Robinhood Chain has overtaken Ethereum and Hyperliquid in daily application revenue, giving the two-month-old network its strongest evidence yet that it can attract high-value on-chain trading activity.
DeFiLlama showed apps on Robinhood Chain generating approximately $2.66 million over 24 hours on Aug. 31, placing it behind only Solana’s $5.07 million. Hyperliquid L1 generated about $1.70 million and Ethereum roughly $1.28 million during the same rolling window.
The distinction is important, however: “app revenue” represents revenue retained by protocols operating on the network. It is not $2.66 million of revenue earned directly by Robinhood Markets. DeFiLlama separately showed Robinhood Chain itself generating about $963,600 of chain revenue over the period.
Robinhood Chain Activity Is Growing Fast, but It Is Not Yet the Stock-Token Story
The revenue spike comes alongside a broader acceleration in activity.
Robinhood Chain recorded approximately $1.34 billion in decentralized-exchange volume over 24 hours, while seven-day DEX volume reached $6.16 billion, up nearly 79% over the previous period. Total DeFi value locked stood around $718 million.
That is notable for a network whose public mainnet only launched on July 1. Robinhood describes the Arbitrum-based Ethereum Layer 2 as infrastructure for financial services and tokenized real-world assets, with Stock Tokens among its flagship products.
Robinhood’s broader tokenized-assets expansion has already brought Stock Tokens and perpetual futures to eligible international customers, while infrastructure providers have continued building around the Robinhood Chain ecosystem.
Yet the latest revenue burst appears to be coming primarily from trading applications rather than tokenized equities.
GMGN, Pons and Uniswap ranked among the largest revenue contributors during the surge. Because the DeFiLlama figures use a rolling 24-hour window, individual protocol totals can change significantly during the day, making the broader concentration more meaningful than any single point-in-time number.
The Bigger Question Is Whether On-Chain Activity Can Matter for HOOD
For Robinhood investors, the chain’s growth lands at an interesting time.
Robinhood reported record $1.31 billion second-quarter revenue, up 32% year over year, but cryptocurrency transaction revenue fell 38% to $100 million. Options, equities and prediction markets helped offset the crypto slowdown.
That earnings mix makes the expansion beyond conventional crypto brokerage increasingly relevant. Coinpaper previously examined Robinhood’s Q2 revenue diversification, while analysts have highlighted tokenized assets, perpetual futures and prediction markets as potential future growth businesses. Robinhood’s wider crypto expansion has continued in parallel.
HOOD closed at $104.26 on Aug. 28, down 5.01% for the session, according to Robinhood’s own historical-price data.
The key question is therefore not whether Robinhood Chain can briefly outrank Ethereum on a DeFi dashboard. It already has.
The more important test is whether sustained trading, tokenized-asset activity and network economics eventually translate into meaningful revenue for Robinhood itself. For now, the $2.66 million reading shows that users are arriving—but it does not yet prove that Robinhood’s original real-world-asset thesis is what is driving them.
