Robinhood Chain TVL Holds $1.05B As DEX Volume Falls 72%

Robinhood Chain TVL stands near $1.05 billion on DefiLlama's October 8 reading, up about a third since early September. Over the same stretch, daily DEX volume on the chain fell roughly 72% from its September 4 peak. Deposits stayed while traders left, and the explanation sits in who holds the chain's stablecoins.

Robinhood Chain's Blockscout explorer, holders of USDG ranked by balance on October 8.

Robinhood Chain TVL is a lending story

DefiLlama puts Morpho Blue at $610 million, about 58% of Robinhood Chain TVL, and separately tracks $479 million as borrowed there. Steakhouse Financial adds $539 million, though its vaults run on Morpho, so the two overlap. Uniswap V4 comes next at $166 million, then Lighter's Robinhood perps market at $114 million and Uniswap V3 at $57 million.

Chain TVL was $472 million on August 10 and $786 million on September 3. It crossed $990 million around September 21 and has crept up since. That is a 122% gain in two months, with only about 6% of it coming in the last three weeks. Morpho's own Robinhood Chain balance tells the same story, rising from roughly $274 million on August 1 to $568 million on September 30.

Where the stablecoins sit

Stablecoin supply on the chain is $1.1 billion. USDG makes up $702 million of that, and a direct read of the token contract returns $701.7 million, matching DefiLlama. Ethena's USDe adds $361 million, which a contract read confirms, and the rest is small. Those two coins make up about 97% of the chain's stablecoin supply.

Blockscout's holder table for USDG shows protocol contracts at the top. A labeled Escrow holds 14.85%, Morpho 8.08%, a BoringVault 6.38% and Uniswap's PoolManager 6.23%. Further down come a JustInTimeFunding contract at 3.57%, an ALMProxy at 2.14% and a Spark savings vault at 1.51%. Together the labeled contracts in the top twenty hold about 47% of USDG supply on the chain.

Capital allocators show up in the TVL table too. DefiLlama lists Grove Finance at about $15 million and Spark Savings at $10.6 million on the chain. They are small next to Morpho, but they explain why an ALMProxy and a Spark vault appear among USDG's holders at all. Arcus Perps adds $44.6 million and Fables $40 million, so the derivatives and DEX sides are not empty.

Labels come from Blockscout and are not exhaustive. Several large unlabeled balances sit between them, and this report does not guess who owns them.

DEX volume has cooled

DefiLlama's daily series peaks at $3.67 billion on September 4. The latest day reads $1.03 billion, and the seven-day total of $7.75 billion is 28% below the week before. Uniswap V4 and V3 carry about $457 million and $361 million of the daily number. Our earlier look at Robinhood Chain DEX volume sitting 68% below its September peak caught the first leg of this slide.

Money parked in lending vaults does not need to trade to stay on the chain. A fall in swap activity therefore need not dent Robinhood Chain TVL. That fits the pattern of TVL holding near $1 billion while turnover drops. A busy swap day and a large deposit base are different measures, and the chain currently shows more of the second.

Figures come from DefiLlama, direct token contract reads and Blockscout on October 8. This is a market snapshot and offers no view on any token or on Robinhood's stock.