Uniswap recorded the strongest month in its history in September 2026, and a blockchain that did not exist in June supplied the majority of it.

The decentralized exchange generated $14.81 million in protocol revenue for the month. Robinhood Chain, a Layer-2 network that went live on July 1, 2026, accounted for 53% of that total — roughly $7.8 million — meaning the single new deployment out-earned all of Uniswap's other deployments combined.

Token Terminal released the September figures based on on-chain data in early October 2026. Its numbers put Uniswap's protocol revenue at approximately $14.7 million, the highest monthly figure the protocol has recorded to date. Protocol revenue counts only the fees that accrue to the protocol itself, separate from the portion of swap fees that goes to liquidity providers.

Tokenized equities powered the surge

The engine behind the record was trading in tokenized stocks and other assets. Tokenized stocks are blockchain-based tokens designed to track the value of traditional equities, allowing users to trade them on-chain rather than through a conventional brokerage.

The format has moved toward the mainstream since mid-2025, when Robinhood opened tokenized U.S. stock trading to European customers and crypto exchanges including Kraken and Bybit rolled out their own offerings.

Fee economics on the network were also richer than the protocol norm. Uniswap's average fee capture on Robinhood Chain sits at 0.465% per trade, while the average across Uniswap globally is 0.214%.

Uniswap likewise dominated the chain's trading flow. On September 1, 2026, Robinhood Chain processed $1.95 billion in total daily volume, and $1.75 billion of that ran through Uniswap's liquidity pools.

A day-one integration

Robinhood Chain is built on Arbitrum, one of the established Layer-2 networks that sit on top of Ethereum. Layer-2s batch transactions off the main chain to make trading cheaper and faster. Robinhood first announced plans for its own Arbitrum-based chain in mid-2025, alongside its tokenized stock launch.

Uniswap was integrated as the chain's primary automated market maker from day one, deploying its full product lineup at launch: v2, v3, v4 and UniswapX, its intent-based routing system.

Fee collection did not begin immediately, however. Uniswap started collecting protocol fees on the network on July 27, 2026, nearly four weeks after launch.

The October cooldown

By early October 2026, daily transactions on Robinhood Chain had fallen by more than 40%, signaling a moderation in trading activity after September's surge.

The decline highlights the concentration embedded in the revenue mix. A single chain supplying 53% of monthly revenue creates real exposure, and the same dependence that powered the record could just as easily drag the next month's figures lower.

The fee data also indicates that traders in tokenized equities are willing to pay more per trade than typical crypto swappers, given that fee capture in this asset class runs well above Uniswap's global average.

Token Terminal's next monthly release will show whether the pullback in activity carried through to October's revenue.

Source: Uniswap posts record $14.81 million monthly revenue as Robinhood Chain drives over half — CryptoBriefing