Uniswap (@Uniswap) $UNI generated $14.81 million in protocol revenue in September, its highest monthly total since the fee switch went live. Robinhood (@RobinhoodCrypto) Chain contributed $7.
Uniswap (@Uniswap) $UNI generated $14.81 million in protocol revenue in September, its highest monthly total since the fee switch went live. Robinhood (@RobinhoodCrypto) Chain contributed $7.87 million of that figure, or about 53%, according to Token Terminal data reported on October 17.
The network launched in July and accounted for more than half of the decentralized exchange's monthly revenue within about three months of going live.
Robinhood Chain is a Layer-2 network that went live on July 1, 2026, according to Crypto Briefing. The same report says tokenized stock trading drove much of the activity. Uniswap's average fee capture on the chain was 0.465% per trade, versus 0.214% across Uniswap globally.
Uniswap also dominated trading on the network. On September 1, Robinhood Chain processed $1.95 billion in daily volume, and $1.75 billion of that ran through Uniswap's liquidity pools, Crypto Briefing reported. The outlet adds that Uniswap began collecting protocol fees on the network on July 27, nearly four weeks after launch.
Not all of those tokens carry the same rights. NewsBTC noted that stock-linked tokens can differ in legal rights, issuer structures and geographic restrictions. Even so, the fees they generate count as real revenue for the protocol.
The fee switch redirects a portion of swap fees from liquidity providers to the protocol. It followed the passage of the UNIfication governance proposal in December 2025. The Defiant reported that the proposal directs protocol fee revenue to a UNI buyback and burn mechanism, aiming to reduce circulating supply.
Revenue collection and actual token destruction are separate events, so higher fees do not translate into burns on their own timeline. There is also a concentration risk: with $7.87 million coming from Robinhood Chain, roughly $6.94 million was generated across all other Uniswap deployments combined.
Activity on the chain has also cooled. Crypto Briefing and Bloomingbit both report that Robinhood Chain's daily transaction count fell by more than 40% in early October, raising questions about whether September's trading levels can be sustained.
NewsBTC adds that whether the new revenue mix lasts will depend on recurring trading demand rather than a single strong month. Traders and UNI holders will be watching whether Robinhood Chain volumes hold in October and beyond.
Sources:
