Crypto Trading Terminals Post First $1 Billion Day Since January 2025

Crypto trading terminals settled more than $1 billion of volume in a single day on Sept. 2, the first time they have crossed that threshold since January 2025, according to a Dune chart published by the analyst who goes by Adam on X. Trading terminals are standalone apps and bots, often embedded in Telegram or built for mobile, that let traders execute swaps and snipe new token launches without using a full web wallet interface; they became a major retail on-ramp during the Solana memecoin boom of 2024 and 2025.

The mix of venues behind the milestone has shifted since the last billion-dollar day. GMGN, the multi-chain terminal that handled $479.7 million of the $1.03 billion total on Adam's count, now does nine of every ten dollars of its volume on Robinhood Chain, the two-month-old network Robinhood built for tokenized equities. Its Solana volume was $9.5 million that day, against $9.4 million 30 days earlier.

DefiLlama data shows GMGN recorded $490.9 million of volume on Sept. 2, its third-largest day on record. The two larger days were Oct. 8 and Oct. 9, 2025, at $519.2 million and $494.9 million. Its January 2025 peak, reached during the TRUMP memecoin launch, was $272.4 million on Jan. 19.

Ninety-One Percent Robinhood

Robinhood Chain accounted for $445.5 million of GMGN's Sept. 2 volume, or 90.7%. Thirty days earlier the chain carried $18.2 million of it.

GMGN's BSC volume moved in the opposite direction over that stretch, falling from $91.6 million a day to $29.6 million. Across all chains, the terminal settled $3.02 billion over 30 days against $2.49 billion in the prior 30-day window, a 21.5% increase. The record day came from Robinhood Chain; the rest of GMGN's footprint grew far less or shrank.

Fee income tracks the volume. GMGN took $2.46 million of revenue on Sept. 2, up from $956,000 on Aug. 26, rising on each of the five days from Aug. 28. Its record is $5.74 million, set on Oct. 8, 2025.

Robinhood Chain's own DEX volume hit a record $1.67 billion on Sept. 1 and stood at $1.55 billion over the 24 hours to 20:24 UTC on Thursday, against $354 million on Aug. 3. The chain has settled $20.36 billion over 30 days versus $15.09 billion in the prior window, a 34.9% increase.

That ranks it second among all networks, behind Solana at $2.29 billion over 24 hours and ahead of Ethereum at $1.32 billion, BNB Chain at $1.14 billion and Base at $792 million. The Defiant reported on Sept. 1 that the chain had passed Ethereum, BNB Chain and Base on DEX volume as its launchpads took close to 70% of launchpad fees across crypto, and on Aug. 31 that it had topped Ethereum in daily app revenue.

Two Counts, One Day

DefiLlama's own tally of the same category comes to $600.3 million for Sept. 2, because it classifies the field more narrowly. Its Trading App and Telegram Bot categories exclude basedbot, which Adam's query credits with $77.8 million, and the pump.fun mobile app, credited with $67 million; DefiLlama books the pump.fun app under Interface and puts its Sept. 2 volume at $17.9 million. Its adapter for fomo, the second-largest terminal on Adam's chart at $268.2 million, covers Solana only and reports $27.2 million.

The two counts agree on direction and on which terminal leads. DefiLlama's adapters exclude volume routed through venues it has not indexed, a limit it states in its Axiom methodology, so its terminal figures read as a floor. The gap is a reminder that terminal volume is not a standardized category: different data providers draw the boundary between terminals, interfaces and bots differently, so headline figures vary with the definition.

Axiom, the largest Solana terminal through most of 2025, did $60.3 million on Sept. 2 by DefiLlama's count and $95.5 million by Adam's. Its daily volume has held flat for a month, against $61.3 million on Aug. 3, while its 30-day total nearly doubled to $2.36 billion from $1.22 billion. Photon did $1.5 million, Trojan $2.6 million and BullX $286,000.

V4 Passes V3

The recovery extends beyond the terminal business. Volume across all decentralized exchanges reached $9.18 billion over 24 hours and $236.3 billion over 30 days, against $187.6 billion in the prior 30-day window, a 26% increase.

August settled at $233.5 billion, the strongest month since February and up from $197.2 billion in July. The market remains well short of its October 2025 record of $588.3 billion.

Uniswap V4 is the largest single DEX by 30-day volume at $28.21 billion, ahead of V3 at $26.54 billion. V4 is up 10.8% against the prior 30-day window and V3 up 7.4%, while Uniswap V2 fell 58.8% to $1 billion. Uniswap Labs switched on protocol fees for V4 pools on July 27, which nearly tripled protocol revenue at the time.

Among other venues, PumpSwap did $1.02 billion over 24 hours and is up 16.6% across the 30-day window. PancakeSwap Infinity is up 50.7%, Hyperliquid's spot order book 69.3%, and Kuru CLOB on Monad 547%. Monad's chain-level DEX volume went from $30 million a day on Aug. 3 to $134 million on Sept. 2. Hyperliquid's perpetuals venue traded $7.55 billion of notional across 233 markets over 24 hours, per The Defiant's read of the exchange's own API.

The Defiant reported in August that DEX spot volume had reached a record 24% of centralized exchange volume in July, in a month when overall spot volumes hit a two-year low.

The Wider Bid

The volume came alongside a price rally. Bitcoin traded at $81,406, up 5.2% over 24 hours and 27.2% over 30 days, according to CoinGecko. Ether was at $2,507.61, up 34.3% over 30 days, and Solana at $105.22, up 41.9%. Total crypto market capitalization stood at $2.75 trillion.

Tokens tied to the venues taking the volume ran further. UNI traded at $6.26, up 35% over seven days and 60.3% over 30 days, for a $3.9 billion market capitalization. HYPE was at $85.38, up 55% over 30 days. PUMP was up 89.3% over 30 days. JUP, whose aggregator did $385.8 million over 24 hours, was at $0.2367, up 24.5% over 30 days.

Pons, the launchpad that exists only on Robinhood Chain and supplies much of the token flow the terminals trade, collected $5.95 million in fees on Sept. 2 against $1.46 million for pump.fun. Whether terminal volume holds above the billion-dollar mark will depend in part on whether that launchpad flow, and Robinhood Chain's share of it, persists.