Solana has led decentralized exchange (DEX) volume for months, but Robinhood Chain has now flipped it in daily activity. On September 5, Robinhood processed $1.45 billion in DEX volume versus Solana’s $1.25 billion, marking the first-ever daily flip between the two chains. Robinhood is maintaining that lead intraday, with $1.36 billion compared to Solana’s $1.28 billion. Meanwhile, Robinhood crossed $3 billion in daily DEX volume for the first time, with nearly $880 million locked on the chain—up 30% in one week. The shift is also pulling activity from Solana’s memecoin platform Pump.fun, whose volume has dropped sharply while over half now comes from Robinhood. This rotation may strengthen Ethereum’s position relative to Solana.
Solana has dominated 24-hour DEX volume, but it is now being challenged. According to DeFiLlama data, Solana remains number one in 30-day DEX volume with a cumulative total exceeding $65 billion—over twice that of BNB Chain and nearly three times Robinhood Chain’s volume.
Recently, however, Robinhood surpassed Solana in daily DEX volume. On September 5, Robinhood processed $1.45 billion, compared with Solana’s $1.25 billion. This marked the first-ever daily volume flip between the two. Robinhood is maintaining this lead intraday, with $1.36 billion in DEX volume so far versus Solana’s $1.28 billion.
In addition, Robinhood Chain just crossed $3 billion in daily DEX volume for the first time. Nearly $880 million is now locked on the chain, up about 30% in just one week. Deposits are rapidly approaching the $1 billion mark, putting additional pressure on Solana’s DEX dominance.
Notably, the activity isn’t limited to on-chain. Robinhood’s growth is also beginning to reflect in revenue, with the platform recently seeing $6.8 million in earnings—a record high for any Ethereum L2 to date. Analysts are growing increasingly bullish on Ethereum as increased activity on Robinhood could see value return to the Ethereum ecosystem.
The effect is spilling over to Solana’s ecosystem. Pump.fun, one of the largest memecoin platforms on Solana, saw its volume fall to $1.18 million from a $3.16 million peak only eight days ago, while 53% of its application’s volume now comes from Robinhood Chain. At the same time, transaction volume on the Solana blockchain dropped 37% from its peak on August 28. The data points to a clear rotation in on-chain activity.
The timing could benefit Ethereum. The SOL/ETH ratio has been oscillating around the 0.04 level for more than a year. For layer‑1 networks, on-chain dynamics are a critical factor in technical performance, and Robinhood’s impact on the Ethereum layer could improve Ethereum’s technical standing versus Solana. A breakdown of the SOL/ETH ratio could benefit Ethereum as the market moves toward Q4. Solana’s DEX dominance has been one of its strongest assets this cycle, but with Robinhood’s rise in volume and liquidity, that dominance is under pressure. That puts Ethereum in a stronger relative position, with Robinhood’s increasing fee generation on the network emerging as a key catalyst for a possible ETH/SOL breakout.
