Uniswap leads tokenized stock DeFi TVL growth, adds $83M in 30 days
Uniswap just quietly became the biggest venue for tokenized stock trading in DeFi, pulling in $82.8 million in new deposits over the past 30 days. The deposits split across Uniswap’s two active versions: $54.7 million flowed into V4 and $28.1 million into V3. Combined, the protocol now accounts for a commanding share of a tokenized stock DeFi market that has reached $192.6 million in total value locked.
The Robinhood Chain factor
Most of this activity traces back to Robinhood Chain, where tokenized versions of traditional equities have found a surprisingly active trading audience. Uniswap has captured 73% of all stock token deposits on the chain, making it the de facto automated market maker for anyone looking to trade tokenized equities onchain.
Robinhood’s stock tokens have generated cumulative trading volumes north of $3 billion. Robinhood, the app that famously brought commission-free stock trading to millions of retail investors, now has its own blockchain. And the dominant trading venue on that chain isn’t a Robinhood-built exchange — it’s Uniswap, an open-source protocol governed by token holders.
Breaking down the TVL leaderboard
As of early September, Uniswap V4 led the tokenized stock DeFi category with $59.1 million in TVL. Uniswap V3 held an additional $20.9 million. The only other protocol in the same weight class is Kamino Lend, a Solana-based lending protocol with $41.7 million locked. Together, these three venues account for roughly 63% of the entire $192.6 million tokenized stock DeFi market.
The split between V3 and V4 is also telling. V4 attracted nearly double the deposits of V3 over the same period. V4 introduced hooks, which are customizable smart contract plugins that let pool creators add features like dynamic fees, limit orders, and custom oracle integrations.
Why tokenized stocks are gravitating to DeFi
DeFi venues offer 24/7 trading, instant settlement, composability with other protocols, and permissionless access. Traditional stock markets close at 4 PM Eastern. DeFi doesn’t have a closing bell.
Kamino Lend’s $41.7 million in TVL hints at another dimension of this market: lending against tokenized stock positions. If you hold tokenized Apple shares and want to borrow stablecoins without selling, a DeFi lending protocol can facilitate that.
Uniswap’s 73% deposit share on Robinhood Chain gives it something close to a monopoly position in one of the fastest-growing segments of DeFi. For now, the protocol that started as a simple token swap interface is quietly becoming a stock exchange.
