The hot Robinhood Chain hasn't issued a token yet—which altcoins have actually captured the growth dividend?

Original: Odaily Planet Daily (@OdailyChina)

Author: Asher (@Asher_0210)

Just two months after its mainnet launch, Robinhood Chain has become one of the fastest-growing public chains with the highest level of community discussion.

DefiLlama data shows that on September 1, Robinhood Chain's DEX trading volume surpassed $1.5 billion, briefly exceeding Ethereum, BNB Chain, and Base; on-chain TVL has also grown from under $100 million shortly after launch to nearly $800 million.

Since Robinhood Chain has not yet issued a native token, for crypto investors who are bullish on the continued growth of this chain's users, assets, and trading volume, there are two angles to consider. On one hand, they can pay attention to popular projects on Robinhood Chain (for more details, read: Missed the initial surge? Which Robinhood Chain projects offer a second entry opportunity?). On the other hand, as substantial capital floods in, projects providing trading, lending, and underlying infrastructure for Robinhood Chain may equally benefit in terms of users, revenue, or token demand.

So, which protocols are actually capturing the growing trading volume and capital on Robinhood Chain? And which tokens are truly benefiting from this chain's growth dividend?

Odaily Planet Daily will analyze the value correlations between UNI, MORPHO, LIT, ARB and Robinhood Chain one by one in this article (ETH, while serving as the chain's gas and settlement asset and generating fees, has limited incremental impact relative to its overall scale, so it is excluded from this discussion).

Uniswap Captures the Majority of Robinhood Chain Trading Volume, Protocol Fees Drive Token Burns

Robinhood Chain did not build its own liquidity system from scratch; instead, it directly integrated Uniswap V2, V3, and V4. Robinhood officially positions Uniswap as the primary public liquidity protocol on the chain, and most DEX trades on Robinhood Chain currently flow through Uniswap. Therefore, whether the热度 on Robinhood Chain comes from Meme coins, protocol tokens, or tokenized stocks, the growth in trading activity will primarily translate into increased trading volume and fee revenue for Uniswap.

Since July, Robinhood Chain has become one of Uniswap's most important revenue sources. In July, Uniswap's daily fees briefly reached approximately $5.16 million, with about $4.38 million of that coming from Robinhood Chain—accounting for nearly 85%. As of today, Uniswap's protocol revenue over the past 30 days stands at $9.19 million, of which Robinhood Chain contributed $4.36 million, representing 47.4%.

Beyond on-chain native assets like Meme coins, Robinhood Chain is bringing a new wave of RWA trading volume to Uniswap. Approximately six weeks after Robinhood Chain's launch, cumulative trading volume for tokenized stocks on Uniswap reached $1.5 billion. As of today, daily trading volume for tokenized stocks has further climbed to $355 million—a 30-fold increase compared to a month ago. As tokenized stock trading scales up, the trading volume and fees Uniswap captures are growing in tandem.

With Uniswap's revenue increasing—combined with the implementation of the UNIfication proposal at the end of 2025, which formally activated the Protocol Fee and directed these revenues toward the continuous burning of UNI—UNI has transformed from a "pure governance asset" into an asset explicitly tied to protocol usage and revenue.

As of August 31, approximately 110 million UNI have been burned cumulatively. Of that, 100 million came from the one-time treasury burn at UNIfication's implementation, while the ongoing burn generated since the Protocol Fee mechanism went live has reached approximately 10 million UNI. Recently, as protocol revenue has grown, the burn rate has accelerated further. In August, multiple trading days saw daily burns exceeding 100,000 UNI, and on August 21 alone, approximately 150,000 UNI were burned—valued at around $590,000—setting a new daily burn record since the mechanism's launch.

Lighter Becomes the Perpetual Contract Gateway for Robinhood Wallet

When Robinhood Chain's mainnet launched, Lighter was directly embedded into Robinhood Wallet, becoming the in-wallet perpetual contract gateway. Compliant users no longer need to navigate to other DeFi frontends to trade Lighter's perpetual contracts—they can do so directly within the wallet. Additionally, Lighter has officially stated that it will provide 11 million LIT tokens as incentives for the Robinhood community, with double points awarded for trades executed through Robinhood Wallet.

Unlike standard protocol deployments, the perpetual contracts on Robinhood are backed by Lighter's underlying trading services, using USDG as the margin and settlement asset. Lighter founder Vladimir Novakovski previously revealed that the two parties split revenue from this business on a 50:50 basis, with Lighter's share being used for LIT buybacks.

DefiLlama data shows that Lighter's cumulative perpetual contract trading volume on Robinhood Chain stands at approximately $5.07 billion, with nearly $4.97 billion in the past 30 days and $1.75 billion in the past 7 days. During the same period, Robinhood Chain contributed approximately $741,000 in fees and $537,000 in protocol revenue to Lighter.

Rather than merely deploying contracts on Robinhood Chain, Lighter has directly integrated into the wallet's user entry point and order flow. If Robinhood users' demand for perpetual contract trading continues to rise, Lighter's revenue and the scale of LIT buybacks will grow accordingly.

Morpho Serves as the Lending Infrastructure Behind Robinhood Earn

On July 1, the day Robinhood Chain's mainnet went live, Robinhood simultaneously launched the on-chain yield product Robinhood Earn, selecting Morpho as the underlying lending protocol. Users can purchase USDG directly within the Robinhood app and then deposit the USDG from a self-custody wallet into a Morpho Vault managed by Steakhouse Financial to earn yield. For everyday users, the frontend remains Robinhood, but the funds actually flow into Morpho.

Within less than two weeks of Robinhood Earn's launch, deposits surpassed $100 million, and by early August they exceeded $250 million. With continued capital inflows, Robinhood Chain has rapidly become Morpho's third-largest market, trailing only Ethereum and Base in overall scale.

Morpho's official data dashboard shows that Morpho currently holds approximately $932 million in total deposits on Robinhood Chain, with roughly $412 million in outstanding loans and a TVL of about $521 million.

However, unlike UNI, which can directly capture Robinhood Chain's trading growth through protocol fees and burn mechanisms, Morpho's fees from this chain currently still largely flow to lenders. While the protocol has a built-in Protocol Fee switch, it has not yet been activated. As a result, the growth driven by Robinhood Chain is currently reflected more in capital scale and lending demand, and has not yet translated directly into value capture for MORPHO.

With Robinhood integrating Morpho into its Earn product, the former handles user acquisition while the latter provides the underlying lending infrastructure. As Robinhood Earn continues to scale, Morpho's deposit and lending volumes are expected to grow in tandem. Should the Protocol Fee be activated in the future, this growth could then be further converted into protocol revenue.

10% of Robinhood Chain Revenue Flows to the Arbitrum Ecosystem

Unlike Uniswap, Morpho, and Lighter, which operate as applications on Robinhood Chain, Arbitrum provides the more foundational blockchain infrastructure.

Robinhood Chain itself is an Ethereum Layer 2 built on Arbitrum Dedicated Blockchains, running Arbitrum Nitro and using Ethereum for data availability and settlement. Under the revenue-sharing mechanism of the Arbitrum Expansion Program, Robinhood Chain is required to return 10% of its net protocol revenue to the Arbitrum ecosystem—8% going to the ArbitrumDAO Treasury and the remaining 2% to the Arbitrum Developer Guild.

To date, Robinhood Chain has contributed approximately $1.3 million cumulatively to the Arbitrum ecosystem, with $1.04 million entering the ArbitrumDAO Treasury. In just the past 30 days, it has contributed approximately $665,000, of which $532,000 belongs to the DAO.

However, this revenue is currently not distributed directly to ARB holders, nor is there a corresponding ARB buyback or burn mechanism. As such, Robinhood Chain's value capture for ARB is notably weaker than for UNI. Compared to short-term revenue, Robinhood Chain's more significant meaning for Arbitrum lies in proving that this tech stack can already support on-chain business from major financial institutions. If more institutions subsequently choose to build dedicated chains on Arbitrum, the Arbitrum DAO will continue to benefit from revenue-sharing.