Data: The trading volume of Robinhood Chain DEX has dropped by 72% since its peak, but both the number of transactions and deposits have reached all-time highs

According to The Defiant, the DEX trading volume of Robinhood Chain peaked on July 11 and dropped by 72.5% by August 1, with daily trading volume decreasing from approximately $878 million to $241 million. During the same period, the number of transactions, total locked value, and stablecoin supply on the chain all reached historical highs. The global DEX trading volume share of the chain fell from a peak of 16.65% to 4.32% on August 2, while the overall DEX trading volume across the chain increased, indicating that this decline is a phenomenon specific to Robinhood Chain rather than a market-wide drop.

The report states that on August 5, the number of transactions on the chain reached a historical high of 13.3 million, with total locked value reaching $433 million on August 6 and stablecoin supply reaching $597 million. However, the DEX trading volume per transaction dropped from $105.56 on July 13 to $27.82 on August 4, a decrease of 74%, indicating that while on-chain activity is more frequent, the value per transaction has significantly decreased. This divergence stems from the concentration of locked value in lending protocols like Morpho rather than DEX liquidity. Currently, there are 19 incentive activities on the chain that distribute approximately $58,000 daily, with 92% directed towards deposit users and only about $4,543 allocated for trading liquidity.