Weekly data recap: S&P Pantera Index goes live, Robinhood Chain’s trading volume ranks among the top four

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Author: Artemis Analytics

Compiled by: Shenchao TechFlow

Shenchao Quick Read: S&P and Pantera have launched the first crypto index based on protocol revenue screening, supported by data from Artemis. While Robinhood Chain has already ranked among the top four in DEX trading volume in the industry, the reality is this: 70% of on-chain TVL comes from Morpho and Ethena; stock tokens account for only 4.2%, while the memecoin casino still contributes 75% of trading volume. The chain that was supposed to tokenize RWA tokens is still earning money for third-party protocols—Robinhood only takes the base fees.

Market Overview

Risk assets are flat, but the internal structure is adjusting dramatically. Bitcoin closed at $64,444, down 0.7%. Ethereum rose 0.6%.

After six weeks of ETF outflows, the flow finally stopped:

Spot Bitcoin ETFs: net inflow of $75.5 million from July 13–17, and net inflow of $33.9 million from July 20–24

Total AUM of Bitcoin ETFs: $78.9 billion

Ethereum ETFs: net inflow of about $104 million per week over the past two weeks

The real repricing happened in the rates market. From July 15, the probability of Fed rate hikes jumped from 10.7% to nearly 35% on July 22 (July 28–29). Almost entirely driven by the Iran conflict, pushing Brent crude oil toward $100.

Chart: Weekly asset price performance—crypto and stocks/ETFs move in alternation, with eq-DELL leading by about 10%. Source: Artemis

Unlike last week, semiconductor stocks rebounded. Dell (+10.4%) and Micron (+8.5%) led, a sharp reversal in Micron’s storage chips after a 28% plunge from its June peak. Nvidia (+2.0%) outperformed its benchmark Nasdaq 100 (-1.5%). DeFi continued higher, with UNI (+2.9%) and AAVE (+2.3%).

Crypto stocks saw mixed moves. Circle (+3.2%) was the only stock with a meaningful gain. Coinbase (+0.75%) fully gave back all of the gains from a 9.6% jump on July 21 due to the CLARITY bill.

The hardest-hit segment was retail fintech stocks: SKY (-6.2%), HOOD (-5.0%), and SOFI (-4.8%); HYPE (-3.5%) followed closely. Bitcoin (-0.7%) and the broader market were nearly unchanged (SPY -0.5%, Dow Jones -0.3%).

A basket of stocks rose an average of 0.41%, with the median up 0.18%.

S&P Pantera Digital Assets Index launched, with data provided by Artemis

On July 20, S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Assets Index (SPPDA).

It is a benchmark index of 18 tokens, screened from the S&P Crypto Broad Digital Assets Index for projects with protocol revenue, and weighted by market cap upper bounds.

Artemis provides data for revenue classification, circulating supply, and total supply. Lukka provides pricing.

The top five constituent tokens by weight are ETH, BNB, SOL, TRX, and HYPE.

Chart: S&P Pantera Digital Assets Index (SPPDA), with revenue data provided by Artemis—screened by protocol revenue, weighted by market cap. Source: Artemis

Both Bitcoin and XRP do not pass the revenue test directly. Comparison by scale: XRP’s total destruction history over the entire 14 years totals about $16 million, while the selected 18 tokens generate more than $3 billion in revenue every year.

S&P is cautious in how it positions this index. The methodology refers to protocol revenue as an “objective, rules-based proxy for economic activity,” and explicitly states that it does not imply investment returns or cash flows.

Put simply: revenue determines which tokens qualify; market cap determines how much you hold. So if you read the headline and think it’s the best way to hold the highest-earning crypto, you’re wrong.

In addition, tokens must have at least 30% of their supply actually circulating to be included, which quietly filters out projects whose valuations are built on tokens that have not yet been unlocked.

This rule runs based on Artemis’s circulating supply data, and no one has reported it yet. The first constituent adjustment will be decided on the third Friday of August and take effect on September 18.

Robinhood Chain: What’s actually happening

First, let’s clarify what Robinhood Chain is, because most people skip this part.

Robinhood Chain is an Arbitrum Orbit L2, meaning Robinhood rents Ethereum’s security and runs its own cheap, fast trading layer on top. It went live on July 1.

The promotional narrative is tokenizing real-world assets: putting stocks, ETFs, and private equity on-chain. Robinhood’s customers can trade them 24/7, including in places where US brokerage accounts can’t be opened. However, what went live is actually a memecoin casino—and what’s happening now is that this casino is slowly turning into what it was supposed to be (RWA tokenization).

Just last week, we showed that on its peak day, Robinhood Chain became the leading chain by DEX trading volume. In the week of July 18–25, it ranked fourth with $4.7 billion, behind BSC, Ethereum, and Base, and ahead of Solana.

Chart: DEX trading volume rankings by chain for July 18–25—Robinhood Chain ranked fourth with $4.7 billion, behind BSC, Ethereum, and Base. Source: Artemis

Activity on Robinhood Chain:

Chart: Robinhood Chain engagement metrics—average DEX daily trading volume about $500 million, daily active users about 250k, and monthly active users 2.1 million. Source: Artemis

Average DEX daily trading volume: about $500 million

Average daily active users: about 250k

Monthly active users hit an all-time high of 2.1 million

About two-thirds of daily active users are returning users

Average number of trades per day: about 6 million

Average daily fees: about $200k

Most of the money on the Robinhood chain is not Robinhood’s

As of July 25, TVL was $595.1 million, up sharply from nearly zero in mid-June. The composition is what matters:

Morpho: $236.2 million

Ethena: $177.0 million

Uniswap: $48.3 million

Maple: $48.1 million

Lighter: $25.0 million

Robinhood stock tokens: $24.7 million

Morpho + Ethena together account for 70% of on-chain funds. Robinhood stock tokens account for only 4.2%.

Chart: Robinhood Chain TVL composition as of July 25—Morpho + Ethena at 70%, Robinhood stock tokens only 4.2%. Source: Artemis

Uniswap completely dominates the trading layer

Of the $397.4 million DEX trading volume on July 25:

Uniswap V3: $251.9 million

Uniswap V4: $80.1 million

Uniswap V2: $58.4 million

All other protocols combined: less than $7 million

This is 98% of Uniswap. Arcus, PancakeSwap, and all on-chain forks share the remaining portion.

Chart: DEX trading volume by liquidity share on July 25—Uniswap V3 at 63.4%, V4 at 20.1%, totaling 98%. Source: Artemis

Memecoins still make up the majority of all DEX trading volume:

Memecoin trading pairs: $297 million (74.7%)

Ethereum: $64.2 million (16.1%)

Robinhood stock token trading pairs: $36.0 million (9.1%)

Protocol token trading pairs: $219.6 thousand (0.1%)

One launchpad dominates most activity

On July 25, pons.family completed:

$99.7 million of the $155.8 million launchpad transaction volume (64%)

1.3 million of the 1.6 million launchpad transactions (81%)

11,200 of the 17,600 deployed tokens (64%)

The second-largest platform, Bankr, completed $13.1 million.

Over seven days, pons.family generated $7.86 million in total fees on $250k in transaction volume. In the same period, the gas fees for the entire chain were about $1.51 million.

Application-layer revenue is about five times that of the L2

Chart: Distribution of launchpad volume—pons.family accounts for 64% of launchpad transactions and 81% of transaction count. Source: Artemis

What it was built for: smaller in scale, faster in growth, broader scope than stocks

Total on-chain tokenized market cap is $24.8 million:

Stocks: $19.1 million

Private equity: $1.9 million

ETFs: $1.5 million

Commodities: $1.2 million

US Treasuries: $0.8001 million

That is about 4.5x growth from the approximate $5.5 million as of June 29, in under a month. The number of tokenized equity holders grew from 29,407 to 48,470 in five days. Stock token trading pairs now account for 9.1% of DEX trading volume—$36.0 million average per day—while memecoins account for 74.7%.

Chart: Total on-chain tokenized market cap by category—stocks $19.1 million at the top, total $24.8 million. Source: Artemis

Robinhood built a distribution channel. Third parties capture the economic upside. Morpho and Ethena hold deposits. Uniswap captures liquidation trades. Pons.family earns fees. Robinhood charges a base fee with about $78 million annualized.

This is an example of the “fat apps, thin chain” theory, complete with a public-company P&L statement.

This week’s charts

Hyperliquid open interest hit an all-time high of $11.4 billion on July 24, 2026.

Chart: Hyperliquid open interest reached an all-time high of $11.4 billion on July 24. Source: Artemis / Flipside

Over the past two weeks, Ethereum saw net inflows of about $104 million, while Bitcoin flows were more volatile.

Chart: Crypto ETF flows—Ethereum net inflows of about $104 million over the past two weeks, with Bitcoin more volatile. Source: Artemis

Other noteworthy news

The London Stock Exchange announced on July 21 the launch of LSE 24, a 24/5 trading venue supporting native AI agent access and on-chain settlement; two days later, the SEC announced that a 24-hour US stock trading roundtable meeting will be held on September 17.

Strategy sold $263.5 million worth of MSTR stock between July 13 and 19, marking the fourth consecutive week with no Bitcoin purchases. It lifted its dollar reserves to $250k, corresponding to about $1.76 billion in annual preferred share and interest obligations.

Nine companies, including Strategy, BlackRock, Coinbase, and Galaxy, pledged to invest $15 million over three years for post-quantum research on Bitcoin, with more than 7 million BTC in outputs exposed to public keys.

Regulators missed the GENIUS bill rulemaking deadline on July 18. None of the six agencies issued final rules, pushing full effectiveness to January 18, 2027, while stablecoin supply still rose 18.6% to $308.1 billion.

PayPal’s board formally rejected Stripe and Advent’s $60.50 per-share acquisition offer, hired Goldman Sachs and Evercore, and sought a price close to $70 ahead of its Q2 earnings release on July 28.

The CLARITY bill has not yet had a motion to end debate filed; August 7 adjournment is a key milestone.