ARK Invest Q3 DeFi Report: Stock Tokenization Drives On-Chain Trading to 9%

On October 21, ARK Invest released its Q3 2026 DeFi report, indicating that stock tokenization has become the main driver of the rebound in on-chain trading activity for the quarter. The trading volume of tokenized stock on decentralized exchanges (DEX) reached approximately $50 billion, about nine times that of the previous quarter, with its share of total spot DEX trading volume rising from about 1% to approximately 9%. Overall, DEX spot trading volume increased by about 13% quarter-on-quarter to $571 billion, marking the first growth in nearly four quarters. Robinhood Chain achieved approximately $65 billion in DEX trading volume and $51 million in network revenue in its first quarter, nearing the levels of BNB Chain during the same period. ARK expects that recent adjustments to the Gas mechanism will cause the chain's revenue to decline from current levels. The total supply of stablecoins decreased by about 3% quarter-on-quarter to $309 billion, but adjusted trading volume increased by about 16% to $781 billion, with the number of monthly active addresses growing by about 39% to 73 million. Meanwhile, perpetual contract DEXs showed a divergence in positions and transactions: the value of open contracts increased by about 76% quarter-on-quarter to $24 billion, while quarterly trading volume fell by about 16% to $1.4 trillion. Among these, Hyperliquid's open contract value was approximately $13 billion, accounting for about 53%. ARK believes this indicates fewer but larger positions held for longer durations.

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