Average trade size sank 74% while 92% of daily incentives went to depositors, lifting total value locked and stablecoin supply to records even as trading cooled.
Robinhood Chain's DEX (decentralized exchange) volume fell from about $878 million on Jul. 11 to $241 million on Aug. 1 even as transactions, total value locked (assets deposited in protocols) and stablecoin supply reached records, pointing to a sharp drop in average trade size rather than a broader slowdown in activity. The chain's share of global DEX volume shrank from 16.65% to 4.32% while daily incentives stayed heavily skewed toward depositors, with 92% of $58,351 a day going to two Morpho-based campaigns, helping explain why lending balances rose as trading cooled. Volume showed signs of rebounding by Aug. 5 and Aug. 6, CASHCAT tracked the swing with a 0.63 log-price correlation to daily DEX volume over Jul. 8 to Aug. 5, and Uniswap v4 gained share after Uniswap Labs launched pools.trade on Aug. 5.