ARK Invest Releases Q3 DeFi Report: Stock Tokenization Drives Rebound in On-Chain Trading Activity, Accounting for ~9% of Spot DEX Trading Volume

ARK Invest’s Q3 2026 DeFi report shows that tokenized equities were the main driver of the quarter’s rebound in on-chain activity. Tokenized equity spot DEX trading volume hit roughly $50 billion, about 9 times the prior quarter’s level, lifting its share of total spot DEX volume from ~1% to ~9%. Total spot DEX volume rose ~13% quarter-over-quarter (QoQ) to $571 billion, marking its first quarterly increase in four quarters. In its first quarter since launch, Robinhood Chain generated ~$65 billion in DEX trading volume and $51 million in network revenue, with its network income nearly matching BNB Chain’s performance in the same period. However, ARK projects that recent adjustments to the gas mechanism will cause the chain’s revenue to decline from current levels. Total stablecoin supply fell ~3% QoQ to $309 billion, but adjusted trading volume rose ~16% QoQ to $781 billion, while monthly active addresses grew ~39% to 73 million. Perpetual contract DEXs saw a divergence between open interest and trading activity: open interest rose ~76% QoQ to $240 billion, while quarterly trading volume dropped ~16% to $1.4 trillion. Hyperliquid’s open interest stood at ~$130 billion, accounting for ~53% of the total. ARK notes this trend points to fewer but larger, longer-held positions.