Welcome to the DefiLlama Newsletter. Each week we bring you the most valuable onchain insights from the the deepest DeFi dataset in the world.

Robinhood Chain is two months into mainnet. Base is three years in.

Base’s larger and more mature TVL base has more distributed DEX volume in a DeFi-focused ecosystem. Robinhood Chain’s tokenized equity focus and strong distribution are pushing non-stablecoin RWA market cap above Base’s.

Despite only carrying one-sixth of Base’s TVL, Robinhood Chain’s DEX volume, app revenue and chain fees are outpacing Base.

Robinhood Chain has facilitated more volume than Base over the last 30d and 3x Base’s volume in the last week, growing on 7d, 14d and 30d timeframes. DEX volume on Base is up 23% over 30d but fell 6% over the last 7d.

The protocols facilitating the volume and bringing in revenue for both chains look different: on Base, Aerodrome and Uniswap facilitate the most DEX volume and bring in the most revenue.

On Robinhood Chain, Uniswap facilitates over 70% of DEX volume, but ranks third among Robinhood Chain’s revenue generators. GMGN and Pons earned 2x and 3x more than Uniswap over the last month.

Robinhood Chain’s App Revenue is impressive: over the last week, only Solana has outpaced RHC’s App Revenue.

Base’s $5b in stablecoin market cap provide it with a decisive edge in total RWA market cap.

Excluding stablecoins, Robinhood Chain’s genuine tokenized assets have already surpassed Base.

Both chains are marginal producers of bottom line revenue to their respective publicly traded companies. Base shares its revenue with Circle, and Robinhood Chain shares with Arbitrum.

Base’s impact to COIN stock is already known: the chain produced 3.9% of Coinbase’s total Q2 revenue. Robinhood’s next earnings report is the first that will show a Chain revenue line.

Base is the more architecturally decentralized and battle-tested of the two (3+ years live, formal multisig checks-and-balances). Robinhood Chain is more centralized by design today (single operator, compliance-screened sequencing, no disclosed independent council) but purpose-built and faster at the block level.

Both chains represent a broader push from tradfi firms moving onchain. Both distribute to large retail audiences through regulated platforms.

Both show that the RWA/tokenization thesis is growing. Early activity is mostly speculative, but the foundation is being set for a global economy that moves more money on crypto rails.

The new DefiLlama Rewards dashboard is a market-wide curated directory of 150+ rewards programs highlighting where the best programs are and how they work.

Something for everyone:

There are currently 86 live Points programs and 14 that are between seasons. 26 protocols are offering trading fee discounts.

Filter by the reward type you’re looking for and hit “Open” to follow that link.

Sort by most recent to find the newest programs, and hit the dropdown on each protocol to get the rewards details for invited users and users who invite others.

More are added daily - bookmark the dashboard and check back daily to see new additions.

For protocols looking to showcase a program: do that here.

_{DefiLlama may earn referral rewards for some of these programs.}

Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

Built and powered by DefiLlama and Forgd, Universal Token Ratings is a free, open leaderboard. Any project can claim its profile, submit disclosures, and get scored on the same Disclosure x Performance framework covered in this piece.

FIP.16 passed on April 24 with 98.06% in favor, one of the strongest mandates in Flare's governance history. It restructured FLR issuance, burn fees, transaction fees, staking weight and protocol revenue in a single proposal.

It is clear that the observable universe of prediction markets on DefiLlama converges to these two companies taking most of the pie. However, while they were once neck to neck, Kalshi has blown far past Polymarket and overtaken them as volume leader.

The Pre-IPO dashboard tracks 182 active private companies with their latest funding dates, estimated current valuations, raise data and the current valuation premium.

The Premium is the dashboard’s core signal for whether secondary markets are pricing a company above or below its last official round.

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