defioasis

Small teams went crazy making a Launchpad—keeping building it, and it only keeps fragmenting

When large and medium-sized projects reach their limits, in the end they all go build Perp perpetual contracts

At the root, the business model of token issuance and trading is still the clearest and the most profitable

But once more people get involved, the value gets diluted

Polymarket Perps are fully open to everyone, and it seems like nobody really buys into it

Meme/Stocks: pairing Meme and tokenized stocks as trading pairs is clearly becoming impossible to ignore

Throughout August, the global transfer volume of tokenized stocks surged to a monthly high of over 35 billion USD

This week, the weekly transfer volume of tokenized stocks has approached 10 billion USD, reaching the second-highest level in history, with bStocks and Robinhood Token as the main drivers

Compared with the period before the concept of pairing with Meme existed, the overall weekly trading volume of tokenized stocks has increased by more than 10x

Although a considerable portion of the volume was driven by Alpha farming on bStocks, the listing of Marscoins on Binance may be a signal similar to GOAT back then

Meanwhile, more than 15 tokenized stocks on Robinhood have weekly transfer volumes exceeding 100 million USD, and Meme/Stocks is flourishing in the Robinhood Chain ecosystem

Meme is the core growth point for exchanges and brokerages bringing stocks on-chain

Robinhood Chain DEX daily trading volume has historically surpassed $300 million for the first time

Among that, Uniswap v2 + v3 + v4 account for over 98%

Driven by the Robinhood stocks and crypto as well as Meme market trends, UNI's daily burn has historically surpassed $1 million for the first time, with Robinhood Chain contributing over $850,000

In terms of the token amount, that corresponds to a daily burn of 170,000 UNI, reaching the second-highest level in history, with Robinhood Chain burning 136,000 UNI

Fun Fact: The fees Arbitrum earns from its own network are now far less than what it would make by renting out the technology to Robinhood

Arbitrum has cumulatively extracted more than $2.3 million in fee revenue from the Robinhood Chain, with 80%—over $1.8 million—flowing into the Arbitrum DAO

In the latest day, Arbitrum received about $450,000 in daily fees from the Robinhood Chain, with nearly $360,000 going to the DAO

Meanwhile, Arbitrum’s network itself generates only about $16,600 in daily fees, with fees totaling $375,000 over the past 30 days

For a chain that’s been live for just a little over two months, the money it gives to the DAO in a single day is already nearly more than one month’s worth of revenue for the Arbitrum mainnet

This wave of the Robinhood Season is also a win for GMGN

In the past 24 hours, GMGN fees reached as high as $3 million, surpassing Hyperliquid and Polymarket—two leading protocols—and ranking 7th on the overall fees leaderboard across the entire network.

From trading volume data, GMGN’s recent daily trading volume has been steadily climbing to $350 million, accounting for nearly 40% of the total trading volume on the Meme front-end.

And this Robinhood Chain Meme run has contributed over 80% of GMGN’s trading volume.

Seeing the daily costs made me feel shocked

- Uniswap’s fees in the past 24 hours exceeded Circle, ranking second only to Tether. The fee-capturing ability of the second-largest stablecoin issuer was surpassed by the biggest on-chain DEX protocol.

- Robinhood Chain’s native launcher Pons raked in fees of up to $6 million in the past 24 hours, surpassing Solana’s meme coin printing machine Pumo Fun, and ranking fourth across the entire network.

- Robinhood Chain’s daily fees have continued to rise for four straight days to a new all-time high—its history first time surpassing Hyperliquid.

DEX, Launchpad, and Network are all related to Robinhood Chain. Is this the Robinhood Season?

Robinhood Season

Robinhood Chain DEX daily trading volume exceeds $1.3 billion, setting new highs continuously

RWA assets represented by Memecoin/Stock pairs account for nearly $400 million in daily trading volume, including Memecoin/Stock pairs exceeding $210 million daily trading volume, with both reaching new highs

On the Robinhood Chain, Memecoin/Stock pairs have already accounted for ~16.7% of DEX trading volume

Against the backdrop of a major convergence between Crypto and TradFi, Memecoin/Stock pairs have emerged as an important on-chain trading pair format

Robinhood Chain on-chain activity hits new highs

- Daily DEX trading volume reaches a new high of $875 million, with Uniswap v2+v3+v4 accounting for nearly 95%

- Daily transaction count first surpasses 5 million

- Top launcher Pons created 22,600 tokens in a day, with token trading volume of $187 million; the PONS market cap once broke $400 million, lifting the asset ceiling of the Robinhood Chain

- RWA tokenized asset market value continues to grow, surpassing $50 million

- Uniswap, which has a symbiotic relationship with Robinhood Chain’s on-chain activity, benefits significantly; the amount of UNI burned on Robinhood Chain sets a new record—60,000 UNI burned per day, worth $324,000

Recently, x402 transaction counts hit a new high, with daily volume exceeding 2 million transactions.

Most transactions occur on the Solana network, with the majority handled by PayAI and Figment.

The purposes of these transactions are mostly classified as Infra & Utilities. The driving force behind this is Server-side Blockrun—it can be understood as OpenRouter for Agents: pay per use, one entry point, followed by dozens of AI models.

Although x402 volumes are still low—daily transactions are only in the tens of thousands, with an average of less than $0.015 per transaction—it's still rather niche from the payment network perspective. However, for Facilitators, it’s relatively less important.

For example, with PayAI, Blockrun is a real, paid seller. Currently, PayAI charges Server $0.001 per transaction. With millions of transactions processed daily, estimated revenue is about $1,000+/d.

You don’t know until you look—Predict Fun has accumulated fees of up to US$13.0 million, with over US$10.0 million captured in just the past two months

Predict Fun is already one of the leading protocols on the BNB Chain in terms of fee-capture capability, second only to a host of DEXs and Launchpads

In terms of categories, the Crypto segment has cumulatively contributed US$5.6 million in fees, the Sports segment US$4.8 million, Other US$1.4 million, and the recently promoted Esports segment has contributed over US$660,000, etc.

From the perspective of secondary tags, most of the Crypto fee contribution comes from the BTC Up/Down market, totaling US$4.4 million; next is the ETH Up/Down market

The Sports segment is more diversified. Driven by the World Cup, the football market previously contributed US$3.9 million; in addition, basketball and baseball have also contributed fees averaging over US$300,000 each

In the Esports segment, Dota 2 and CS 2 contributed US$240,000 and US$140,000 respectively, and the LOL market is also gaining momentum

In addition, Stocks related to TradFi and the macro Fed & Rates markets have together contributed over US$100,000 in fees

After the World Cup, Predict Fun’s user retention has been solid, and the esports relay effect is starting to show. Recently, daily fee peaks of US$130,000–150,000 have been recorded; under these conditions, annualized fees are already above US$47.0 million

Compared with the beginning of the month, some new changes have also occurred in the top ten protocols on the Robinhood Chain revenue leaderboard.

- GMGN became the app with the highest daily revenue on the Robinhood Chain, and with the boost from Robinhood Chain Meme hype, it has quickly risen to become the trading front-end with the highest trading volume

- Native launcher Pons still firmly holds the #2 spot in revenue. Its revenue buyback token burn is now close to 30%, compared against Pump

- Uniswap and the Robinhood Chain network itself continue to benefit from steady growth in on-chain trading activity, effectively minting revenue

- Lighter became the Perp DEX with the highest revenue on the Robinhood Chain, and its token, like HYPE, has also set a new ATH

- The native ve33 DEX, up, moved into sixth place in revenue, attracting users to mine through token incentives

- In the NFT narrative segment, OpenSea, SLVR, and StonkBrokers remain on the list. However, compared with the beginning of the month, as the narrative shifted, their revenue performance has declined

Given time, HyperEVM may become an important revenue source for Hyperliquid

In the near term, as the HyperEVM Meme craze has heated up, HyperEVM gas fees have surged. Daily network revenue at one point exceeded $500,000, setting a new historical high

As HIP-3’s TradFi trades gradually take up a larger share of Hyperliquid, the weekend effect begins to show. HyperEVM will become a great supplementary option during relatively quiet trading periods

In addition, with increasing exclusivity on listings and delistings on CEXs, it’s important to cultivate a controllable and active chain. Hot, exclusive asset narratives can only be born on one’s own chain—this is troublesome for other exchanges no matter whether they list it or not, or when they list it

Last week, Uniswap trading activity burned UNI worth over $2.4 million, setting a new all-time high for the week

Meanwhile, the UNI burn value achieved the first-ever consecutive four weeks exceeding $1 million in history

The single-week burn value of over $2.4 million corresponds to 640,000 UNI; from a coin-based perspective, this is the second-highest level in history

The Meme + RWA hype sparked by Robinhood Chain has, to some extent, boosted Base & Coinbase

For Uniswap, this can be considered a case of the fisherman profiting—Base and Robinhood Chain are the second- and third-largest chains for UNI burns, behind only Ethereum

In the last 24–25 Meme cycle, among the three leading trading front-ends, both BullX and Photon have already fallen or are no longer at their peak.

Instead, GMGN, mainly focused on the Chinese-language market, has kept going until now and has become the Meme trading front-end with the largest trading volume.

They outlasted the old guard, weathered the departure, and then continued to hold off new challengers from Axiom and fomo.

They firmly rode the Robinhood Chain Meme wave, and then took the baton into the BNB Chain Meme era. Recently, GMGN’s weekly trading volume has returned to $600–$700 million. At a 1% fee, that means weekly revenue of up to $6–$7 million.

Is it not your competitors but cross-industry players who bring you down?

RedotPay, the largest crypto payment card with a monthly trading volume accounting for 40% market share

Polymarket Builder, which has also become the second-largest by weekly active transaction addresses

By building prediction markets as payment entry points, there’s a natural traffic advantage—feels similar to how Alipay offers investment and wealth management products

Predict Fun Daily fee capture has reached a new high after the end of the World Cup

On August 21, Predict Fun’s daily fee capture neared $150,000

- Crypto market fees contributed by ultra-short-term predictions represented by BTC Up/Down accounted for nearly 60%

- Dota2, currently the official focus and heavily incentivized, has become the second-largest fee-contributing market

- Besides Dota2, CS2 has also become one of the top five fee-contributing markets, and the entire Esports segment contributed over 25% of daily fees

The strategy is very clear: Predict Fun is using a differentiated experience driven by being friendly to Chinese-speaking users plus esports/local events to compete against Polymarket

The Chinese-facing audience is the real top draw—rolling from the World Cup to events like Dota2/CS2 has kept the momentum going, and the record-high fees show the localization strategy in Asia is working

It looks like Crypto’s biggest open-source data website, Dune, is also starting to struggle...

From going from 10c per single refresh to pay-per-credits, from partial table downtime and maintenance, to starting to charge, and then turning free users into read-only mode

The cost of operating data keeps rising. Profitability depends on unstable revenue from paying C-end members, while B-end customer expansion seems to lag behind its competitor, Allium.

Another issue is that there seem to be fewer and fewer reliable analysts. On one hand, there aren’t that many on-chain topics left to analyze; on the other hand, teams using a “blockworks + artemis” style mode tend to achieve a higher average quality.

Introducing AI analysis is a highlight—Dune CLI and MCP reduce on-chain analytical capabilities to the extreme. However, verifying the authenticity of the data still poses a certain barrier, and the paid pricing isn’t cheap. There may not be enough Native users willing to pay for it long-term.

Dune is still here, but the halo of being the largest open-source data community is gradually being worn down by the realities of cost and commercialization

After the World Cup, esports appears to be gradually becoming a new growth catalyst for prediction markets.

After launching prize and points incentive programs for DOTA 2 matches, Predict Fun’s daily active trading address count doubled, nearing 30,000.

Judging by the number of trading addresses, the DOTA 2-related market has become the second most active trading market on Predict Fun, behind Crypto Up/Down.

In terms of trading volume, another major esports event, LOL, has also entered the ranks of Predict Fun’s top trading volume markets.

As for the esports market, Predict Fun’s coverage of events and its understanding of Asian entertainment culture together create a unique advantage.

Leading in storage profits

On major exchanges such as Binance, OKX, Bitget, Gate, and Bybit

SanDisk SNDK has been reigning at the top for a long time, becoming the largest trading-volume asset for TradFi Perp perpetuals

On Binance, one SNDK accounts for nearly 30% of TradFi Perp daily trading volume

On some exchanges, such as OKX and Gate, SNDK’s share can reach 45% or more

Besides SNDK, the storage sector’s SK Hynix and Micron MU are also among the top TradFi Perp CEXs

The two major prediction markets’ Perp perpetuals are continuing to move forward

- Polymarket Perp open interest exceeds $30 million
- Kalshi Perp daily trading volume has returned to $500 million – $700 million

What’s interesting is that Polymarket Perp open interest is 2 times that of Kalshi Perp, but trading volume is only 1/10 of its.