Since TRUMP was launched, cryptocurrency trading terminals have achieved single-day trading volume e

The activity of cryptocurrency trading terminals has rebounded significantly

Since the beginning of August, the activity of cryptocurrency trading terminals has shown a significant recovery trend. On Wednesday (September 2), data from online analyst Adam_tehc showed that the average daily trading volume in this field exceeded the US$1 billion mark for the first time. This is the first time since the launch of the official Trump token in January 2025. Considering that this figure was only about $338 million two weeks ago, the average daily trading volume of $1.03 billion is particularly eye-catching.

What is even more interesting is the market share distribution by trading terminal that day: almost all trading volume did not come from the front-end platforms that dominated the previous retail cycle. Gmgn and fomo accounted for almost two-thirds of the day's trading volume. Dune Gmgn attracted $479.74 million in transaction volume that day, while fomo handled $268.2 million. These two terminals alone handled US$747.94 million, accounting for approximately 73% of the total terminal transaction volume on the record trading day. The transaction volume of all other terminals only accounts for a very small part of the total activity. Axiom was US$95.5 million, basebot was US$77.76 million, and pumpapp was US$67.03 million. Maestro was US$20.01 million and terminal was US$14.96 million.

It is worth noting that terminals that dominated the market in the memecoin cycles in 2024 and early 2025 have fallen out of the forefront. Trojan was $2.63 million, Photon was $1.52 million, and BonkBot was $707,960. In the days when the single-day transaction volume of the entire category exceeded US$1 billion, the three combined were less than US$5 million, accounting for less than 0.5% of the total traffic.

Robinhood Chain contributes 81% of terminal transaction volume

When we focus on daily transaction volume by blockchain, the source of the increase is clear. Robinhood Chain accounted for $834.7 million of total trading volume on Wednesday, or 81.2% of terminal trading volume. Solana ranked second with $149.4 million, accounting for 14.5%. BNB Chain was US$33.8 million, accounting for 3.3%. Compare the two charts side by side, and the overlap is obvious. The combined US$747.94 million of gmgn and fomo is very close to Robinhood Chain's total of US$834.7 million. This shows that it is the layout on the chain that undertakes the main work, rather than that these terminals have product features that competitors do not have. The winners are those who direct traffic to hot spots, which are currently in Robinhood Chain.

Solana's dollar trading volume has not shrunk, the denominator has widened around it

The market-share chart made Solana look like it had collapsed, falling from the purple block, which accounted for more than 80% of the category's share between February and April, to 14.5% on Wednesday. This reading is misleading. Solana's $149.4 million is roughly in line with its performance from February to June, when total terminal trading volume hovered between $50 million and $150 million per day. Its absolute dollar trading volume remained stable. Robinhood Chain simply arrived and added several hundred million dollars of daily flow on top, which compressed everyone else’s percentage without taking anything away from them. (Robinhood Chain simply enters and adds hundreds of millions of dollars in daily traffic, squeezing the percentage of others, but doesn't take anything away from them.)

The share chart shows that the shift began in July, and the light green Robinhood Chain sector expanded in August before Wednesday's surge pushed the total above $1 billion.

What do these data measure?

Terminal transaction volume refers to the decentralized exchange (DEX) traffic attributable to any front-end platform initiating the transaction. It measures where retail investors route orders, rather than the amount of new on-chain activity that would not have occurred if it hadn't occurred. If a transaction that should have been made through a wallet or aggregator was sent by a terminal, it will also be displayed here.

That made Wednesday's data more reflective of distribution than demand. Retail investors are still trading, but they have moved to another set of entrances that happen to lead to Robinhood Chain. The smartest cryptocurrency people have read our newsletter. Want to join? Join them.