DeFi Research Market Structure • Capital Efficiency • Onchain Credit NFA/DYOR

Robinhood Chain is growing quickly, but ecosystem TVL alone does not show which protocols are actually benefiting. Protocol-level data gives a clearer picture. Some protocols are absorbing capital, while others are already converting activity into fees and revenue. ⊛ Morpho @Morpho has approximately $425M in active loans on @RobinhoodApp, its third-largest deployment by active loans after Ethereum at $2.22B and Base at $1.92B. Monad, the next-largest market, has only ~$123M. Robinhood’s fee contribution is also slightly above its share of Morpho TVL. With more than $400M in outstanding credit, Robinhood has already become a meaningful credit market for Morpho. ⊛ PONS @ponsdotfamily is the clearest monetization case. Its September 9 rolling 30-day snapshot shows: • DEX volume: $1.567B • Fees: $96.91M • Protocol revenue: $17.82M • Holders revenue: $8.09M Holders revenue equals roughly 45% of protocol revenue. The monetization is significant, but the operating history is too short to treat current revenue as a sustainable run rate. PONS launches tokens directly into Uniswap V3, so activity across the two protocols partially overlaps. ⊛ Uniswap @Uniswap holds approximately $246M in combined TVL on Robinhood, behind only Ethereum and Base in the September 10 snapshot. This makes Robinhood a meaningful liquidity market for Uniswap. Combined Uniswap volume on Robinhood was around $23B over 30 days, but raw volume is a weaker signal of organic demand, especially since some PONS activity flows through Uniswap V3. Liquidity is therefore the cleaner signal here. ⊛ Lighter Robinhood holds approximately $71.5M in @Lighter_xyz TVL, or roughly 10% of the protocol total. • TVL share: ~10% • 30D fee share: ~21% • 7D fee share: ~33% • 30D revenue share: ~21% ~10% of TVL is generating ~20% of Lighter’s economics. The higher 7D fee share suggests Robinhood’s contribution is accelerating. But cumulative Robinhood fees are only ~$1.11M, close to its 30D fees. Most of the economics are recent, so sustainability remains unproven. ⊛ One Chain-Level Caveat Robinhood Chain recorded ~$29.3B in raw 30D DEX volume, versus only ~$2.0B normalized. That >14x gap means raw volume should not be treated as organic demand. This is why capital, loans, fees and revenue provide cleaner signals than headline volume. ⊛ Where Is Robinhood Creating Value? The data points to four forms of value capture: • Morpho | Credit: ~$425M active loans, its third-largest deployment. • PONS | Monetization: $17.82M protocol revenue and $8.09M holders revenue over 30 days. • Lighter | Derivatives: ~10% of TVL generating ~20% of fees and revenue. • Uniswap | Liquidity: ~$246M combined TVL. The main caveat is time. PONS and Lighter are generating strong economics, but much of the activity is recent. Robinhood is producing measurable economic activity, but the market is not yet at steady state. Stock Tokens remain Robinhood Chain’s most recognizable narrative. Yet the clearest measurable beneficiaries today are in credit, speculative issuance, liquidity and derivatives. Capital is moving into Robinhood Chain, but where the economics are captured does not necessarily match where the narrative is concentrated. Data checked: September 10, 2026. PONS data was last updated on September 9.