ROBINHOOD CHAIN'S DEX VOLUME FELL 72%, TX AND DEPOSITS SET RECORDS

Summary from the TLDR Crypto newsletter

Robinhood Chain's DEX volume dropped 72.5% from an $878 million peak on July 11 to $241 million by August 1, while the broader DEX market expanded 39% over the same period, cutting Robinhood's market share from 16.65% to 4.32%. On-chain metrics diverged: transactions hit a record 13.3 million, TVL climbed 820% to $433 million, and stablecoin supply reached $597 million, while average trade size fell 74% to $27.82. The chain's incentive allocation explains the gap: over 90% of $58,351 in daily rewards flows to stablecoin depositors via Morpho lending campaigns, while 11 trading campaigns split just $4,543 per day. A 0.63 correlation between CASHCAT memecoin activity and daily DEX volume points to speculative trading as the driver of the initial surge rather than organic usage growth.