Robinhood Chain Trading Volume Down 72% from Peak, Incentive Funds Primarily Flow to Depositors

On Robinhood Chain, decentralized exchange trading volume has declined 72% from the peak on July 11, despite on-chain transaction counts, deposit volumes, and stablecoin supplies all reaching record highs. Data shows that the average on-chain transaction amount has dropped from $105 to $28, reflecting that the growth in trading activity has failed to translate into higher trading volume. Additionally, currently about 92% of on-chain real-time incentive spending flows to deposit users rather than trading users, which is considered an important reason for the weakening trading volume.