Uniswap recorded $14.81 million in protocol revenue during September 2026, marking its highest monthly figure to date. Robinhood Chain, a Layer-2 network that launched on July 1, 2026, contributed approximately $7.8 million, or 53% of the total.
The surge was driven largely by trading in tokenized stocks—blockchain-based tokens designed to track the value of traditional equities. This asset class generated fee capture substantially above Uniswap's global average.
Fee structure and market dominance
Uniswap's average fee capture on Robinhood Chain reached 0.465% per trade, compared to a global average of 0.214%. On September 1, 2026, Robinhood Chain processed $1.95 billion in total daily volume, with $1.75 billion flowing through Uniswap's liquidity pools.
Technical foundation and deployment
Robinhood Chain is built on Arbitrum, an established Layer-2 network operating on top of Ethereum. Uniswap was integrated as the chain's primary automated market maker from launch and deployed its full product lineup: v2, v3, v4, and UniswapX. Protocol fee collection began on July 27, 2026, nearly four weeks after the network's launch.
Early signs of moderation
Daily transactions on Robinhood Chain had declined by more than 40% by early October 2026, signaling a moderation in trading activity following September's spike. This concentration of revenue in a single chain presents both opportunity and risk for Uniswap's revenue stability.
