Author: Artemis Analytics

Compiled by: Deep Wave TechFlow

Deep Wave Overview: S&P and Pantera launched the first crypto index based on protocol revenue screening, supported by data from Artemis. Although the DEX trading volume of Robinhood Chain has reached the top four in the industry, the reality is: 70% of the TVL on the chain comes from Morpho and Ethena, stock tokens account for only 4.2%, and memecoin casinos still contribute 75% of the trading volume. This chain, which was supposed to tokenize RWA, is currently making money for third-party protocols, while Robinhood only receives the basic fees.

Market Overview

Risk assets have been sideways, but internal structural adjustments are severe. Bitcoin closed at $64,444, down 0.7%. Ethereum rose 0.6%.

The six-week ETF outflow finally stopped:

• Spot Bitcoin ETF: Net inflow of $75.5 million from July 13 to 17, net inflow of $33.9 million from July 20 to 24
• Total management size of Bitcoin ETF: $78.9 billion
• Ethereum ETF: Recent two weeks saw weekly net inflow of about $104 million

True repricing is happening in the interest rate market. On July 28-29, the probability of a Federal Reserve interest rate hike rose from 10.7% on July 15 to nearly 35% on July 22, almost entirely due to the Iran conflict pushing Brent crude oil close to $100.

Chart: Performance of asset prices over a week, with cryptocurrencies and stocks/ETFs fluctuating, eq-DELL leading with about 10%. Source: Artemis

In contrast to last week, semiconductor stocks rebounded. Dell (+10.4%) and Micron (+8.5%) led the way, a sharp reversal for Micron after a 28% plunge from June highs. Nvidia (+2.0%) outperformed its benchmark, the Nasdaq 100 (-1.5%). DeFi continued its upward trend, with UNI (+2.9%) and AAVE (+2.3%).

Crypto stocks were mixed. Circle (+3.2%) was the only stock with a substantial increase. Coinbase (+0.75%) completely erased all gains from a 9.6% rise on July 21 due to the CLARITY bill.

The hard-hit areas were retail fintech stocks: SKY (-6.2%), HOOD (-5.0%), and SOFI (-4.8%), with HYPE (-3.5%) close behind. Bitcoin (-0.7%) and the market were almost unchanged (SPY -0.5%, Dow -0.3%).

A basket of stocks averaged an increase of 0.41%, with a median of +0.18%.

S&P Pantera Digital Asset Index Launched, Data Provided by Artemis

S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index (SPPDA) on July 20.

This is a benchmark index of 18 tokens, screening projects with protocol revenue from the S&P Cryptocurrency Broad Digital Asset Index, then weighted by market capitalization cap.

Artemis provides data on revenue classification, circulating supply, and total supply. Lukka provides pricing.

The top five weighted components are ETH, BNB, SOL, TRX, and HYPE.

Chart: S&P Pantera Digital Asset Index (SPPDA), with revenue data provided by Artemis, screened by protocol revenue and market cap weighted. Source: Artemis

Neither Bitcoin nor XRP directly passed the revenue test. In comparison: XRP's entire 14-year history of destruction totals around $16 million, while the 18 selected tokens generate over $3 billion in annual revenue.

S&P is very cautious in positioning this index. The methodology refers to protocol revenue as "an objective, rules-based indicator of economic activity," and explicitly states it does not imply investment returns or cash flows.

In simple terms, revenue determines which tokens can be selected, and market cap determines how much you hold. So if you thought from the headlines that this is a way to hold the highest revenue earners in cryptocurrency, you are mistaken.

Additionally, tokens need at least 30% of their supply to be actually circulating to be included, which quietly excludes projects whose valuations are based on yet-to-be-unlocked tokens.

This rule operates based on Artemis's circulating supply data, and it has not been reported by anyone yet. The first component adjustment will be decided on the third Friday of August and will take effect on September 18.

What Actually Happened on Robinhood Chain

First, let's clarify what Robinhood Chain is, as most people skipped this part.

Robinhood Chain is an Arbitrum Orbit L2, meaning Robinhood rents the security of Ethereum to run its own cheap, fast trading layer. It went live on July 1.

The promotion was for tokenizing real-world assets: putting stocks, ETFs, and private equity on-chain. Robinhood clients can trade them around the clock, including in places where they cannot open a U.S. brokerage account. However, what actually launched was a memecoin casino, and right now, this casino is slowly turning into what it was supposed to be (RWA tokenization).

Just last week, we showed how Robinhood Chain became the leading chain in DEX trading volume on peak days. From July 18 to 25, it ranked fourth with $4.7 billion, trailing behind BSC, Ethereum, and Base, ahead of Solana.

Chart: DEX trading volume rankings for each chain from July 18 to 25, with Robinhood Chain at $4.7 billion, ranked fourth, behind BSC, Ethereum, Base. Source: Artemis

Activity on Robinhood Chain:

Chart: Activity metrics on Robinhood Chain - average daily trading volume of about $500 million, daily active users approximately 250,000, monthly active users peak at 2.1 million. Source: Artemis

• Average daily DEX trading volume of about $500 million
• About 250,000 daily active users on average
• Monthly active users reached a historic high of 2.1 million
• About two-thirds of daily active users are returning users
• Average daily transaction count of about 6 million
• Average daily fees of about $200,000

Most of the funds on Robinhood Chain are not Robinhood's

As of July 25, the TVL was $595.1 million, a significant increase from nearly zero in mid-June. The composition is key:

• Morpho: $236.2 million
• Ethena: $177 million
• Uniswap: $48.3 million
• Maple: $48.1 million
• Lighter: $25 million
• Robinhood stock tokens: $24.7 million

Morpho and Ethena together account for 70% of the funds on the chain. Robinhood stock tokens account for only 4.2%.

Chart: Composition of Robinhood Chain TVL as of July 25, with Morpho + Ethena accounting for 70%, and Robinhood stock tokens only 4.2%. Source: Artemis

Uniswap Completely Monopolizes the Trading Layer

On July 25, of the $397.4 million in DEX trading volume:

• Uniswap V3: $251.9 million
• Uniswap V4: $80.1 million
• Uniswap V2: $58.4 million
• Other protocols combined: less than $7 million

This accounts for 98% of Uniswap. Arcus, PancakeSwap, and all on-chain forks share the remaining portion.

Chart: DEX trading volume by liquidity share on July 25, with Uniswap V3 accounting for 63.4%, V4 for 20.1%, totaling 98%. Source: Artemis

Memecoin still accounts for the majority of all DEX trading volume:

• Memecoin trading pairs: $297 million (74.7%)
• Ethereum: $64.2 million (16.1%)
• Robinhood stock token trading pairs: $36 million (9.1%)
• Protocol token trading pairs: $219,600 (0.1%)

One Launchpad Dominates Most of the On-Chain Activity

On July 25, pons.family completed:

• $155.8 million launchpad trading volume, with $99.7 million (64%)
• 1.6 million launchpad transactions, with 1.3 million (81%)
• 11,200 out of 17,600 deployed tokens (64%)

The second-largest platform, Bankr, completed $13.1 million.

In seven days, pons.family generated $7.86 million in total fees on $826 million in trading volume. During the same period, the entire chain's gas fees were about $1.51 million.

The revenue at the application layer is approximately five times that of L2.

Chart: Distribution of launchpad trading volume, with pons.family accounting for 64% of launchpad trading volume and 81% of transaction counts. Source: Artemis

What It Was Built For: Small Scale, Fast Growth, Broader Scope Than Stocks

The total market capitalization of on-chain tokenization is $24.8 million:

• Stocks: $19.1 million
• Private equity: $1.9 million
• ETFs: $1.5 million
• Commodities: $1.2 million
• U.S. Treasuries: $800,100

This is about 4.5 times the roughly $5.5 million on June 29, in less than a month. The number of token holders increased from 29,407 to 48,470 in just five days. Stock token trading pairs now account for 9.1% of DEX trading volume, averaging $36 million daily, while memecoin accounts for 74.7%.

Chart: Total market capitalization of on-chain tokenization by category, with stocks at $19.1 million leading, and overall at $24.8 million. Source: Artemis

Robinhood has established a distribution channel. Third parties benefit economically. Morpho and Ethena hold the deposits. Uniswap clears the trades. Pons.family earns fees. Robinhood collects a basic fee of about $78 million annually.

This is a case of fat applications, thin chain theory accompanied by the income statement of a publicly traded company.

This Week's Charts

Hyperliquid's open interest reached a historic high of $11.4 billion on July 24, 2026.

Chart: Hyperliquid open interest reached a historic high of $11.4 billion on July 24. Source: Artemis / Flipside

In the past two weeks, Ethereum saw a net inflow of about $104 million, while Bitcoin's funds flux was more volatile.

Chart: Crypto ETF fund flows, with Ethereum seeing a net inflow of about $104 million in the past two weeks, while Bitcoin was more volatile. Source: Artemis

Other News Worth Noting

• The London Stock Exchange announced the launch of LSE 24 on July 21, a 24/5 trading venue supporting AI agents with native access and on-chain settlement; two days later, the SEC announced a 24-hour U.S. stock trading roundtable on September 17.
• Strategy sold $263.5 million worth of MSTR stock during July 13 to 19, without purchasing Bitcoin for the fourth consecutive week, raising its dollar reserves to $3.225 billion, corresponding to about $1.76 billion in annual preferred shares and interest obligations.
• Nine companies, including Strategy, BlackRock, Coinbase, and Galaxy, have pledged to invest $150 million in Bitcoin post-quantum research over three years, with over 7 million BTC in public key-exposed outputs.
• Regulators missed the deadline for rule-making on the GENIUS Act on July 18, with six agencies failing to issue final rules, pushing full implementation to January 18, 2027, while the supply of stablecoins still grew by 18.6% to $30.81 billion.
• The PayPal board formally rejected the acquisition offer of $60.50 per share from Stripe and Advent, hired Goldman Sachs and Evercore, and is seeking a price close to $70 before the earnings report on July 28.
• The CLARITY Act has not yet submitted a motion to terminate the debate; August 7 recess is a key node.