Methodology

Sources

DefiLlama: fees, revenue, value to holders, DEX volume and TVL for every project, and the chain's TVL.

Robinhood Chain: read directly from the chain's public RPC: the list of stock tokens (every token from Robinhood's stock-token factory, 0x4783c67b63de2b358ac5951a7d41f47a38f3c046), each token's supply, every mint and burn, and launches on Pons V2 and on the factory Long and Bankr share.

GeckoTerminal: stock-token prices, pools, daily pool volume and holder counts.

GitHub: public commits, merged pull requests and releases for builder activity, pulled automatically.

X: each team's posts, read by hand for builder highlights.

Dates

Every number runs through one cutoff: the last full day (UTC) in the DefiLlama data. The stock-token data is read to the last block of that same day, and a build refuses to mix dates.

Numbers refresh daily. The written read (the hero, the three reads and the economy summaries) is written from a copy of the data frozen when each week closes on Sunday, and is labelled with its week.

Two things are read at the refresh rather than at the close: project TVL from DefiLlama and holder counts from GeckoTerminal. They're labelled “as of the [date] refresh”. The chain's TVL is dated by the day it closes.

Definitions

RH-native: a project that runs only on Robinhood Chain. Multichain apps like Uniswap and Morpho are context, not ranked. DefiLlama groups a project's versions under one name.

Fees are everything users paid a project. Revenue is the part the project keeps.

Kept as revenue is revenue as a share of fees: how much of what users pay a project keeps, rather than passing it on to liquidity providers and users.

TVL is capital deposited, from DefiLlama.

Stock tokens: every token deployed by Robinhood's stock-token factory. Live means a supply above zero at the cutoff.

Value on-chain: each token's supply at the close times its closing price in its most liquid pool. Supply is rebuilt day by day from every mint and burn. Tokens without a pool aren't valued.

DEX volume in stock-token pools: the most active pools that hold a stock token, each pool counted once in totals. A token's own volume includes every tracked pool it trades in.

Launches: new tokens recorded by Pons V2's launch contract and by the factory Long and Bankr share. A launch is stock-paired when its paired asset is a Robinhood stock token. Long and Bankr are shown combined, because their shared factory doesn't record which of the two made each launch.

Launchpad trading is a floor: it sums each launchpad's 200 most active pools on GeckoTerminal (200 per market for Pons), so the real figure is at least this. Pools pairing with tokens that aren't Robinhood stock tokens, like synthetic stocks on Long, aren't counted.

Holders: GeckoTerminal's holder counts, refreshed daily for the 60 largest stock tokens and weekly for the rest.

The map

Every RH-native project earning over $15k a month. Left to right: the share of fees a project keeps as revenue. Up and down: fees against the prior 30 days. Neither side is better; some business models keep fees, others pass them on. Circle size is fees.

Builder activity

Commits, merged pull requests and releases come from each team's public GitHub repos, for complete Monday-to-Sunday weeks. Forks, archived repos and automated commits (bots like Dependabot and GitHub Actions) are left out.

Statuses and highlights are written by hand from GitHub and each team's X posts.

Quality checks

Before anything is published, each build checks that every source ran through the same day, that no headline number moved more than a set limit since the last published version, that no page shows an empty or broken value, and that every internal link works.

If a check fails, nothing is published: the last good version stays live and an alert goes out. If GitHub can't be reached, builder activity keeps its last good data, labelled with its date.

Disclosures

Disclosure: the author holds PRIORS, BUN, RAETO and PONS. The State of Blocks $PONS terminal is sponsored by Pons.