Uniswap remains the largest decentralized exchange by spot-trading volume, with DefiLlama recording approximately $1.42 billion over the latest 24-hour period. That was nearly twice PancakeSwap’s $746.5 million total, while Uniswap also led the 30-day ranking with about $52.62 billion across 47 networks.
Robinhood Chain has quickly become one of the protocol’s most important deployments. The network recorded approximately $350.9 million in total DEX volume over 24 hours, while Uniswap processed $326.4 million. The figures give Uniswap roughly 93% of Robinhood Chain’s daily decentralized-exchange activity, confirming a dominant position without supporting the higher 99.5% estimate.
V3 Still Leads, but V4 Builds a Material Share
Uniswap launched V2, V3, V4 and UniswapX on Robinhood Chain when the Layer 2 entered mainnet, serving as its primary public automated market maker from the first day. That full-stack deployment gave the protocol an early distribution advantage, with swaps, liquidity provision, APIs and Robinhood Stock Token access available through the same ecosystem.
Current version-level data shows V3 processing about $214.8 million on Robinhood Chain over 24 hours, compared with $92.2 million for V4 and $16.9 million for V2. Those figures imply an approximate split of 66% for V3, 28% for V4 and 5% for V2 within Uniswap’s chain-specific volume. They do not support combining separate percentages into a 111% market share, which would indicate overlapping denominators or routing calculations rather than additional economic volume.
The concentration extends across a longer period. Uniswap generated approximately $14.47 billion of Robinhood Chain’s $14.92 billion in 30-day DEX activity, equivalent to nearly 97%. Robinhood Chain was Uniswap’s second-largest network by monthly volume after Ethereum, ahead of Base, BNB Chain and Arbitrum in the reviewed data.
Launch Activity Still Needs Longer-Term Confirmation
Trading fees reflect the same concentration. DefiLlama tracked roughly $2.42 million in Uniswap fees over 24 hours and $97.95 million over 30 days, with Robinhood Chain contributing about $1.38 million and $68.16 million, respectively. The new network generated most of Uniswap’s recent fee activity, although fees paid by traders should not be treated as equivalent to revenue retained by the protocol or UNI holders.
Robinhood has positioned its chain around crypto assets, tokenized securities and other real-world assets. Its second-quarter disclosure said Stock Tokens were available to eligible users in more than 120 countries through Robinhood Wallet. That distribution may help explain part of the network’s early trading demand, but the available data does not isolate how much volume came from stock-linked assets, stablecoins or speculative tokens.
Uniswap’s lead is substantial, but early network activity can be volatile. Robinhood Chain’s weekly DEX volume was down about 31% in the latest dashboard snapshot, even as Uniswap maintained overwhelming market share. The durability test is whether volume remains broad and repeatable after launch-driven trading normalizes, rather than whether one protocol dominates a newly established liquidity environment.