Solana, Ethereum, Base and BSC. The change marks an early victory for the Robinhood blockchain, whose main public chain network was launched just a few days ago.

DeFiLlama data comparison: Robinhood Chain leads Hyperliquid

DeFiLlama\'s \"DEX Trading Volume Ranking by Chain\" page shows that at the observation point, Robinhood Chain\'s 24-hour spot DEX trading volume was US$375.15 million. In the same ranking, Hyperliquid L1\'s trading volume was US$198.87 million, and Robinhood Chain was almost twice that of its rivals on this indicator.

24-hour spot DEX trading volume: US$375.15 million vs US$198.87 million. Robinhood Chain ranks higher than Hyperliquid L1 in the DeFiLlama real-time linked list.

Broader on-chain data provides more background information. According to DeFiLlama\'s chain page, Robinhood Chain\'s total locked value (TVL) was US$99.39 million, and 7-day DEX trading volume was US$889.44 million. These numbers suggest that the surge in trading volume has been concentrated in recent days rather than evenly distributed throughout the week.

Robinhood announced the launch of the main public chain on July 1, 2026. The chain is built on the Arbitrum platform and launched Uniswap as its dedicated automated market maker. Stock tokens are available in more than 120 countries through Robinhood Wallet, subject to local restrictions.

On July 2, 0x confirmed that it would provide Robinhood Chain with request-for-request (RFC)-based liquidity when it launches for stock token trading and cross-chain redemption access. This infrastructure may help explain why the chain can achieve meaningful transaction depth so quickly. It is worth noting that 0x\'s statement stated that tokenized securities are not available in the United States or to U.S. residents.

Uniswap founder Hayden Adams highlighted the chain\'s sudden popularity on July 9, pointing out that Robinhood Chain\'s 24-hour transaction volume on Uniswap has reached approximately US$500 million, a tenfold increase from the previous day.

According to a report, during the surge in trading volume, a memecoin called Cash Cat contributed approximately $98 million in 24-hour trading volume to the chain, although this figure has not been independently confirmed through protocol-level data. The same source also reported that based on unconfirmed reports, Robinhood Chain has nearly 200,000 daily active addresses, of which more than 140,000 are first-time users.

Potential drivers of surge in trading volume

Multiple factors may have contributed to this surge. Robinhood\'s existing retail user base has brought a built-in audience to the chain from day one, something most new L2s do not have. The integration of Uniswap and 0x at startup provides instant transaction infrastructure rather than cold startup. Stock tokens, as a relatively novel product in DeFi\'s original production chain, may have attracted curiosity-driven transactions. As the Cash Cat case shows, memecoin activity is likely to amplify raw trading volume. This pattern is similar to what other chains have experienced: a surge in early DEX trading volume, driven by speculative interest that may not be sustainable.

24-hour DEX trading volume may fluctuate significantly. The listing or airdrop of a single popular token may temporarily push a chain to the top of the rankings, but activity may return to normal within days. Whether Robinhood Chain can maintain its lead over Hyperliquid depends on user retention, not a single day of data.

HYPE\'s response was flat, follow-up concerns

Although it lost its lead in 24-hour trading volume, Hyperliquid\'s native token HYPE had limited price response. The token\'s trading price was US$67.75, with a 24-hour change of only-0.48%, while the market value remained above US$15 billion.

HYPE 24-hour change: -0.48%. HYPE\'s price was US$67.75 when the data was obtained, and its 24-hour trend was still a slight decline.

This disconnect is justified. Hyperliquid\'s core product is perpetual contracts, not spot DEX trading volume. The DeFiLlama rankings only compare spot activity, so this change in rankings does not reflect the full picture of the Hyperliquid trading ecosystem. Traders appeared to view the ranking change as a spot-specific event rather than a broader threat to competition.

The Crypto Fear and Greed Index is 23, which is in the \"Extreme Fear\" region, indicating that the surge in trading volume on Robinhood\'s secondary chain occurred during a cautious overall market background rather than a speculative mania.

For traders focusing on this area, the key issue is subsequent trends. Robinhood Chain\'s TVL of $99.39 million is relatively small compared to its daily trading volume, a ratio that usually indicates speculative circulation rather than deep liquidity. If the chain can expand locked capital in the next few weeks as trading volume grows, the July surge will look like a reasonable start rather than a one-day anomaly.