Tokenized equities deposited into DeFi protocols have surged from $14.66 million at the start of the year to $262.4 million, a roughly 1,690% year-to-date increase, according to Token Terminal data. The growth accelerated in September as Robinhood Chain, an Ethereum Layer 2 built on Arbitrum technology, became a central venue for tokenized stock trading. Robinhood Chain generated $50.2 million in transaction fees from its July 1 mainnet launch through September 23, with monthly fee revenue rising from $3.6 million in July to $6.7 million in August and $39.9 million during September 1–23.
Over the 30 days through September 23, Robinhood stock tokens recorded about $10.4 billion in spot DEX volume, with Nvidia alone accounting for roughly $2.1 billion in cumulative trading volume. Uniswap has become the liquidity center: approximately $53 million of Robinhood stock-token DeFi deposits were held in Uniswap v4, another $25 million in v3, and about $174,000 in v2, representing more than 99% of tracked stock-token DeFi deposits.
Uniswap protocol revenue reached $7.1 million in September 1–23, with Robinhood Chain contributing 57.3% of that figure. A September 17 snapshot recorded $758.5 million of 24-hour DEX volume through Uniswap v3 and $326.5 million through v4, together about 81% of the $1.33 billion captured in that dataset.
Early September data indicated existing Robinhood users represented only 1%–2% of Robinhood Chain transactions, suggesting the initial liquidity boom is crypto-native rather than a mass migration of the brokerage's nearly 28 million customers across 38 countries.
Across all chains, decentralized exchanges hold about 58% of tokenized stock DeFi deposits, while lending protocols account for 26%, and Pendle yield strategies hold close to 13%. Uniswap V4 leads DEX deposits at $59.5 million, followed by Uniswap V3 at $26.7 million, with Raydium, PancakeSwap, Aerodrome and Meteora making up much of the rest. Kamino Lend holds $54.1 million as the top lending venue, while Fluid Jupiter Lend adds $14.2 million.
Solana remains the largest chain for tokenized stocks in DeFi at $95.9 million, or 36.6%, narrowly ahead of Robinhood Chain at $79.9 million, or 30.5%, almost all of which appeared in September. BNB Chain and Ethereum hold about 13% each, and Base trails with $16 million. The largest tokenized asset is STRCx, a tokenized version of Strategy's STRC preferred stock, with $34.3 million deployed, followed by FWDI at $25.4 million and MSTRx at $9.6 million.
The data highlights a structural shift: Robinhood supplies blockchain infrastructure and tokenized assets, but once those assets enter permissionless markets, Uniswap and other protocols can capture meaningful economics. With tokenized equities expanding across DeFi and Robinhood's retail base largely untapped, the next test is distribution rather than another token launch.
