Robinhood Chain Explained: $944m Volume Days, the FOMO App, and the PONS, INDEX, CASHCAT Token Zoo

Eight weeks ago Robinhood Chain didn’t exist. On 25 August it cleared US$920–944 million of DEX volume in a single day. This is the follow-up to our first look at the chain— what’s actually generating that volume: an app called FOMO, a launchpad called Pons, and a token zoo led by CASHCAT.

The volume ramp, in three days

• It flipped Hyperliquid within a week. A ~$560m day days after launch, per CoinGape — the same Hyperliquid from our 24/7 markets piece.
• Vlad Tenev's own framing is speed. Robinhood took years to reach $10b of trading volume, he said on 7 Aug — the chain did it in weeks.
• The liquidity underneath is real, for now. TVL around $800m and $750m+ in stablecoins at the mid-August peak, per Crypto Briefing.

FOMO: the app doing the shovelling

• FOMO is a social trading app, not a token. Launched May 2025; raised a $17m Series A led by Benchmark, with Solana’s Raj Gokal and Balaji Srinivasan.
• Its trick is removing every step. Apple Pay in, cross-chain trades out — no bridging, no wallets. “Once we added Apple Pay, users flooded in,” co-founder Paul Erlanger says.
• It now routes into Robinhood Chain. One of six chains it trades; reviewers call it the chain’s easiest on-ramp— while noting it’s the newest and least proven.

The token zoo: PONS, INDEX, CASHCAT

• Pons is the chain's pump.fun. Its launchpad minted 27% of the chain’s new tokens at a mid-July snapshot; ~20% of PONS supply is already burned, per KuCoin.
• INDEX turns fees into stock tokens. Trading fees buy tokenized NVDA and AAPL and stream them to holders — it jumped 150% when Tenev invited developers in.
• CASHCAT is still the flagship memecoin. +1,700% in its first week; market cap swung $112m → $180m+ across two August snapshots.

The quieter story: tokenized stocks

• Uniswap's stock-token volume just 10x'd. An all-time high ~$130m day on 29 Aug, up ~10x in a month, per The Crypto Times.
• Tenev calls it a “tokenization supercycle.” On-chain equity trading hit $9b in 2026 — up 800%+ year-to-date, per a Stocktwits-reported tally.
• He's now lobbying for US rules. On 18 Aug Tenev urged policymakers to build a legal framework for tokenized stocks — the product is ahead of the law.

What to watch

• SeptemberWhether daily DEX volume holds above $500m once the memecoin rotation cools — launch-quarter records are the easy part.
• US policyAny response to Tenev’s 18 Aug push — a US framework for tokenized stocks would be the real unlock.
• FOMOExecution reliability as it scales — reviewers’ one consistent caveat about the newest app in the stack.
• SPACEX tokensPrivate-company tokens are the legally spiciest corner — watch whether they grow or get pulled.

Sources & further reading

• Crypto Briefing — daily DEX volume hits all-time high ($920–944m, 25 Aug)
• The Crypto Times — Uniswap stock-token volume reaches $130m all-time high
• KuCoin — what is PONS, Robinhood Chain’s pump.fun rival
• CoinGape — $INDEX’s 150% rally and its stock-reward mechanic
• TheStreet — CASHCAT price and market cap, 7 Aug 2026
• Yahoo Finance — FOMO’s $17m Benchmark-led Series A
• Wu Blockchain — Tenev’s 7 Aug remarks on chain growth