Robinhood Chain's DEX volume fell 72.5% between its Jul. 11 peak of $878 million and its Aug. 1 trough of $241 million, while transactions, total value locked and stablecoin supply all set records. Volume per transaction fell from $105.56 to $27.82, and 92% of live incentive spending pays depositors.

Robinhood and Coinbase saw crypto trading activity slump alongside broader market conditions, but one managed to offset that weakness.

Robinhood Chain's DEX volume fell 72.5% between its Jul. 11 peak of $878 million and its Aug. 1 trough of $241 million, while transactions, total value locked and stablecoin…