Uniswap v2, v3, v4, and UniswapX are all live on the Robinhood Chain, becoming its primary AMM. They support swaps, liquidity, and also stock tokens—allowing trading of Apple and Tesla tokenized shares on Uniswap.

The layers of irony are rich:
1. A flagship DeFi protocol ends up on a centralized brokerage’s chain.
2. A "decentralized exchange" lists centralized assets.
3. Robinhood—the platform that pulled the plug on retail investors during the 2021 GME saga—is now DeFi infrastructure.

But the business logic is clear: Uniswap’s choice of Robinhood is not a technical decision, it’s a liquidity/traffic decision. Over 15 million users are onboarded in one go, no MetaMask needed, no seed phrase, no gas token. Open the app and swap.

This is not DeFi surrendering to TradFi. It’s DeFi acknowledging a fact: users don’t care if your architecture is decentralized; they care whether they can use it.

Web3 has been shouting "bring users over" for five years. In the end, TradFi pulled Web3 over instead.

The question: When Uniswap’s biggest growth comes from a centralized chain, how much "governance value" does the UNI token still have? How much of the swap fees on the Robinhood Chain goes back to UNI holders?

"Decentralization" is a narrative. "Being usable" is a product. Uniswap chose the product.