Robinhood Chain's decentralized exchange volume fell 72.5% between its Jul. 11 peak and Aug. 1, but every other headline metric on the chain kept climbing through the drop.
While transactions, total value locked and stablecoin supply are all at record highs, the size of the average trade collapsed. The chain processes more activity worth less, and more than 90% of the incentives being paid on the network go to depositors.
Volume peaked at about $878 million on Jul. 11, 10 days after the chain went live, according to DefiLlama. It bottomed at $241 million on Aug. 1. The seven-day average fell from $671 million in the week ending Jul. 14 to $356 million in the week ending Aug. 5, a 47% decline.
The drop is specific to Robinhood Chain rather than a market-wide move. DEX volume across all chains rose over the same stretch, from $5.27 billion on Jul. 11 to $7.33 billion on Aug. 5. Robinhood Chain's share of global DEX volume went from 16.65% at the peak to 4.32% on Aug. 2, per The Defiant's calculation from DefiLlama data.
Volume is showing signs of a recovery. The chain did $517 million on Aug. 5, and $665 million by 16:30 UTC on Aug. 6, an incomplete day.
