Robinhood Chain TVL nears $1B since July 1 launch; DEX volume hits $1.88B

The scale of the DEX volume relative to TVL is the notable signal here: it suggests active trading rather than idle deposits, which is unusual for a chain this young. That distinction matters because it hints the activity is organic rather than purely incentive-driven, though the analyst's four-factor explanation is doing a lot of unexplained work. The open question is whether this turnover persists once early launch incentives or novelty fade, and whether the deposits stay if volumes cool.