Crypto trading terminals settled more than $1 billion of volume in a single day on September 2, the first time they have crossed that threshold since January 2025, according to Dune data published by the analyst known as Adam on X.
GMGN, a multi-chain terminal that lets traders snipe new token launches and track whale wallets, took $479.7 million of the $1.03 billion total. Ninety-one percent of its trades settled on Robinhood Chain, a two-month-old network Robinhood built for tokenized equities. GMGN’s Solana volume was just $9.5 million that day, compared to $9.4 million 30 days earlier.
The shift is dramatic. GMGN recorded $490.9 million of volume on September 2, its third-largest day on record, according to DefiLlama data. The two bigger days were October 8 and October 9, 2025, at $519.2 million and $494.9 million respectively. Its January 2025 peak, during the TRUMP memecoin launch, was $272.4 million on January 19.
Robinhood Chain Takes 91% of GMGN Volume
Robinhood Chain accounted for $445.5 million of GMGN’s September 2 volume, or 90.7%. Thirty days earlier the chain carried just $18.2 million of it. GMGN’s BSC volume went the other way over that stretch, from $91.6 million a day to $29.6 million.
Across all chains the terminal settled $3.02 billion over 30 days against $2.49 billion in the prior 30-day window, a 21.5% increase. The record day came from Robinhood Chain; the rest of GMGN’s footprint grew far less or shrank.
Fee income tracks the volume. GMGN took $2.46 million of revenue on September 2, up from $956,000 on August 26, and rose on each of the five days from August 28. Its record is $5.74 million, set on October 8, 2025.
The numbers tell a clear story about where crypto trading is heading. Two months ago, Robinhood Chain did not exist as a meaningful venue. Now it accounts for nine of every ten dollars that flow through the industry’s largest terminal. The chain’s zero-gas subsidy model has pulled volume away from BSC and Solana at a pace that surprised even its biggest competitors.
Robinhood Chain Ranks Second Globally
Robinhood Chain’s own DEX volume hit a record $1.67 billion on September 1 and stood at $1.55 billion over the 24 hours to Thursday evening, against $354 million on August 3. The chain has settled $20.36 billion over 30 days versus $15.09 billion in the prior window, a 34.9% increase.
That ranks it second among all networks behind Solana at $2.29 billion over 24 hours, and ahead of Ethereum at $1.32 billion, BNB Chain at $1.14 billion and Base at $792 million. The Defiant reported on September 1 that the chain had passed Ethereum, BNB Chain and Base on DEX volume as its launchpads took close to 70% of launchpad fees across crypto.
The shift toward Robinhood Chain underscores a broader trend in crypto trading. Users are gravitating toward venues that offer zero gas fees and deep liquidity, even on relatively new networks. The chain’s launchpads, particularly Pons, have become the primary source of new token listings, drawing traders away from Solana and BSC where gas costs add up quickly for high-frequency sniping strategies.
Robinhood Chain’s approach differs from other L2s in a key way. Rather than competing on technical innovation or developer tooling, it competes on cost. Every transaction on the chain is free for users, subsidized by Robinhood’s broader business model. This has made it the default venue for memecoin trading and new token launches, where participants make dozens or hundreds of small trades per day.
DEX Volume Up 26% Across All Networks
Volume across all decentralized exchanges reached $9.18 billion over 24 hours and $236.3 billion over 30 days, against $187.6 billion in the prior 30-day window, a 26% increase. August settled at $233.5 billion, the strongest month since February and up from $197.2 billion in July. The market is still well short of its October 2025 record of $588.3 billion.
Uniswap V4 is the largest single DEX by 30-day volume at $28.21 billion, ahead of V3 at $26.54 billion. V4 is up 10.8% against the prior 30-day window and V3 up 7.4%, while Uniswap V2 fell 58.8% to $1 billion. Uniswap Labs switched on protocol fees for V4 pools on July 27, which nearly tripled protocol revenue at the time. The fee switch has made UNI one of the best-performing governance tokens in the market.
Among other venues, PumpSwap did $1.02 billion over 24 hours and is up 16.6% across the 30-day window. PancakeSwap Infinity is up 50.7%, Hyperliquid’s spot order book 69.3%, and Kuru CLOB on Monad 547%. Monad’s chain-level DEX volume went from $30 million a day on August 3 to $134 million on September 2. Hyperliquid’s perpetuals venue traded $7.55 billion of notional across 233 markets over 24 hours.
DefiLlama’s own tally of the terminal category comes to $600.3 million for September 2, because it classifies the field more narrowly. Its Trading App and Telegram Bot categories exclude basedbot, credited with $77.8 million, and the pump.fun mobile app, credited with $67 million. The two counts agree on direction and on which terminal leads.
Tokens Rally Alongside Volume
The volume came with a price rally. Bitcoin traded at $81,406, up 5.2% over 24 hours and 27.2% over 30 days, according to CoinGecko. Ether was at $2,507.61, up 34.3% over 30 days, and Solana at $105.22, up 41.9%. Total crypto market capitalization stood at $2.75 trillion.
Tokens tied to the venues taking the volume ran further. UNI traded at $6.26, up 35% over seven days and 60.3% over 30 days, for a $3.9 billion market capitalization. HYPE was at $85.38, up 55% over 30 days. PUMP was up 89.3% over 30 days. JUP, whose aggregator did $385.8 million over 24 hours, was at $0.2367, up 24.5% over 30 days.
Pons, the launchpad that exists only on Robinhood Chain and supplies much of the token flow the terminals trade, collected $5.95 million in fees on September 2 against $1.46 million for pump.fun. The gap between the two platforms highlights how quickly Robinhood Chain has captured the launchpad market since going live. The Defiant reported that Pons took close to 70% of all launchpad fees across crypto on some days in late August.
The recovery in DEX volume comes after a slow start to the year. January through July saw subdued activity as traders waited for macro clarity and regulatory progress on the CLARITY Act, scheduled for a Senate cloture vote on September 15. That vote, if it clears, would provide the first comprehensive federal framework for digital asset markets and could unlock another wave of institutional capital.
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