Base has moved ahead of Robinhood Chain in rolling 30-day decentralized exchange trading volume, reversing a recent lead held by the newer exchange-backed network. According to DeFiLlama’s DEX chain dashboard, Base recorded approximately $29.68 billion in 30-day spot DEX volume on October 28, compared with roughly $28.72 billion on Robinhood Chain. Because the metric uses a rolling window, the ranking can change as older trading days leave the calculation and new activity enters it.
The two networks nevertheless remain different in scale outside trading turnover. Robinhood Chain currently holds around $1.13 billion in DeFi TVL and $1.06 billion in stablecoins, while Base has roughly $6.16 billion in TVL and $5.2 billion in stablecoins. Robinhood Chain is generating DEX turnover much closer to Base despite operating with a substantially smaller pool of DeFi capital, although volume should not be interpreted as equivalent to liquidity, users or new capital entering either network.
DEX Activity Remains Concentrated
Robinhood Chain’s trading activity remains heavily concentrated in Uniswap. DeFiLlama attributes approximately $23.01 billion of the network’s $28.72 billion rolling 30-day volume to the protocol, or about 80%. Uniswap therefore remains the dominant execution venue on Robinhood Chain, followed at a considerable distance by Fables at roughly $2.01 billion, RamsesX near $812 million and Metric around $666 million.
That concentration follows unusually rapid growth after Robinhood Chain launched publicly in July. Uniswap crossed $10 billion in cumulative Robinhood Chain volume during its first month and later surpassed $70 billion in cumulative trading. Those cumulative milestones measure gross turnover rather than deposited liquidity or unique capital, but they show how quickly decentralized execution developed around the new Layer 2.
Base has a more distributed DEX mix. DeFiLlama currently attributes about $15.81 billion in 30-day volume to Aero, $8.21 billion to Uniswap and $2.68 billion to PancakeSwap. Aero, formed from the Aerodrome and Velodrome ecosystem, remains Base’s largest spot-liquidity venue, giving the network a different protocol concentration profile from Robinhood Chain.
Tokenized Stocks Add a Separate Competition
Tokenized equities contribute to activity on both networks, but they should not be confused with total DEX volume. Coinbase launched its tokenized stocks natively on Base in August, with Aerodrome serving as a primary liquidity venue. Earlier measurements showed more than $562 million in 30-day tokenized-stock volume on Base, with Aerodrome responsible for most of the measured turnover.
Robinhood Chain has historically processed considerably more tokenized-equity trading. A September snapshot found Robinhood-issued stock tokens generating roughly $10.4 billion in 30-day DEX volume compared with around $1 billion for Coinbase-issued stocks on Base. Those figures, however, represent a specific historical window and cannot be substituted for the current all-asset DEX rankings.
Base’s current lead is therefore narrower than a simple ecosystem comparison might suggest. The confirmed development is that Base has overtaken Robinhood Chain in the current rolling 30-day spot DEX window, while Robinhood retains a substantial tokenized-stock trading footprint despite its smaller DeFi capital base. Sustained rankings across subsequent windows will show whether the crossover represents a durable shift or another rotation in fast-moving on-chain trading activity.
Emma Lawson writes about the pressure points where crypto meets the outside world: regulation, exchanges, macro policy, tokenized assets and geopolitical risk. From the US, she follows the decisions and events that can change how capital moves, how platforms operate and how digital assets are treated by institutions.
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