Author: Artemis Analytics
Compiled by: Deep Tide TechFlow
Deep Tide Intro:S&P and Pantera launched the first crypto index screened based on protocol revenue, with Artemis providing data support. While Robinhood Chain's DEX trading volume has climbed into the industry's top four, the reality is: 70% of its TVL comes from Morpho and Ethena, stock tokens account for only 4.2%, and the memecoin casino still contributes 75% of the trading volume. This chain, which was meant for RWA tokenization, is currently being monetized by third-party protocols, with Robinhood only earning basic fees.
Market Overview
Risk assets traded sideways, but internal structure adjusted sharply. Bitcoin closed at $64,444, down 0.7%. Ethereum rose 0.6%.
The six-week outflow streak for ETFs finally stopped:
- Spot Bitcoin ETFs: Net inflow of $75.5 million from July 13–17, net inflow of $33.9 million from July 20–24
- Total Bitcoin ETF AUM: $78.9 billion
- Ethereum ETFs: Net inflow of about $104 million per week over the past two weeks
The real repricing happened in the interest rate market. The probability of a Fed rate hike on July 28–29 surged from 10.7% on July 15 to nearly 35% by July 22, almost entirely due to Brent crude approaching $100 driven by Iran conflict.
Chart: Weekly asset price performance, cryptocurrencies mixed vs. stocks/ETFs, eq-DELL leads gains at ~10%. Source: Artemis
Unlike last week, semiconductor stocks rebounded. Dell (+10.4%) and Micron (+8.5%) led gains, a sharp reversal for memory chips after Micron plunged 28% from its June high. Nvidia (+2.0%) outperformed its anchor index, the Nasdaq 100 (-1.5%). DeFi continued its rise, with UNI (+2.9%) and AAVE (+2.3%).
Crypto stocks were mixed. Circle (+3.2%) was the only stock with material gains. Coinbase (+0.75%) gave back all of its 9.6% gain from July 21 driven by the CLARITY Act.
The hardest hit were retail fintech stocks: SKY (-6.2%), HOOD (-5.0%) and SOFI (-4.8%), with HYPE (-3.5%) following closely. Bitcoin (-0.7%) and major indices barely moved (SPY -0.5%, Dow -0.3%).
A basket of stocks averaged a gain of 0.41%, median +0.18%.
S&P Pantera Digital Asset Index Launches, Powered by Artemis Data
S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index (SPPDA) on July 20th.
This is an 18-token benchmark index that screens for projects with protocol revenue from the S&P Crypto Broad Digital Asset Index, then weights them by market cap.
Artemis provides revenue classification, circulating supply, and total supply data. Lukka provides pricing.
The top five component tokens by weight are ETH, BNB, SOL, TRX, and HYPE.
Chart: S&P Pantera Digital Asset Index (SPPDA), powered by Artemis revenue data, screened by protocol revenue, weighted by market cap. Source: Artemis
Both Bitcoin and XRP fail the revenue test outright. For scale: XRP's entire 14-year history of burned fees totals about $16 million, while the 18 selected tokens generate over $3 billion in revenue annually.
S&P is positioning this index carefully. The methodology calls protocol revenue an "objective, rules-based indicator of economic activity" and explicitly states it does not imply investment return or cash flow.
Simply put, revenue determines which tokens make the cut, market cap determines how much you hold. So if you read the headlines and thought this was a way to hold the biggest earners in crypto, you'd be wrong.
Additionally, tokens need at least 30% of supply actually circulating to qualify, quietly weeding out projects whose valuations are built on locked-up tokens.
This rule runs on Artemis's circulating supply data and hasn't been reported on yet. The first component rebalance will be determined on the third Friday of August, effective September 18th.
Robinhood Chain: What's Actually Happening
Let's be clear on what Robinhood Chain is, because most people skipped that part.
Robinhood Chain is an Arbitrum Orbit L2, meaning Robinhood rents Ethereum's security and runs its own cheap, fast transaction layer on top of it. It launched on July 1st.
The pitch was tokenizing real-world assets: putting stocks, ETFs, and private equity on-chain. Robinhood's customers could trade them 24/7, including in places where they can't open a US brokerage account. What actually launched was a memecoin casino, and what's happening now is that casino slowly turning into what it was supposed to be (RWA tokenization).
Just last week, we showed Robinhood Chain becoming a leading chain for DEX volume on a peak day. For the full week of July 18–25, it ranked fourth at $4.7 billion, behind BSC, Ethereum, and Base, ahead of Solana.
Chart: DEX Volume Ranking by Chain for July 18–25, Robinhood Chain ranks fourth at $4.7B, behind BSC, Ethereum, Base. Source: Artemis
Activity on Robinhood Chain:
Chart: Robinhood Chain Activity Metrics – DEX daily volume ~$500M, daily active users ~250K, monthly active users 2.1M. Source: Artemis
- DEX volume averaging ~$500 million daily
- Daily Active Users averaging ~250,000
- Monthly Active Users hit a new ATH of 2.1 million
- About two-thirds of DAUs are returning users
- Transaction count averaging ~6 million daily
- Fees averaging ~$200,000 daily
Most of the Money on Robinhood Chain Isn't Robinhood's
As of July 25th, TVL was $595.1 million, a massive jump from almost 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 on-chain money. Robinhood stock tokens make up only 4.2%.
Chart: Robinhood Chain TVL Composition as of July 25, Morpho + Ethena account for 70%, Robinhood stock tokens only 4.2%. Source: Artemis
Uniswap Has a Complete Monopoly on the Trading Layer
Of the $397.4 million in DEX volume on July 25th:
- Uniswap V3: $251.9 million
- Uniswap V4: $80.1 million
- Uniswap V2: $58.4 million
- All other protocols combined: less than $7 million
That's 98% Uniswap. Arcus, PancakeSwap, and all forks on-chain share the remainder.
Chart: DEX Volume by Liquidity Share on July 25, Uniswap V3 63.4%, V4 20.1%, total 98%. Source: Artemis
Memecoins still account for the majority of all DEX volume:
- Memecoin pairs: $297 million (74.7%)
- Ethereum: $64.2 million (16.1%)
- Robinhood stock token pairs: $36 million (9.1%)
- Protocol token pairs: $219.6K (0.1%)
One Launchpad Accounts for Most of the On-Chain Activity
On July 25th, pons.family accounted for:
- $99.7 million out of $155.8 million in launchpad volume (64%)
- 1.3 million out of 1.6 million launchpad transactions (81%)
- 11,200 out of 17,600 tokens deployed (64%)
The second-largest platform, Bankr, did $13.1 million.
Over seven days, pons.family generated $7.86 million in total fees on $826 million in volume. Total gas fees for the chain in the same period were about $1.51 million.
The application layer revenue was about five times that of the L2.
Chart: Launchpad Volume Distribution, pons.family accounts for 64% of launchpad volume and 81% of transactions. Source: Artemis
What It Was Built For: Small, Growing Fast, Broader Than Stocks
Total on-chain tokenized market cap is $24.8 million:
- Stocks: $19.1 million
- Private Equity: $1.9 million
- ETFs: $1.5 million
- Commodities: $1.2 million
- US Treasuries: $800,100
That's up about 4.5x from about $5.5 million on June 29th, in less than a month. Tokenized equity holders grew from 29,407 to 48,470 in five days. Stock token pairs now account for 9.1% of DEX volume, averaging $36 million daily, compared to 74.7% for memecoins.
Chart: Total On-Chain Tokenized Market Cap by Category, Stocks lead at $19.1M, total $24.8M. Source: Artemis
Robinhood built the distribution channel. Third parties capture the economic upside. Morpho and Ethena hold deposits. Uniswap clears trades. Pons.family takes fees. Robinhood earns the base fee, annualized to about $78 million.
This is the fat application, thin chain theory with a public company P&L attached.
Chart of the Week
Hyperliquid open interest reached a new all-time high of $11.4 billion on July 24, 2026.
Chart: Hyperliquid Open Interest hits new ATH of $11.4B on July 24. Source: Artemis / Flipside
Ethereum ETFs saw net inflows of about $104 million over the past two weeks, while Bitcoin flows were more volatile.
Chart: Crypto ETF Flows, Ethereum net inflow ~$104M over past two weeks, Bitcoin more volatile. Source: Artemis
Other Notable News
- The London Stock Exchange announced LSE 24 on July 21, a 24/5 trading venue with native access for AI agents and on-chain settlement; two days later the SEC announced a September 17th roundtable on 24-hour US equity trading.
- Strategy sold $263.5 million of MSTR stock between July 13–19, marking a fourth consecutive week without buying Bitcoin, boosting its dollar reserves to $3.225 billion against ~$1.76 billion in annual preferred stock and interest obligations.
- Nine companies including Strategy, BlackRock, Coinbase, and Galaxy pledged $15 million over three years for Bitcoin post-quantum research, with over 7 million BTC in outputs with exposed public keys.
- Regulators missed the July 18th rulemaking deadline for the GENIUS Act, with no final rules from any of the six agencies, pushing full implementation to January 18, 2027, while stablecoin supply still grew 18.6% to $308.1 billion.
- PayPal's board formally rejected Stripe and Advent's $60.50 per share acquisition offer, hired Goldman Sachs and Evercore, and is seeking a price near $70 ahead of July 28th earnings.
- The CLARITY Act still hasn't had a cloture motion filed, with the August 7th recess being the key deadline.
