{"id":3866,"date":"2026-10-22T14:36:55","date_gmt":"2026-10-22T14:36:55","guid":{"rendered":"https:\/\/tdmm.io\/insights\/?p=3866"},"modified":"2026-10-22T14:53:24","modified_gmt":"2026-10-22T14:53:24","slug":"best-market-makers-for-robinhood-chain-tokens","status":"publish","type":"post","link":"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/","title":{"rendered":"Best Market Makers for Robinhood Chain Tokens: TDMM\u2019s 2026 Ranking, With Pons Launchpad Data"},"content":{"rendered":"<p class=\"p1\"><i>Disclosure: TDMM publishes this article, offers market making and ranks itself first for Robinhood Chain token issuers. We say so at the top, publish the method and the data, and base what we say about other firms on what they publish themselves or what regulators and major outlets have reported.<\/i><\/p>\n<h2 class=\"p2\"><b>The short answer<\/b><\/h2>\n<p class=\"p1\">The best market makers for Robinhood Chain tokens in 2026, in TDMM\u2019s ranking, are TDMM, Wintermute, FalconX, B2C2, GSR, Keyrock, Flowdesk, Tokka Labs, Arrakis and Kairon Labs. For a token that starts in a Uniswap pool on Robinhood Chain, including one that graduates from the Pons launchpad, and later lists on centralised exchanges, TDMM ranks first because one provider covers both with one reference price. Only two firms have publicly said they make markets on Robinhood Chain: FalconX, which calls itself a liquidity partner and market maker for the chain\u2019s protocols, and Tokka Labs, which 0x names as the primary market maker for Stock Tokens on 0x RFQ. Of the 1,089 most-traded Robinhood Chain pools TDMM measured on-chain, 230 had no depth within 1% of the price and only 104 could take a $10,000 order both ways for under 1% impact. Write spread, depth and uptime into the contract for every venue.<\/p>\n<h2 class=\"p3\"><b>Key takeaways<\/b><\/h2>\n<ul class=\"ul1\">\n<li class=\"li4\">Robinhood Chain is Robinhood\u2019s Ethereum layer-two, built on Arbitrum\u2019s stack. Its public mainnet opened on 1 July 2026. Gas is paid in ETH, blocks arrive about every 100 milliseconds (TDMM measured 0.104 seconds over the last 5,000,000 blocks), ordering is first-come-first-served, and Offchain Labs runs the sequencer on Robinhood\u2019s behalf.<\/li>\n<li class=\"li4\">The chain is large for its age. DefiLlama shows $1.14 billion of TVL and $1.11 billion of stablecoins on 21 October 2026, $90.7 billion of DEX volume in the third quarter and a record $3.67 billion on 4 September. Fees across apps and the chain peaked at $31.5 million in a day and were $2.3 million on 21 October.<\/li>\n<li class=\"li4\">Three kinds of token live on Robinhood Chain, and each needs a different market maker. Robinhood\u2019s 195 Stock Tokens (issued by Robinhood Assets (Jersey) Limited) had $155.7 million outstanding on 22 October, with the top five tickers at 44% of that value. Launchpad memecoins, led by Pons, made the chain\u2019s volume. Protocol tokens such as PONS and CASHCAT have reached Coinbase, OKX, Upbit, Bybit, Gate and Kraken.<\/li>\n<li class=\"li4\">Pons is the chain\u2019s largest launchpad and, for a month, one of the highest-earning apps in crypto. Bitquery counted 207,893 coins created in the 32 days to 3 September 2026, of which 3,228 (1.55%) graduated into Uniswap v4 pools, and found the median graduated coin 85% below its first-hour price. Pons earned $11.1 million in fees on 5 September and $0.47 million on 21 October.<\/li>\n<li class=\"li4\">TDMM read 1,089 Robinhood Chain pools on-chain on 22 October 2026: 230 held less than $1 within 1% of the price, 27 were one-sided and 832 had depth on both sides. GeckoTerminal reports $209.2 million of liquidity across them, but only $16.6 million sits within 1% of the price.<\/li>\n<li class=\"li4\">PONS itself is the test case for a token that made the trip from pool to exchange. On 22 October its tightest books were on Gate (3.9 basis points) and MEXC (5.1); OKX held the most depth within 2% ($208,700 both sides); Kraken held the least ($21,800). Its deepest on-chain pools were on Ramses and Uniswap.<\/li>\n<li class=\"li5\">When a Robinhood Chain token reaches an exchange, the standard is set by the books already there. For a token worth $5 million to $25 million, TDMM\u2019s snapshot of 3,425 USDT books on Gate and MEXC puts the top-quartile spread at 14.1 basis points and top-quartile two-sided depth within 2% at $17,076.<\/li>\n<\/ul>\n<figure id=\"attachment_3870\" aria-describedby=\"caption-attachment-3870\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3870\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-300x169.png\" alt=\"Panel of nine statistics on Robinhood Chain market structure on 22 October 2026, including $1.14B of TVL, $1.11B of stablecoins, $90.7B of Q3 DEX volume, 195 Stock Tokens, 1,089 pools measured, 230 with no depth within 1% and 832 with two-sided depth.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3870\" class=\"wp-caption-text\">Nine numbers on Robinhood Chain market structure. Sources as dated in the panel.<\/figcaption><\/figure>\n<h2 class=\"p2\"><b>Top market makers for Robinhood Chain tokens at a glance<\/b><\/h2>\n<figure id=\"attachment_3886\" aria-describedby=\"caption-attachment-3886\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3886\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-300x169.png\" alt=\"Ranked table of the 10 top market makers for Robinhood Chain tokens, with TDMM first, showing what each is best for and what the public record shows.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3886\" class=\"wp-caption-text\">TDMM&#8217;s ranking for Robinhood Chain token issuers. TDMM publishes it and ranks itself first. The method and evidence follow.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p4\"><strong>Rank<\/strong><\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\"><strong>Market maker<\/strong><\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p4\"><strong>Best for a Robinhood Chain token that needs<\/strong><\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p4\"><strong>What the public record shows<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p4\">1<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p4\">TDMM<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p4\">One partner across Robinhood Chain pools and CEX books, for tokens under about $100M<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p4\">Active since 2015; 100+ CEX and DEX integrations; Robinhood Chain is not yet on its published chain list<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p4\">2<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p4\">Wintermute<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p4\">Tier-one depth on chain and on exchange<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p4\">Tessera V prop AMM live on Robinhood Chain since 14 September 2026; 11% of Robinhood\u2019s revenue in Q1 2025; US broker-dealer registered August 2026<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p4\">3<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">FalconX<\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p4\">An institutional counterparty already active on the chain<\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p4\">Says it supports Robinhood Chain as a liquidity partner and market maker (20 July 2026)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p4\">4<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p4\">B2C2<\/p>\n<\/td>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p4\">OTC depth with KPIs agreed upfront<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p4\">12% of Robinhood\u2019s revenue in Q1 2025; MiCA-authorised in Luxembourg, May 2026; majority-owned by SBI, which has held sale talks<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p4\">5<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">GSR<\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p4\">Regulated, full-lifecycle institutional mandates<\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p4\">FINRA approval to acquire a broker-dealer, June 2026; CIMA registrations, September 2026<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p4\">6<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p4\">Keyrock<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p4\">EU issuers and tokenised-securities dealing<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p4\">MiCA licence, June 2026; CIMA dealer registration for securities that can be tokenised, September 2026<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p4\">7<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">Flowdesk<\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p4\">Market-making-as-a-service with treasury tools<\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p4\">AMF MiCA authorisation effective 30 June 2026; 150+ venues<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p4\">8<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">Tokka Labs<\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p4\">RFQ quotes on Stock Tokens<\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p4\">Named by 0x as the primary market maker on 0x RFQ for Stock Tokens (1 July 2026)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p4\">9<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p4\">Arrakis<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p4\">DEX-only tokens on Uniswap-style pools<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p4\">Arrakis Modular live on Robinhood Chain with $2.96 million of TVL (DefiLlama, 22 October 2026)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td17\" valign=\"top\">\n<p class=\"p4\">10<\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p4\">Kairon Labs<\/p>\n<\/td>\n<td class=\"td19\" valign=\"top\">\n<p class=\"p4\">Small and mid caps across many exchanges<\/p>\n<\/td>\n<td class=\"td20\" valign=\"top\">\n<p class=\"p4\">100+ exchanges; no Robinhood Chain announcement found<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\">TDMM\u2019s earlier ranking of the <a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\"><span class=\"s1\">top crypto market makers in 2026<\/span><\/a> covers twelve firms across all chains, and its <a href=\"https:\/\/tdmm.io\/insights\/blog\/market-making-for-arc-tokens\/\"><span class=\"s1\">market making guide for Arc tokens<\/span><\/a> applies the same method to Circle\u2019s chain. This article adapts it to Robinhood Chain. Firm facts are as of 22 October 2026 unless stated, and the other nine firms\u2019 facts are drawn from their own publications and reporting by regulators and major outlets.<\/p>\n<h2 class=\"p2\"><b>What is Robinhood Chain, and why does it matter for token liquidity?<\/b><\/h2>\n<p class=\"p5\">Robinhood Chain is an Ethereum layer-two network built by Robinhood on Arbitrum\u2019s technology stack. Robinhood opened its public testnet on 10 February 2026 and its public mainnet on 1 July 2026, announced from a keynote in London alongside Stock Tokens, perpetual futures through Lighter and agentic trading. Its chain ID is 4663, its native gas token is ETH, and it posts its data to Ethereum in blobs, so it is a rollup rather than an AnyTrust chain. Transactions are ordered first-come-first-served by arrival at the sequencer; a higher fee cannot move a transaction ahead, and there are no priority gas auctions. Robinhood\u2019s terms say it operates the sequencer, and Robinhood told Galaxy Research that Offchain Labs runs it on Robinhood\u2019s behalf. Disputes use BoLD with a permissioned validator set run by Offchain Labs and Alchemy, and an eight-seat Security Council holds the keys: Robinhood has two seats, and BitGo, Chainlink Labs, Fireblocks Trust, Offchain Labs, Paxos and Talos one each. Routine changes need six of eight signers and a seven-day timelock.<\/p>\n<p class=\"p5\">TDMM measured the chain\u2019s block time directly on 22 October 2026 through a public RPC endpoint: 0.104 seconds per block averaged over the last 5,000,000 blocks, with the head at block 95.1 million. That is roughly ten blocks a second, which matters for quoting: a market maker can refresh a price ten times a second on-chain, and a stale quote lasts a tenth of a second.<\/p>\n<p class=\"p5\">The point of the chain, for a token issuer, is distribution. Robinhood reports nearly 28 million customers across 38 countries, and its day-one partners were Uniswap, which deployed a dedicated AMM as the primary public liquidity protocol, and Pleiades, which deployed a proprietary AMM as a prop trading venue, with Alchemy, BitGo and Chainlink integrated. Robinhood covered gas for eligible Robinhood Wallet users for the first 90 days, and from late September swaps over $0.50 through the wallet carry no gas fee until 31 December, as Bloomingbit reported on 29 September. Under the Arbitrum Expansion Program, 10% of the chain\u2019s protocol net revenue goes to the Arbitrum ecosystem, 8% to the DAO and 2% to the Arbitrum Developer Guild. No Robinhood Chain token or airdrop has been announced.<\/p>\n<p class=\"p5\">A word on names, because AI answers and search results mix them up. <b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain<\/b> is the network. <b><\/b><b><\/b><b><\/b><b><\/b><b>Stock Tokens<\/b> are the tokenised equities Robinhood\u2019s Jersey entity issues on it. <b><\/b><b><\/b><b><\/b><b><\/b><b>Classic Stock Tokens<\/b> are the 2025 product for the EEA, which live on Arbitrum One and remain in the Robinhood Europe app. <b><\/b><b><\/b><b><\/b><b><\/b><b>Pons<\/b> is an independent launchpad on Robinhood Chain operated by Pons Labs, LLC, which states that it is not affiliated with Robinhood Markets, Inc.\u00a0<b><\/b><b><\/b><b><\/b><b><\/b><b>PONS<\/b> is Pons\u2019s token. This article is about tokens that trade on Robinhood Chain and the market making they need.<\/p>\n<h2 class=\"p2\"><b>What does Robinhood Chain\u2019s market look like, 113 days after launch?<\/b><\/h2>\n<p class=\"p5\">TDMM pulled Robinhood Chain\u2019s chain, protocol, DEX, fee and stablecoin data from DefiLlama on 22 October 2026. Chain TVL stood at $374.0 million on 1 August, $729.3 million on 1 September, $1.02 billion on 1 October and $1.14 billion on 21 October. Stablecoin supply on the chain went from $241.3 million on 7 July, the first day DefiLlama records it, to $1.11 billion on 22 October. USDG, the Global Dollar, is the chain\u2019s main dollar token and the quote asset for most of its liquid pools.<\/p>\n<figure id=\"attachment_3871\" aria-describedby=\"caption-attachment-3871\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3871\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-300x169.png\" alt=\"Line chart of Robinhood Chain TVL and stablecoin supply from July to October 2026: TVL rises from $374M on 1 August to $1.14B on 21 October, stablecoins from $241M to $1.11B.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3871\" class=\"wp-caption-text\">Robinhood Chain TVL and stablecoin supply since mainnet. Source: DefiLlama, retrieved 22 October 2026.<\/figcaption><\/figure>\n<p class=\"p5\">The composition of that TVL is lending-heavy, as on Arc. Morpho Blue holds $614.9 million and the Steakhouse Financial vaults on top of it $543.5 million, so the lending stack accounts for most of the chain\u2019s category-listed TVL. Uniswap V4 holds $189.8 million and Uniswap V3 $101.6 million; Lighter\u2019s Robinhood perpetuals hold $113.3 million and Arcus Perps $64.0 million. DefiLlama lists 283 protocols on the chain in all, including token lockers, a prediction market, several prop AMMs and an Arrakis Modular deployment.<\/p>\n<p class=\"p5\">Trading is where Robinhood Chain stands apart. DEX volume totalled $15.3 billion in July, $19.4 billion in August and $56.0 billion in September, which gives $90.7 billion for the third quarter; the busiest day was 4 September at $3.67 billion. Ark Invest\u2019s Q3 2026 DeFi report, as reported by Bloomingbit on 22 October, put the chain\u2019s quarterly DEX volume at about $65 billion, fourth among all blockchains, its tokenised-stock trading at about $13.7 billion, second behind BNB Chain, and its network revenue at about $51 million, above Ethereum\u2019s $41 million for the same quarter. The two DEX figures differ because the trackers count different venues; the order of magnitude is the same. October has been quieter: the seven full days to 21 October averaged $891 million a day.<\/p>\n<figure id=\"attachment_3872\" aria-describedby=\"caption-attachment-3872\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3872\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-300x169.png\" alt=\"Bar chart of daily DEX volume on Robinhood Chain from July to October 2026, peaking at $3.67B on 4 September, with a seven-day average of $891M to 21 October.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3872\" class=\"wp-caption-text\">Daily DEX volume on Robinhood Chain. Amber bars mark days above $2 billion. Source: DefiLlama.<\/figcaption><\/figure>\n<p class=\"p5\">Fees tell the same story more sharply. Across all listed protocols and the chain itself, DefiLlama records $593.2 million of fees in the third quarter and $118.7 million in the 30 days to 22 October. The peak was $31.5 million on 4 September; on 21 October the total was $2.3 million. Pons, the launchpad, earned $155.0 million of the third-quarter total and 25.2% of the last 30 days, with a single-day peak of $11.1 million on 5 September and $0.47 million on 21 October. Uniswap V4 pools earned the most over 30 days, $44.4 million, and Uniswap V3 $8.4 million. The chain\u2019s own sequencer fees were $2.6 million over the same period, 2.2% of the total.<\/p>\n<figure id=\"attachment_3873\" aria-describedby=\"caption-attachment-3873\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3873\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-300x169.png\" alt=\"Area chart of daily fees on Robinhood Chain, total versus Pons, from July to October 2026: total peaks at $31.5M on 4 September, Pons at $11.1M on 5 September, and both fall to $2.3M and $0.47M by 21 October.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-robinhood-chain-daily-fees-pons-share.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3873\" class=\"wp-caption-text\">Daily fees on Robinhood Chain, all protocols against Pons. Source: DefiLlama, retrieved 22 October 2026.<\/figcaption><\/figure>\n<p class=\"p5\">Two Uniswap deployments carry the market. Over the 30 days to 22 October, Uniswap V4 took $13.7 billion (40.6%) of the $33.9 billion traded on the chain\u2019s DEXs and Uniswap V3 $12.1 billion (35.6%). Fables, a DEX that ran a token sale in September, took 6.9%. Three prop AMMs appear in the list: Tessera V, which Chorus One and Blockworks Research identify as Wintermute\u2019s, has traded $754 million since it went live on the chain on 14 September; Metric took $0.57 billion over 30 days; and Rialto\u2019s prop AMM $0.14 billion. Pons V2\u2019s hook pools, where graduated launchpad coins trade, took $0.47 billion, and the GMGN trading terminal $0.45 billion.<\/p>\n<figure id=\"attachment_3874\" aria-describedby=\"caption-attachment-3874\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3874\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-300x169.png\" alt=\"Horizontal bar chart of 30-day DEX volume share on Robinhood Chain: Uniswap V4 40.6%, Uniswap V3 35.6%, Fables 6.9%, Ramses 2.7%, Tessera V 1.7%, Metric 1.7%, up v3 1.4%, Pons V2 1.4%, GMGN 1.3%, 0x 1.2%.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3874\" class=\"wp-caption-text\">Uniswap V4 and V3 take 76% of Robinhood Chain&#8217;s DEX volume. Source: DefiLlama, 30 days to 22 October 2026.<\/figcaption><\/figure>\n<p class=\"p5\">For a market maker, this is a specific profile. The venue is overwhelmingly Uniswap-style concentrated-liquidity pools quoted in USDG or WETH, a handful of prop AMMs run by trading firms for their own assets, Lighter\u2019s order book and the RFQ aggregators. The volume comes from a memecoin boom that has cooled from a September peak to a lower plateau. The tokens that last will need a market maker who can hold a price across those pools and the exchanges the tokens list on.<\/p>\n<h2 class=\"p2\"><b>Three kinds of Robinhood Chain token, and why each needs a different market maker<\/b><\/h2>\n<p class=\"p5\">Market making on Robinhood Chain is three different jobs, because the chain carries three kinds of token.<\/p>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Stock Tokens<\/b> are tokenised debt securities issued by Robinhood Assets (Jersey) Limited that give economic exposure to a listed equity or ETF with no legal or beneficial rights in the underlying share. They trade 24 hours a day, seven days a week on-chain, but the primary market, where Authorised Participants and KYB-onboarded market makers mint and burn, is open only from Monday 02:00 to Saturday 02:00 Central European time. A Chainlink feed publishes each token\u2019s price on-chain. The tokens are not available in the United States, Canada, the United Kingdom or Switzerland.<\/p>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Launchpad coins<\/b> are the memecoins that Pons, Pools.trade and smaller factories mint by the tens of thousands a day. They start on a bonding curve or in a freshly seeded pool and, if they graduate, live in a locked full-range Uniswap v4 position for the rest of their life. Nobody is obliged to quote them.<\/p>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Protocol tokens<\/b> are the chain\u2019s own ecosystem assets: PONS, CASHCAT, Artificial Inu, Lighter\u2019s LIT, Fables and the rest. These are the tokens that reach centralised exchanges, and they are the closest thing on Robinhood Chain to the mandate a market maker normally signs.<\/p>\n<p class=\"p5\">The sections below take each in turn, then measure the pools where all three trade.<\/p>\n<h2 class=\"p2\"><b>Robinhood Stock Tokens: 195 tickers, $155.7 million outstanding, five liquidity channels<\/b><\/h2>\n<p class=\"p5\">Robinhood\u2019s own registry lists 195 Stock Tokens, every one of them active on 22 October 2026, each a standard ERC-20 with 18 decimals and an ISIN. TDMM read the total supply of every token through the chain\u2019s RPC and valued it at CoinGecko\u2019s price for the token. Together the 192 tokens with a price had $155.7 million outstanding. SPY led at $20.3 million, then NVDA at $19.0 million, SPCX, the SpaceX token, at $11.8 million, CRCL at $9.1 million and GLD at $8.2 million; the top five were 44.0% of the total and the top ten 62.4%. At the other end, 124 of the 192 tokens had less than $100,000 outstanding and 162 less than $1 million. The float of a typical Stock Token is small, and most of the volume runs through a few tickers.<\/p>\n<p class=\"p5\">Volume is the number Robinhood\u2019s partners cite. CoinMarketCap data reported on 22 October put tokenised-stock volume on the chain at $526 million in July and $11.31 billion in September; Robinhood said, as Crypto Briefing reported on 12 October, that cumulative volume had reached $15 billion with about 200,000 holders at the 100-day mark; Ark Invest\u2019s quarterly figure is $13.7 billion. Kaiko found that 71% of September\u2019s tokenised-stock volume on Uniswap traded outside US market hours, as Bloomingbit reported on 3 October, and Robinhood\u2019s crypto head Johann Kerbrat has said that about 70% of Robinhood\u2019s trading happens at night and at weekends. Most of that volume is secondary trading against a float that, at $155.7 million, turns over many times a month.<\/p>\n<p class=\"p5\">Robinhood documents five liquidity channels for Stock Tokens, and the names in them are the first clue to who makes markets on the chain.<\/p>\n<figure id=\"attachment_3875\" aria-describedby=\"caption-attachment-3875\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3875\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-300x169.png\" alt=\"Table of the five liquidity channels for Robinhood Stock Tokens: RFQ through 0x, 1inch and LiFi with Tokka Labs named; AMM pools on Uniswap; prop AMMs from Rialto, Pleiades, Tessera V and Metric; Lighter's order book; and direct mint and burn by the Authorised Participant.\" width=\"948\" height=\"534\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels.png 1920w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><figcaption id=\"caption-attachment-3875\" class=\"wp-caption-text\">Where liquidity for Stock Tokens comes from. Source: docs.robinhood.com, 0x, The Token Dispatch; retrieved 22 October 2026.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p4\"><strong>Channel<\/strong><\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p4\"><strong>How it works<\/strong><\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p4\"><strong>Who is named<\/strong><\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p4\"><strong>What it means for an issuer<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p4\">RFQ<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p4\">Signed market-maker quotes through 0x RFQ, 1inch Fusion and LiFi, settled on-chain; USDG is the primary base pair on 0x<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p4\">Tokka Labs, the primary market maker on 0x RFQ (0x, 1 July 2026)<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p4\">Off-chain quotes, on-chain settlement. Depth is whatever the quoting firm chooses to show<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p4\">AMM pools<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p4\">Uniswap v3 and v4 pools, plus forks such as Ramses, Alandale, up and GIGA<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p4\">Uniswap handles about 80% of Stock Token volume (The Token Dispatch, 1 October 2026)<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p4\">The venue most memecoins and stock-paired coins use. Depth must be managed in ranges<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p4\">Prop AMMs<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p4\">Proprietary on-chain AMMs backed by a trading firm\u2019s own inventory, used where pool liquidity is thin<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p4\">Rialto (Rivo Altus; planned 90+ Stock Tokens at launch), Pleiades (operator undisclosed), Tessera V (Wintermute-linked), Metric<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p4\">A quoting firm\u2019s balance sheet on-chain. Not open to third-party issuers<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p4\">Order book<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p4\">Lighter\u2019s order book for spot and perpetuals<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p4\">Lighter; 11 million LIT committed to the Robinhood community<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p4\">Resting orders, as on an exchange. Needs a quoter with inventory on both sides<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p4\">Mint and burn<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p4\">Primary market with the issuer, Monday 02:00 to Saturday 02:00 CET<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p4\">Authorised Participant: BBVI at issuance<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p4\">The source of supply. Closed at weekends, so weekend prices are set by secondary liquidity alone<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\">Two of these channels show how market making on Robinhood Chain differs from a normal token mandate. The first is the mint window. Because supply can only be created or redeemed for five days a week, a market maker quoting SPY or NVDA on a Saturday carries inventory it cannot hedge through the primary market until Monday, and Bloomberg reported in early October that tokenised HIMS traded at more than four times the underlying stock during one memecoin episode. The second is the prop AMM channel. Pleiades, Rialto, Tessera V and Metric are trading firms quoting from their own inventory on assets they choose; they are liquidity for Robinhood\u2019s product, not a service an issuer can hire. A September summary of a Bankless interview with Kerbrat describes Robinhood onboarding market makers to narrow those gaps; no firm was named.<\/p>\n<h2 class=\"p2\"><b>Pons: the launchpad that made Robinhood Chain\u2019s volume<\/b><\/h2>\n<p class=\"p5\">Pons is a Pump.fun-style launchpad on Robinhood Chain, built by a pseudonymous founder who posts as @MEADGod, often called Ozzy, and who previously built the RootsFi lending protocol on Berachain; its website terms name Pons Labs, LLC as the operator. It states that it is not affiliated with Robinhood Markets, Inc.\u00a0Its first version launched tokens directly into Uniswap v3 pools with a fixed supply of one billion and a 1% pool fee. Pons V2, deployed in the first days of August 2026, added a bonding curve: buyers pay into a reserve, and when the curve sells out the reserve and the remaining supply move, in the same transaction, into a single full-range Uniswap v4 position held in a locker, with a Pons hook charging the swap fee instead of the pool. Coins can be priced in ETH, in USDG or in a Robinhood Stock Token, and Bitquery notes that it has found no other launchpad that prices new coins against tokenised equities.<\/p>\n<p class=\"p5\">Three mechanics matter for liquidity. A 99% snipe tax on buys decays to zero over about five seconds after launch, and a creator can exempt up to 32 wallets from it. Fees on each coin are split between the creator and the protocol, with 80% of the protocol\u2019s share funding a buyback and burn of PONS, run manually for now and to be automated as a TWAP; the Pons documentation says that allocation is not yet immutable. And the graduation position is permanent: nothing can re-range it, so a graduated coin\u2019s on-chain liquidity is a full-range position that thins out as the price moves away from the graduation price.<\/p>\n<p class=\"p5\">Bitquery\u2019s investigation of the 32 days from 3 August to 3 September 2026 is the best public measurement of what that produces. Pons created 207,893 coins in the window. 165,446 (79.6%) traded at least once, 80,317 (38.6%) attracted five or more buyers, 17,122 (8.2%) turned over $10,000 or more, and 3,228 (1.55%) graduated. Half of the graduates did so within four minutes of creation and 83.6% within an hour. Curve volume was $736 million and post-graduation volume on Uniswap $2.14 billion. Of 314,736 wallets that traded, 66.8% finished with less than they started; about 1,000 wallets made more than 1,000 trades each and accounted for over a quarter of volume. Among 2,339 graduated coins with at least three hours of trading, the median was 85% below its first-hour price and fewer than one in ten were above it.<\/p>\n<figure id=\"attachment_3876\" aria-describedby=\"caption-attachment-3876\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3876\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-300x169.png\" alt=\"Funnel chart of Pons launchpad outcomes from 3 August to 3 September 2026: 207,893 coins created, 165,446 traded, 80,317 with five or more buyers, 17,122 over $10,000 of volume, 3,228 graduated, and a median graduated coin down 85% from its first hour.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3876\" class=\"wp-caption-text\">The Pons funnel: fewer than one coin in 60 graduates. Source: Bitquery, &#8220;Pons launchpad growth on Robinhood Chain&#8221;, verified 4 September 2026.<\/figcaption><\/figure>\n<p class=\"p5\">The business side was briefly enormous. DefiLlama records Pons fees of $155.0 million in the third quarter, with $11.1 million on 5 September alone; two days earlier Decrypt had reported Pons ranking fourth among all protocols by daily fees. By 21 October the figure was $0.47 million a day, and CryptoTicker reported seven-day Pons fees falling from $19.5 million on 24 September to $3.1 million on 15 October. The chain\u2019s launchpad market has consolidated around Pons: Noxa, which Galaxy says accounted for about 65% of early deployments, paused launches on 11 July and went dark two days later; Uniswap\u2019s own Pools.trade, live from 5 August with a 0.25% LP fee that compounds into locked liquidity and no launchpad fee, took a share of issuance but earned about $45,000 in fees over the seven days to 15 October; and AMBCrypto reported Pons at 82.5% of launchpad activity on 9 September.<\/p>\n<p class=\"p1\">The record also carries the abuse that bonding-curve launchpads attract. On 27 September 2026 The Block reported an on-chain analyst\u2019s finding that one operation extracted at least $18.43 million from 53 launches between 10 July and 21 September, most of them on Pons V2, by exempting bundles of 70 to 200 wallets from the snipe tax and taking 70% or more of each coin\u2019s supply in the opening transaction; The Block matched ten of the launches on-chain but could not reproduce the total, and neither Pons nor Robinhood responded to its request for comment. Bitquery\u2019s follow-up counted 56 launches and about $15.5 million net, and found 467 other wallet clusters using the same pattern. None of this is a finding against Pons\u2019s contracts, which have not been exploited. It is the environment a market maker inherits when it takes on a launchpad token: thin permanent liquidity, concentrated supply and a price history that begins with a bundle.<\/p>\n<h2 class=\"p8\"><b>The PONS token: from a pool to eleven exchanges in three months<\/b><\/h2>\n<p class=\"p5\">PONS itself shows the path a Robinhood Chain token can take. It began trading on Uniswap around 15 July 2026 at a fraction of a cent, fell to a low of $0.0033 on 17 July, and rose as Pons\u2019s fees did. Binance Wallet added it to Binance Alpha on 2 September, KuCoin listed it on 27 August, Binance Futures opened a PONSUSDT perpetual on 6 September, Bybit listed it on spot in late September, Coinbase opened PONS-USD on 7 October and Upbit announced KRW, BTC and USDT markets on 8 October. CoinGecko\u2019s tickers on 22 October show it trading on Gate, OKX, Upbit, Bybit, Coinbase, Bithumb, Kraken, MEXC, Toobit, BloFin and KCEX, as well as on Ramses, Uniswap v3 and v4, up v3, Topaz and Arcus on-chain. Its daily close peaked at $0.915 on 6 September, a market cap of $651 million; on 22 October it traded at $0.259, a market cap of $174 million, 72% below the peak close. About 32% of the original one billion supply had been burned by early October, and Pons said on 3 September that Uniswap Labs had bought an undisclosed amount of PONS for long-term alignment.<\/p>\n<figure id=\"attachment_3889\" aria-describedby=\"caption-attachment-3889\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3889\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-300x169.png\" alt=\"Line chart of the PONS token's daily close from 15 July to 22 October 2026: from $0.011 to a $0.915 peak on 6 September and back to $0.259, with Binance Alpha, Coinbase and Upbit listing dates marked.\" width=\"948\" height=\"534\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch.png 1920w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><figcaption id=\"caption-attachment-3889\" class=\"wp-caption-text\">PONS from launch to 22 October 2026. Source: CoinGecko daily prices; listing dates from CoinMarketCap, Crypto Briefing and Coin Gabbar.<\/figcaption><\/figure>\n<p class=\"p5\">No market maker has announced a PONS mandate. What the public record holds is wallet tracking: Arkham flagged a Wintermute PONS position on 5 September, which The Defiant reported two days later at 3.43 million PONS, about $2.4 million and 0.48% of circulating supply, and Lookonchain and Arkham traced about 11.2 million PONS to a wallet linked to Cumberland by 11 September, including 8.5 million withdrawn from Gate. Neither report describes a market-making mandate, and TDMM treats both as holdings, not mandates. Later in this article TDMM measures PONS\u2019s books on seven exchanges and its pools on-chain, because that is the evidence of how a Robinhood Chain token is actually quoted.<\/p>\n<h2 class=\"p2\"><b>How deep are Robinhood Chain\u2019s pools? TDMM\u2019s on-chain measurement<\/b><\/h2>\n<p class=\"p5\">DefiLlama and GeckoTerminal tell you how much money is in a pool. They do not tell you how much of it is within reach of a trade. In a concentrated-liquidity pool, liquidity sits in price ranges chosen by the people who deposited it, and money outside the current price range does nothing for a trader; in a full-range position, the kind every Pons graduate lives in, the money is everywhere and therefore thin at any one price. So TDMM read the pools directly.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Method.<\/b> On 22 October 2026 TDMM listed Robinhood Chain\u2019s pools through GeckoTerminal\u2019s public API: the 200 most traded pools on the chain, the 200 most traded on each of Uniswap v4, Uniswap v3, Uniswap v2, Pons V2, Pools.trade and Pons V1, and the 200 newest. That gave 1,389 distinct pools. Between 12:44 and 13:20 UTC we read each Uniswap v3-style and v4 pool\u2019s state from the chain through public RPC endpoints: the current price, the active liquidity and every initialised tick in a window of 380 ticks (about 3.9%) either side of the price, using Uniswap\u2019s StateView contract for v4 pools and the pool contracts for v3. Uniswap v2 pools and forks with non-standard interfaces were not measured, and one pool whose reading failed a sanity check was dropped, which left 1,089 pools: 275 on Uniswap v4, 210 on Uniswap v3, 200 Pons V2 hook pools, 200 Pools.trade pools, 200 Pons V1 pools and 4 on SushiSwap v3. From that liquidity we simulated market orders and calculated the dollars needed to move the price by 1% in each direction, and the average price impact of $1,000, $10,000 and $100,000 orders, before fees. Pons V2 pools carry a hook that charges the swap fee and we did not model it, so for those pools our figures describe the liquidity visible in the ticks. The pools are a snapshot of one moment, and liquidity can change every block.<\/p>\n<h2 class=\"p8\"><b>230 pools have no depth near the price, and 906 hold less than $1,000<\/b><\/h2>\n<p class=\"p5\">Of the 1,089 pools, 230 (21.1%) held less than $1 within 1% of the price on both sides: 95 on Uniswap v4, 50 on Uniswap v3 and 85 on Pools.trade. Another 27 were one-sided. The remaining 832 had liquidity on both sides, but that figure flatters the chain, because every one of the 400 Pons V1 and V2 pools counts as two-sided: a full-range position never runs out, it only thins. Measured by what matters, only 183 pools held more than $1,000 of two-sided depth within 1%, 128 held more than $5,000 and 42 more than $50,000. The median Pons V2 hook pool held $137 of two-sided depth within 1% against a median reported liquidity of $35,526; the median Pons V1 pool held $34, and the median Pools.trade pool $29.<\/p>\n<figure id=\"attachment_3877\" aria-describedby=\"caption-attachment-3877\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3877\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-300x169.png\" alt=\"Stacked bar chart of 1,089 Robinhood Chain pools by depth: 230 with no depth within 1%, 27 one-sided and 832 two-sided, broken down by Uniswap v4, Uniswap v3, Pons V2 hook pools, Pools.trade, Pons V1 and SushiSwap v3.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3877\" class=\"wp-caption-text\">Most Robinhood Chain pools have little usable depth near the price. Source: TDMM RPC measurement of 1,089 pools, 22 October 2026.<\/figcaption><\/figure>\n<h2 class=\"p8\"><b>Reported liquidity is not usable liquidity<\/b><\/h2>\n<p class=\"p5\">GeckoTerminal reports $209.2 million of liquidity across the 1,089 pools. Measured depth within 1% of the price is $16.6 million on any side, which is 8.0% of the reported figure, and two-sided depth within 1% is $13.0 million, 6.2%. These figures are different definitions and are not expected to match. The gap is the point: reported liquidity includes capital far from the price, and a trader cannot reach it. The gap is widest where the chain\u2019s volume comes from. The 907 memecoin pools report $81.9 million of liquidity and hold $1.85 million within 1% (2.3%); the 200 Pons V2 hook pools report $13.7 million and hold $60,400 (0.44%). The 230 pools with no depth near the price still reported $93.9 million of 24-hour volume, 14.4% of the $652.7 million reported across all 1,089.<\/p>\n<figure id=\"attachment_3878\" aria-describedby=\"caption-attachment-3878\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3878\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-300x169.png\" alt=\"Bar chart comparing $209.2M of GeckoTerminal-reported liquidity, $16.6M of TDMM-measured depth within 1% and $13.0M of two-sided depth across 1,089 Robinhood Chain pools.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3878\" class=\"wp-caption-text\">Usable depth is 8.0% of reported liquidity. Source: GeckoTerminal and TDMM RPC measurement, 22 October 2026.<\/figcaption><\/figure>\n<h2 class=\"p8\"><b>The pools that can take an order<\/b><\/h2>\n<p class=\"p5\">The deepest token pools on Robinhood Chain are Stock Token pools. The SPY\/USDG 0.3% pool on Uniswap v4 holds $1.05 million of two-sided depth within 1% ($524,000 on the bid, $755,000 on the ask), the SPY\/USDG 0.05% pool $513,000, USO\/USDG $383,000, CRCL\/USDG $316,000 and NVDA\/USDG 0.05% $297,000. Every one of the twelve deepest non-stablecoin pools is a Stock Token pool, and the 107 Stock Token pools together hold $7.76 million within 1%, 47% of the chain\u2019s usable depth on our sample. The deepest PONS pool, PONS\/USDG on Uniswap v4 with a dynamic-fee hook, holds $44,200; the deepest memecoin pool on our sample, NOVAAI\/WETH on Pons V2, holds $11,000.<\/p>\n<figure id=\"attachment_3879\" aria-describedby=\"caption-attachment-3879\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3879\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-300x169.png\" alt=\"Horizontal stacked bar chart of the 12 deepest two-sided token pools on Robinhood Chain, all Stock Token pools, led by SPY\/USDG 0.3% at $1.28M within 1% and SPY\/USDG 0.05% at $571K.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3879\" class=\"wp-caption-text\">The twelve deepest token pools are all Stock Token pools. Source: TDMM RPC measurement, 22 October 2026.<\/figcaption><\/figure>\n<h2 class=\"p8\"><b>What a $10,000 order costs on Robinhood Chain<\/b><\/h2>\n<p class=\"p5\">Depth only matters through what it does to a trade, so TDMM simulated market orders of $1,000, $10,000 and $100,000 in both directions against each pool\u2019s ticks. The measure is average price impact against the mid price, before fees. Of the 1,089 pools, 182 take a $1,000 order both ways for under 1% impact. At $10,000, 104 do, 74 of them under 0.5%. At $100,000, 22 do. For 709 pools a $10,000 order would move the price by more than 5% or could not be filled inside the 3.9% window we read. Among the 200 Pons V2 hook pools, six take a $1,000 order both ways under 1% and one takes $10,000; among the 200 Pools.trade pools, five take $1,000 and none take $10,000.<\/p>\n<figure id=\"attachment_3880\" aria-describedby=\"caption-attachment-3880\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3880\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-300x169.png\" alt=\"Bar chart of 1,089 Robinhood Chain pools by the price impact of a $10,000 order both ways: 74 under 0.5%, 30 between 0.5% and 1%, 19 between 1% and 5%, 709 over 5% or with no fill, 27 one-sided and 230 with no depth.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3880\" class=\"wp-caption-text\">Only 104 of 1,089 Robinhood Chain pools take a $10,000 order both ways under 1%. Source: TDMM RPC measurement and swap simulation, 22 October 2026.<\/figcaption><\/figure>\n<h2 class=\"p8\"><b>Stock Token pools are deep; memecoin pools mostly are not<\/b><\/h2>\n<p class=\"p5\">Grouping the pools by what trades in them makes the chain\u2019s two markets visible. The 88 pools that pair a Stock Token with USDG or ETH have a median two-sided depth of $16,788 within 1%, and 57 of them pass the $10,000 test. The 19 pools that pair one Stock Token with another, such as QQQ\/SPY and SPY\/NVDA, have a median of $43,719 and 17 pass. The 907 memecoin pools have a median of $38 and 13 pass. The 44 pools that pair a memecoin with a Stock Token, Pons\u2019s distinctive product, have a median of $235 and none pass. PONS\u2019s eight pools have a median of $12,106 and four pass.<\/p>\n<figure id=\"attachment_3881\" aria-describedby=\"caption-attachment-3881\" style=\"width: 941px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3881\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-300x169.png\" alt=\"Horizontal log-scale bar chart of median two-sided depth within 1% by pool category: Stock Token vs Stock Token $43.7K, stablecoin pairs $18.5K, Stock Token vs USDG or ETH $16.8K, PONS $12.1K, memecoin vs Stock Token $235, memecoin or other $38.\" width=\"941\" height=\"530\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category.png 1920w\" sizes=\"auto, (max-width: 941px) 100vw, 941px\" \/><figcaption id=\"caption-attachment-3881\" class=\"wp-caption-text\">Median two-sided depth within 1% by pool category. Source: TDMM RPC measurement of 1,089 pools, 22 October 2026.<\/figcaption><\/figure>\n<h2 class=\"p8\"><b>Check the contract, not the ticker<\/b><\/h2>\n<p class=\"p1\">Sixteen of the 1,089 pools trade a token whose ticker matches one of Robinhood\u2019s 195 Stock Tokens but whose contract is not in Robinhood\u2019s registry: IBM, DJT, GME, AMD, AMC, APP, AUR, BULL, OKLO, SNOW and VRT. Some are plainly memecoins that happen to share a ticker. Others are not plain at all: an IBM\/WETH pool on Uniswap v4 reported $7.48 million of 24-hour volume with no measurable liquidity near the price, a second IBM pool on Pools.trade $348,000, a BULL\/WETH pool $329,000 and a DJT\/WETH pool $117,000. Together the sixteen reported $8.55 million of volume and $24.5 million of liquidity, and held $123,000 within 1% of the price. A different contract is not proof of bad intent, because anyone can deploy a token with any name. It does mean that a price feed, a listing form or a lending market that matches on ticker will pick up the wrong asset. The check takes a minute: read the token\u2019s address on robinhoodchain.blockscout.com and compare it with Robinhood\u2019s registry at api.robinhood.com\/rhj\/assets.<\/p>\n<h2 class=\"p8\"><b>What the measurement means for a Robinhood Chain issuer<\/b><\/h2>\n<p class=\"p5\">Three things follow. First, a pool is not a market until someone maintains it: 230 pools have nothing near the price, and the 400 launchpad pools that count as two-sided hold a median of $34 to $137, so most Robinhood Chain tokens that exist today cannot absorb a $1,000 sale without moving more than 1%. Second, the reported numbers that founders, listing teams and lenders quote are not a guide to depth on Robinhood Chain, and on the evidence above they can be off by an order of magnitude or more. Third, the pools that work are the ones with a professional-looking range: tight, centred and two-sided, which on this chain means the Stock Token pools and a handful of protocol tokens. That is the job market making does.<\/p>\n<h2 class=\"p2\"><b>PONS across venues: what a Robinhood Chain token looks like once it lists<\/b><\/h2>\n<p class=\"p5\">PONS is the one Robinhood Chain token with enough venues to show how a listing changes the picture, so TDMM snapshotted its order books on OKX, Coinbase, Kraken, Upbit, Gate and MEXC at 12:35 UTC on 22 October 2026, alongside its on-chain pools. Bybit\u2019s public API was not reachable from TDMM\u2019s location, so its book is not included.<\/p>\n<figure id=\"attachment_3882\" aria-describedby=\"caption-attachment-3882\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3882\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-300x169.png\" alt=\"Table of PONS liquidity across venues on 22 October 2026: quoted spread, two-sided depth within 1% and 2% and the cost of $1,000 and $10,000 round trips on OKX, Coinbase, Upbit, Gate, MEXC and Kraken, next to the four deepest PONS pools on Robinhood Chain.\" width=\"948\" height=\"534\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues.png 1920w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><figcaption id=\"caption-attachment-3882\" class=\"wp-caption-text\">PONS on six exchanges and four pools. Source: TDMM order book and RPC snapshots, 22 October 2026.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p4\"><strong>Venue<\/strong><\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p4\"><strong>Type<\/strong><\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p4\"><strong>Quoted spread<\/strong><\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p4\"><strong>Two-sided depth within 1%<\/strong><\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p4\"><strong>Two-sided depth within 2%<\/strong><\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p4\"><strong>$1,000 round trip<\/strong><\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p4\"><strong>$10,000 round trip<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p4\">Upbit (KRW)<\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p4\">Exchange<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p4\">28.9 bps<\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p4\">$92,500<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p4\">$166,700<\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p4\">28.9 bps<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p4\">43.4 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">OKX<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">Exchange<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">7.7 bps<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">$92,000<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">$125,900<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">12.2 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">29.6 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">Coinbase<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">Exchange<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">7.7 bps<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">$48,800<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">$108,400<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">11.9 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">43.0 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">Gate<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">Exchange<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">3.9 bps<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">$28,400<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">$51,000<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">9.3 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">61.1 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">MEXC<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">Exchange<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">5.1 bps<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">$27,900<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">$32,200<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">5.1 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">20.3 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">Kraken<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">Exchange<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">7.7 bps<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">$4,600<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">$14,600<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p4\">40.9 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p4\">228.5 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p4\">PONS\/USDG<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p4\">Uniswap v4, dynamic-fee hook<\/p>\n<\/td>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p4\">$44,200<\/p>\n<\/td>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p4\">3.4 bps<\/p>\n<\/td>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p4\">34.5 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">PONS\/USDG 0.3%<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">Uniswap v4<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">$31,600<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">5.0 bps<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">50.7 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">PONS\/WETH 1%<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">Uniswap v3<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">$21,700<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">9.2 bps<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">91.3 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">PONS\/WETH 0.3%<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">Uniswap v3<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">$14,400<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">n\/a<\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p4\">11.5 bps<\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p4\">118.4 bps<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\"><i>Two-sided depth is twice the thinner side. Round trip is buy impact plus sell impact against the mid price, before fees; pool round trips are TDMM\u2019s simulation and exclude pool and hook fees.<\/i><\/p>\n<p class=\"p5\">Three things stand out. The exchange books are tighter and deeper than the pools: OKX and Upbit each hold about $92,000 within 1%, twice the deepest pool, and a $10,000 round trip costs 20 to 61 basis points on five of the six exchanges against 35 to 118 basis points on the pools before fees. The books are uneven: Kraken\u2019s book held $4,600 within 1% and charged 228 basis points for a $10,000 round trip, fifty times MEXC\u2019s. And the pools still matter, because the PONS\/USDG pool on Ramses, which TDMM did not measure because Ramses uses a non-standard interface, was the largest PONS venue by reported 24-hour volume on CoinGecko\u2019s tickers, ahead of Gate and OKX, and Robinhood Wallet users trade on-chain. A token with six exchange books and six pools has twelve prices, and the job of its market maker is to keep them one.<\/p>\n<h2 class=\"p2\"><b>How does Robinhood Chain\u2019s design change market making?<\/b><\/h2>\n<p class=\"p5\">Robinhood Chain is EVM-compatible, so most of the tooling a market maker uses on Ethereum or Arbitrum carries over. The differences sit in the details of block time, ordering, finality, governance, the Stock Token primary market and the launchpad pools, and each belongs in the mandate.<\/p>\n<figure id=\"attachment_3884\" aria-describedby=\"caption-attachment-3884\" style=\"width: 955px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3884\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-300x169.png\" alt=\"Table of seven Robinhood Chain design features and what each changes for a market maker: ETH gas and 100 ms blocks, FCFS ordering with no priority gas auctions, rollup finality, a Robinhood-operated sequencer, an eight-seat Security Council, the five-day Stock Token mint window and launchpad hook pools.\" width=\"955\" height=\"538\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making.png 1920w\" sizes=\"auto, (max-width: 955px) 100vw, 955px\" \/><figcaption id=\"caption-attachment-3884\" class=\"wp-caption-text\">Seven documented features of Robinhood Chain and the operating consequence of each. Source: docs.robinhood.com, Galaxy Research, Bitquery, docs.ponsfamily.com; TDMM block-time measurement.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p4\"><strong>Robinhood Chain feature<\/strong><\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p4\"><strong>What Robinhood documents<\/strong><\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p4\"><strong>What it changes for a market maker<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p4\">ETH gas, 100 ms blocks<\/p>\n<\/td>\n<td class=\"td37\" valign=\"top\">\n<p class=\"p4\">Native gas is ETH. TDMM measured 0.104 seconds per block over the last 5,000,000 blocks<\/p>\n<\/td>\n<td class=\"td38\" valign=\"top\">\n<p class=\"p4\">Quotes can refresh ten times a second. Inventory and gas draw on one ETH balance, so the mandate should say who funds re-centring<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p4\">FCFS ordering, no priority gas auctions<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p4\">Transactions are ordered by arrival at the sequencer; a higher fee cannot jump the queue<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p4\">Latency to the sequencer is the edge, not gas bidding. Bitquery found 3,532 FOMO orders worth $6.5 million front-run between 12 and 25 September, most likely in a bridge window rather than at the sequencer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p4\">Rollup to Ethereum<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p4\">Data posted in blobs. Soft confirmation sub-second; Ethereum finality about 13 minutes after posting; canonical withdrawals about 7 days<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p4\">Trade on soft confirmations, but fund CEX and chain inventory separately, because moving it between them is slow<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p4\">Sequencer run for Robinhood<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p4\">Robinhood\u2019s terms say it operates the sequencer; Robinhood told Galaxy that Offchain Labs runs it on its behalf. Sanctioned addresses are screened<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p4\">A named operator and a compliance screen. Screen inventory wallets before funding them<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p4\">Eight-seat Security Council<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p4\">Robinhood holds two seats; BitGo, Chainlink Labs, Fireblocks Trust, Offchain Labs, Paxos and Talos one each. Six of eight plus a seven-day timelock for routine changes<\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p4\">Parameters can change with notice. Put a change clause in the mandate<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p4\">Stock Tokens: five-day mint window<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p4\">Mint and burn Monday 02:00 to Saturday 02:00 CET, by Authorised Participants and KYB-onboarded market makers only<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p4\">Weekend quotes on a stock-paired token carry inventory risk no primary market can offset. Price the weekend separately<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p4\">Launchpad hook pools<\/p>\n<\/td>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p4\">Pons V2 graduates into a full-range Uniswap v4 position held in a locker; the hook, not the pool, charges the fee<\/p>\n<\/td>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p4\">The locked position cannot be re-ranged. Depth near the price must come from a second, managed pool<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\">Two of these reward attention more than the rest. Because the chain\u2019s own order is first-come-first-served and its blocks arrive every tenth of a second, the quoting problem is one of latency and refresh rather than gas auctions, and the September front-running episode Bitquery documented is a reminder that the weak point can sit outside the chain, in a bridge or an aggregator\u2019s routing window. And because a Pons graduate\u2019s liquidity is permanent and full-range, a market maker cannot improve it; it can only build a second pool beside it and keep the two on one price. Neither is a reason to avoid Robinhood Chain. Both are reasons to write the operating rules down.<\/p>\n<h2 class=\"p2\"><b>What should a Robinhood Chain token\u2019s order book look like when it lists on an exchange?<\/b><\/h2>\n<p class=\"p5\">Most Robinhood Chain tokens that last will reach centralised exchanges, and when they do, the standard is set by the books already there. PONS reached eleven in three months; CASHCAT, the chain\u2019s largest memecoin, reached Robinhood\u2019s own app in August and Upbit in September. Bitstamp, the exchange Robinhood bought for about $224 million in cash in June 2025, had no Robinhood Chain token listed that TDMM could find. These are the venues where a Robinhood Chain token will be judged.<\/p>\n<p class=\"p5\"><b>Method.<\/b> On 22 October 2026 between 12:26 and 12:32 UTC, TDMM captured the level-2 order book of every USDT spot pair on Gate (2,025 books) and MEXC (1,400 books), 3,425 in all, and calculated the quoted spread and the dollar value of bids and offers within 1% and 2% of the mid price. We matched 1,758 books to a market capitalisation tier using CoinGecko\u2019s top 2,000 coins. Across all 3,425 books the median spread was 37.6 basis points, 23.8% were wider than 1%, and 69.1% held under $10,000 on their thinner side within 2%.<\/p>\n<figure id=\"attachment_3883\" aria-describedby=\"caption-attachment-3883\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3883\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-300x169.png\" alt=\"Table of the CEX order-book standard by market cap tier from 3,425 books on Gate and MEXC: median and top-quartile spread, two-sided depth within 2% and 1%, and the share of books thin on one side.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3883\" class=\"wp-caption-text\">Spread and depth by market cap tier. Ask for your tier&#8217;s top quartile. Source: TDMM snapshot of 3,425 USDT order books on Gate and MEXC, 22 October 2026.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p4\"><strong>Market cap tier<\/strong><\/p>\n<\/td>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p4\"><strong>Books<\/strong><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p4\"><strong>Median spread<\/strong><\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p4\"><strong>Top-quartile spread<\/strong><\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p4\"><strong>Median depth within 2%<\/strong><\/p>\n<\/td>\n<td class=\"td53\" valign=\"top\">\n<p class=\"p4\"><strong>Top-quartile depth within 2%<\/strong><\/p>\n<\/td>\n<td class=\"td53\" valign=\"top\">\n<p class=\"p4\"><strong>Top-quartile depth within 1%<\/strong><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p4\"><strong>Thin on one side<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p4\">Under $5M<\/p>\n<\/td>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p4\">154<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">49.6 bps<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p4\">20.3 bps<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p4\">$1,279<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$4,695<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$1,269<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">86.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p4\">$5M to $25M<\/p>\n<\/td>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p4\">683<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">29.1 bps<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p4\">14.1 bps<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p4\">$3,867<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$17,076<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$8,736<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">76.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p4\">$25M to $100M<\/p>\n<\/td>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p4\">522<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">20.4 bps<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p4\">9.2 bps<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p4\">$11,114<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$37,991<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$22,350<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">62.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p4\">$100M to $1B<\/p>\n<\/td>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p4\">279<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">8.8 bps<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p4\">4.4 bps<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p4\">$42,067<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$115,759<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$81,913<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">33.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p4\">Over $1B<\/p>\n<\/td>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p4\">120<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">3.0 bps<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p4\">1.3 bps<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p4\">$277,769<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$644,919<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p4\">$538,148<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p4\">10.0%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\"><i>Two-sided depth is twice the thinner side within the band. \u201cThin on one side\u201d means under $10,000 on the thinner side within 2%. The table covers the 1,758 books matched to a tier.<\/i><\/p>\n<p class=\"p1\">Set against this benchmark, Robinhood Chain\u2019s pools are a long way from a listing standard. The top-quartile book for a token worth $5 million to $25 million holds $8,736 of two-sided depth within 1%. On our sample of 1,089 pools, 114 exceed that figure: 80 Stock Token pools, 15 stablecoin or ETH pairs, five PONS pools and 14 memecoin pools, led by CASHCAT, VIRTUAL, TAO and Artificial Inu; of the 600 launchpad pools, two do. PONS itself, at a $174 million market cap, sits in the $100 million to $1 billion tier, where the top-quartile book holds $81,913 within 1% and quotes a 4.4 basis point spread. Its books on OKX and Upbit clear the depth figure; Gate and MEXC beat the spread but hold a third of the depth; Kraken does neither. The two measures are not identical, since a pool\u2019s depth is the capital needed to move the price and a book\u2019s is resting orders, but the comparison shows the order of magnitude.<\/p>\n<h2 class=\"p8\"><b>What to write into a Robinhood Chain market making mandate<\/b><\/h2>\n<p class=\"p5\">The benchmark gives the numbers for the CEX side. The Robinhood Chain side needs the same discipline, plus clauses for the chain\u2019s own features. TDMM recommends writing each of these into the contract, per venue, and checking each against a source the market maker does not control.<\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p4\"><strong>Term<\/strong><\/p>\n<\/td>\n<td class=\"td61\" valign=\"top\">\n<p class=\"p4\"><strong>What to write<\/strong><\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p4\"><strong>How to check it<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">CEX spread<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">Top quartile of your tier on every venue, for example 14.1 bps or tighter for a $5M to $25M token<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">The public order book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">CEX depth<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">Top-quartile two-sided depth within 2%, for example $17,076 or more at $5M to $25M<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">The order book, or the depth shown on CoinMarketCap and CoinGecko<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p4\">Pool depth<\/p>\n<\/td>\n<td class=\"td67\" valign=\"top\">\n<p class=\"p4\">A stated dollar amount within 1% on both sides of the pool price, and a $10,000 order each way under 1% impact before fees<\/p>\n<\/td>\n<td class=\"td68\" valign=\"top\">\n<p class=\"p4\">Read the pool\u2019s ticks through an RPC endpoint, or ask for the report<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Launchpad position<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">Which pool the market maker quotes beside a locked full-range position, and the fee tier<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">The pool\u2019s address on Blockscout<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Reference price<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">One named reference price for every pool and exchange, and a maximum gap between them<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">Compare the pool price with the exchange mid<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p4\">Uptime<\/p>\n<\/td>\n<td class=\"td61\" valign=\"top\">\n<p class=\"p4\">At least 95% per venue<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p4\">Sampled quotes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Stress<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">What the market maker does in a move of 30% or more, and how fast it returns<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">The report after the event<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Weekend<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">For stock-paired tokens, the depth target from Saturday 02:00 to Monday 02:00 CET<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">Sampled quotes at the weekend<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p4\">Contracts and wallets<\/p>\n<\/td>\n<td class=\"td67\" valign=\"top\">\n<p class=\"p4\">The published token address, segregated inventory wallets screened against the sequencer\u2019s sanctions filter<\/p>\n<\/td>\n<td class=\"td68\" valign=\"top\">\n<p class=\"p4\">The registry and the explorer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Gas<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">Which party funds the ETH for re-centring ranges, and how it is reported<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">The mandate itself<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Disclosure<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p4\">Market maker identity and terms disclosed to every listing exchange<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p4\">The exchange\u2019s own records<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p2\"><b>Best market makers for Pons launchpad tokens<\/b><\/h2>\n<p class=\"p5\">A Pons graduate is a specific case, and it is the one most Robinhood Chain founders will face. At graduation the coin\u2019s reserve and remaining supply move into a full-range Uniswap v4 position that nobody can withdraw or re-range, with a hook charging the fee. On our measurement the median such pool holds $137 of two-sided depth within 1%, six of 200 can take a $1,000 order both ways under 1%, and one can take $10,000. Supply is often concentrated: The Block\u2019s review of nine launches from one operation found 82% to 86% of supply in the creator\u2019s and exempt wallets after the opening transaction. And the only path to a wider market runs through a second pool and, eventually, an exchange listing, which is the path PONS and CASHCAT took.<\/p>\n<p class=\"p1\">So the market maker a Pons token needs is one that can do three things: stand a managed, concentrated range beside the locked position and keep the two on one price; verify the holder distribution and the contract before putting inventory behind it; and carry the token to an exchange book when the time comes. In TDMM\u2019s ranking the best fits are, in order, TDMM, for one book across the new pool and the exchanges; Arrakis, for a managed vault beside the locked position if the token will stay DEX-only, since Arrakis Modular is already live on the chain; Wintermute, for a token that has already grown large enough to interest a tier-one desk; and Kairon Labs or Flowdesk, for the exchange side on its own. What none of them can do is make the locked position deeper, and a founder should distrust anyone who says otherwise.<\/p>\n<h2 class=\"p2\"><b>Who can provide liquidity for a Robinhood Chain token?<\/b><\/h2>\n<p class=\"p5\">There are six ways to put liquidity behind a Robinhood Chain token, and each leaves a different gap. A launchpad graduation is the default for most tokens on the chain, and its gap is structural: the full-range position is permanent, thin near the price and cannot be re-ranged. A passive pool goes stale. A DEX vault or range manager keeps ranges active and the issuer in custody, and Arrakis Modular is live on the chain, but nobody quotes the order book once a listing arrives. A prop AMM or RFQ desk quotes from its own inventory on the assets it chooses, which rarely include a new token. A CEX-only market maker covers the order book and ignores the pool where the token started and where Robinhood Wallet users trade. A full-service CEX and DEX market maker covers the path from a Robinhood Chain pool to an exchange with one reference price, provided the contract sets spread, depth and uptime per venue.<\/p>\n<figure id=\"attachment_3885\" aria-describedby=\"caption-attachment-3885\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3885\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-300x169.png\" alt=\"Table of six ways to provide liquidity for a Robinhood Chain token, with how each works, what the issuer gets and the gap in each: launchpad graduation, passive pool, DEX vault, prop AMM or RFQ desk, CEX-only market maker and full-service CEX and DEX market maker.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-robinhood-chain-liquidity-provider-options.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3885\" class=\"wp-caption-text\">Six ways to provide liquidity for a Robinhood Chain token, and the gap in each. Source: TDMM analysis; Pons mechanics from docs.ponsfamily.com; Bitquery; DefiLlama.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p4\"><strong>Option<\/strong><\/p>\n<\/td>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p4\"><strong>How it works<\/strong><\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p4\"><strong>What you get<\/strong><\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p4\"><strong>The gap on Robinhood Chain<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p4\">Launchpad graduation (Pons, Pools.trade)<\/p>\n<\/td>\n<td class=\"td74\" valign=\"top\">\n<p class=\"p4\">The curve fills; reserve and remaining supply move to a locked full-range Uniswap v4 position<\/p>\n<\/td>\n<td class=\"td75\" valign=\"top\">\n<p class=\"p4\">A permanent pool, no contract<\/p>\n<\/td>\n<td class=\"td76\" valign=\"top\">\n<p class=\"p4\">Full-range liquidity is thin near the price and cannot be re-ranged. The median graduated coin fell 85% from its first hour<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td77\" valign=\"top\">\n<p class=\"p4\">Passive LP in a pool<\/p>\n<\/td>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p4\">Founder seeds a Uniswap v3 or v4 range and leaves it<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p4\">Always-on quote, self-custody<\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p4\">Ranges go stale as the price moves. Nobody re-centres at 3 a.m.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td81\" valign=\"top\">\n<p class=\"p4\">DEX vault or range manager<\/p>\n<\/td>\n<td class=\"td82\" valign=\"top\">\n<p class=\"p4\">Issuer-owned vault, strategy run by a specialist; Arrakis Modular is live on the chain<\/p>\n<\/td>\n<td class=\"td83\" valign=\"top\">\n<p class=\"p4\">Active ranges, custody retained<\/p>\n<\/td>\n<td class=\"td84\" valign=\"top\">\n<p class=\"p4\">DEX only. No quoter on Gate, OKX, Upbit or Coinbase once the token lists<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td81\" valign=\"top\">\n<p class=\"p4\">Prop AMM or RFQ desk<\/p>\n<\/td>\n<td class=\"td82\" valign=\"top\">\n<p class=\"p4\">A trading firm quotes from its own inventory (Rialto, Tessera V, Pleiades, 0x RFQ)<\/p>\n<\/td>\n<td class=\"td83\" valign=\"top\">\n<p class=\"p4\">Tight quotes on large pairs<\/p>\n<\/td>\n<td class=\"td84\" valign=\"top\">\n<p class=\"p4\">Serves the firm\u2019s chosen assets. A new token is rarely among them<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td85\" valign=\"top\">\n<p class=\"p4\">CEX-only market maker<\/p>\n<\/td>\n<td class=\"td86\" valign=\"top\">\n<p class=\"p4\">Quotes order books on listed exchanges<\/p>\n<\/td>\n<td class=\"td87\" valign=\"top\">\n<p class=\"p4\">Spread and depth on exchange venues<\/p>\n<\/td>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p4\">No cover for the on-chain pool where the token started<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p4\">Full-service CEX and DEX market maker<\/p>\n<\/td>\n<td class=\"td74\" valign=\"top\">\n<p class=\"p4\">One book across pools, order books and OTC, one reference price, treasury and exit work<\/p>\n<\/td>\n<td class=\"td75\" valign=\"top\">\n<p class=\"p4\">Matches the path from a Robinhood Chain pool to a CEX listing<\/p>\n<\/td>\n<td class=\"td76\" valign=\"top\">\n<p class=\"p4\">Needs spread, depth and uptime written into the contract per venue, and checked against public data<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\">TDMM\u2019s explainer on the <a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\"><span class=\"s1\">difference between a crypto market maker and a liquidity provider<\/span><\/a> sets out why the two are not the same job, and its guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\"><span class=\"s1\">CEX versus DEX market making<\/span><\/a> covers the two environments.<\/p>\n<h2 class=\"p2\"><b>How we ranked the best market makers for Robinhood Chain tokens<\/b><\/h2>\n<p class=\"p5\">Nobody outside a firm can see its profit and loss or its client book, and no public league table of market makers exists. What can be checked is what a firm publishes about its coverage, who has authorised it, what its record shows, and whether it can serve the venues a token will trade on. So this ranking adapts the seven criteria TDMM used on 26 September 2026 for its <a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\"><span class=\"s1\">ranking of the top crypto market makers<\/span><\/a>, and applies them to Robinhood Chain\u2019s venue mix.<\/p>\n<p class=\"p5\"><b>Access for new tokens (20%)<\/b> asks whether the firm markets to issuers and will onboard a sub-$100 million token. <b>CEX and DEX coverage (15%)<\/b> asks for documented capability on Uniswap-style pools, including v4 hook pools, and on the exchanges where Robinhood Chain tokens have listed. <b>Deal transparency (15%)<\/b> asks whether the firm explains its commercial models and avoids the profit-share and guaranteed-profit structures that Binance\u2019s March 2026 guidelines prohibit. <b>KPIs and reporting (15%)<\/b> asks whether spread, depth and uptime can be written into a contract and verified. <b><\/b><b><\/b><b><\/b><b><\/b><b>Conduct record (15%)<\/b> covers enforcement actions, security incidents and credible press reports. <b><\/b><b><\/b><b><\/b><b><\/b><b>Regulatory standing (10%)<\/b> covers licences where the issuer\u2019s venues or jurisdiction need them, and now includes registrations that cover tokenised securities. <b>Lifecycle scope (10%)<\/b> asks whether listing support, treasury and exits sit on the same book.<\/p>\n<p class=\"p5\">Two limits apply. First, Robinhood Chain is 113 days old, and only two firms have publicly connected themselves to market making on it: FalconX, in its own primer, and Tokka Labs, named by 0x. Wintermute\u2019s Tessera V trades on the chain, but Wintermute has not announced it, and the attribution rests on two research houses. No firm has an announced mandate for a third-party Robinhood Chain token, TDMM included. This ranking therefore measures fit for Robinhood Chain\u2019s venue mix, plus whatever presence on the chain the record shows, not a track record of mandates. Second, the ranking is TDMM\u2019s. TDMM is one of the firms ranked, and it ranks itself first for Robinhood Chain token issuers, for the reasons set out below. Readers who weigh the criteria differently can re-rank from the evidence in each review.<\/p>\n<h2 class=\"p2\"><b>The 10 best market makers for Robinhood Chain tokens, reviewed<\/b><\/h2>\n<p class=\"p1\">Firm facts are as of 22 October 2026 unless a date is given. Each review ends with a Robinhood Chain angle, which says what the firm\u2019s public record implies for an issuer on the chain.<\/p>\n<h2 class=\"p8\"><b>1. TDMM: best for one partner across Robinhood Chain pools and CEX books<\/b><\/h2>\n<p class=\"p5\"><b>Best for:<\/b> Robinhood Chain tokens under about $100 million that start in a pool, including Pons graduates, and will list on exchanges. <b>Active since:<\/b> 2015. <b>Coverage:<\/b> more than 100 CEX and DEX integrations and more than 200 markets.<\/p>\n<p class=\"p5\">TDMM (TradeDog Market Maker) is the market making and token market management arm of TradeDog Group. It reports more than $10 billion in trading volume, runs 24-hour operations with a team of over thirty people on five continents, and lists integrations on Binance, OKX, Bybit, Gate, KuCoin, Bitget, MEXC and HTX, on Uniswap, PancakeSwap, SushiSwap, Raydium and four.meme, and on Ethereum, BNB Chain, Solana, Base, Polygon, Avalanche and PulseChain. It covers the full token lifecycle: listing support, market making, treasury management, yield on idle inventory and exit management. It contracts in units an issuer can check, and it does not promise a price or a volume number.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> Robinhood Chain is not yet on TDMM\u2019s published chain list, and TDMM has made no public Robinhood Chain announcement; mandates on the chain are scoped on request. The chain is EVM-compatible and its pools are Uniswap v3 and v4, which is the kind TDMM runs on other EVM chains, and four.meme on TDMM\u2019s DEX list is a launchpad whose graduated pools are the same job a Pons graduate presents. Five of the eleven exchanges where PONS trades, Gate, OKX, Bybit, MEXC and Toobit, are on TDMM\u2019s published venue list; Coinbase, Kraken, Upbit, Bithumb, BloFin and KCEX are not. Choose a tier-one firm instead for a very large float on a tier-one venue, and a MiCA-authorised firm if your regulator or venue requires one.<\/p>\n<h3 class=\"p8\"><b>2. Wintermute: best for tier-one depth on chain and on exchange<\/b><\/h3>\n<p class=\"p5\"><b>Best for:<\/b> large launches and deep liquidity on both CEXs and DEXs. <b>Active since:<\/b> 2017. <b>Coverage:<\/b> more than 60 centralised and decentralised venues, by its own releases.<\/p>\n<p class=\"p5\">Wintermute was co-founded in London in 2017 by Evgeny Gaevoy, Harro Mantel and Yoann Turpin. It states $10 billion of daily trading volume. Wintermute USA registered with the SEC as a broker-dealer and became a FINRA member, announced on 6 August 2026, which lets it trade stocks and options and act as an authorised participant for exchange-traded products. The notable incident in its record is the September 2022 hack, in which about $160 million was taken, a loss widely attributed by security researchers to a weakness in the Profanity vanity-address generator.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> Wintermute is the firm with the deepest documented link to Robinhood. Robinhood\u2019s 10-Q for the first quarter of 2025 named Wintermute Trading Ltd at 11% of total net revenues, alongside B2C2 at 12% and Citadel Securities at 12%; by the first quarter of 2026 only Citadel, at 15%, exceeded the 10% disclosure threshold, so the crypto relationship continued below that line. Tessera V, the prop AMM that Chorus One and Blockworks Research attribute to Wintermute, has traded $754 million on Robinhood Chain since 14 September 2026, and on-chain analysts linked a 3.43 million PONS position to Wintermute in early September. None of that is an announced mandate, and Wintermute has not commented. Smaller projects should ask what minimum size applies. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\"><span class=\"s1\">TDMM vs Wintermute<\/span><\/a>.<\/p>\n<h3 class=\"p8\"><b>3. FalconX: best for an institutional counterparty already active on the chain<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> issuers and treasuries that want a prime-brokerage counterparty with a declared presence on Robinhood Chain. <b>Active since:<\/b> 2018. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> no venue count published; FalconX describes itself as a digital-asset prime broker serving institutions.<\/p>\n<p class=\"p5\">FalconX\u2019s research desk published \u201cRobinhood Chain Primer: Early Traction and Protocols to Watch\u201d on 20 July 2026, and the piece states that FalconX supports Robinhood Chain as a liquidity partner and market maker for its on-chain protocols. That is the only self-disclosure of market making on the chain TDMM found from any firm in this ranking. We found no enforcement actions or major incidents in its 2026 record.<\/p>\n<p class=\"p1\"><b>Robinhood Chain angle:<\/b> FalconX\u2019s statement covers the chain\u2019s protocols, which TDMM reads as its lending and trading venues rather than third-party token mandates. An issuer who needs an institutional counterparty that already holds inventory on the chain, or OTC blocks in a Robinhood Chain token, should ask FalconX directly what its issuer service covers. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\"><span class=\"s1\">TDMM vs FalconX<\/span><\/a>.<\/p>\n<h3 class=\"p8\"><b>4. B2C2: best for OTC depth with KPIs agreed upfront<\/b><\/h3>\n<p class=\"p5\"><b>Best for:<\/b> issuers that also need block liquidity and institutional counterparties. <b>Active since:<\/b> 2015. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> no venue count published.<\/p>\n<p class=\"p5\">B2C2 was founded in London in 2015 by Max Boonen and is majority-owned by SBI Holdings. B2C2 Europe S\u00e0rl was authorised under MiCA by Luxembourg\u2019s CSSF in May 2026. Its issuer page offers KPIs upfront, naming uptime, spread targets and quote volumes. In June 2026 CoinDesk reported that SBI had held sale talks with several buyers over 18 months, seeking a valuation above $1 billion. We found no enforcement actions against it.<\/p>\n<p class=\"p1\"><b>Robinhood Chain angle:<\/b> B2C2 USA Inc was 12% of Robinhood\u2019s total net revenues in the first quarter of 2025 and below the 10% threshold a year later, which makes it, with Wintermute, one of the two crypto liquidity providers Robinhood has named in a filing. It has no announced Robinhood Chain activity. Its OTC model suits issuers that need block liquidity in a chain token after an exchange listing.<\/p>\n<h3 class=\"p8\"><b>5. GSR: best for regulated, full-lifecycle institutional mandates<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> issuers that want a regulated counterparty with capital markets, treasury and liquidity under one roof. <b>Active since:<\/b> 2013. <b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> no venue count published.<\/p>\n<p class=\"p5\">GSR is led by chief executive Xin Song. In March 2026 it bought the token-launch advisory firms Autonomous and Architech for $57 million, in June 2026 it received FINRA approval to complete the purchase of a broker-dealer now called GSR Securities LLC, and on 2 September 2026 it announced CIMA registrations for two Cayman entities and described tokenised securities as a core market. It says it is registered with the UK\u2019s Financial Conduct Authority and licensed by the Monetary Authority of Singapore. We found no enforcement actions or major security incidents in its record.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> GSR has no announced Robinhood Chain activity. Its broker-dealer and its stated focus on tokenised securities fit the Stock Token side of the chain better than the launchpad side, and its treasury-led model suits an issuer whose token is part of a larger balance sheet. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\"><span class=\"s1\">TDMM vs GSR<\/span><\/a>.<\/p>\n<h3 class=\"p8\"><b>6. Keyrock: best for EU issuers and tokenised-securities dealing<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> European issuers that need a MiCA-authorised partner, and tokens linked to tokenised securities. <b>Active since:<\/b> 2017. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> 85 centralised and decentralised venues, by its own release.<\/p>\n<p class=\"p5\">Keyrock was founded in Brussels in 2017 and provides CEX and on-chain market making, OTC trading and options. Keyrock FR SAS was authorised under MiCA by France\u2019s AMF on 12 June 2026, and in September 2026 Keyrock Securities Ltd was registered with the Cayman Islands Monetary Authority as a dealer in securities that can be tokenised, in the same announcement as its purchase of BlockFills\u2019 institutional assets. We found no enforcement actions against it.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> Keyrock has no announced Robinhood Chain activity. Its securities-dealer registration is the closest fit in this ranking to a token that references a Stock Token, and its MiCA authorisation suits an EU issuer. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-keyrock\"><span class=\"s1\">TDMM vs Keyrock<\/span><\/a>.<\/p>\n<h3 class=\"p8\"><b>7. Flowdesk: best for market-making-as-a-service with treasury tools<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> issuers that want transparent market-making-as-a-service with custody control. <b>Active since:<\/b> 2020. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> 150+ exchange venues.<\/p>\n<p class=\"p5\">Flowdesk was co-founded in Paris in 2020 by Guilhem Chaumont, its chief executive. Its Series B totals $102 million, including a $52 million extension in March 2025. Flowdesk Europe SAS received CASP authorisation from the AMF under MiCA effective 30 June 2026, and its Dubai entity received a VARA broker-dealer licence in August 2026. It has published clear explanations of retainer and loan-plus-call structures. We found no enforcement actions against it.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> no announced Robinhood Chain activity. A European, authorised provider with a broad venue list and a service model suits an EU issuer of a Robinhood Chain token that wants to keep custody of its inventory. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-flowdesk\"><span class=\"s1\">TDMM vs Flowdesk<\/span><\/a>.<\/p>\n<h3 class=\"p8\"><b>8. Tokka Labs: best for RFQ quotes on Stock Tokens<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> anyone who needs signed quotes on Robinhood Stock Tokens through an aggregator. <b>Active since:<\/b> not published. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> RFQ liquidity through 0x; its Circle Alliance Directory listing describes a market maker for top exchanges and protocols.<\/p>\n<p class=\"p5\">Tokka Labs describes itself as a proprietary trading firm in digital assets that designs its own trading systems and makes markets on major exchanges and protocols. 0x\u2019s post of 1 July 2026 announcing support for Stock Tokens on Robinhood Chain names Tokka Labs as the primary market maker participating through 0x RFQ, with USDG as the primary base pair. We found no enforcement actions against it.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> Tokka Labs is one of two firms with a documented market-making role on the chain, and the only one named on Stock Tokens. Its model is quotes on Robinhood\u2019s product, not mandates for third-party tokens, so an issuer should treat it as a liquidity source for stock-paired coins rather than a market maker for hire.<\/p>\n<h3 class=\"p8\"><b>9. Arrakis: best for DEX-only tokens on Uniswap-style pools<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> tokens that trade only on DEXs and want managed on-chain liquidity without handing over custody. <b>Active since:<\/b> 2021. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> Uniswap v3 and v4 on several EVM chains, plus Aerodrome, Velodrome, PancakeSwap, Hyperliquid and Solana.<\/p>\n<p class=\"p5\">On EVM chains the issuer owns a self-custodial vault and Arrakis runs the liquidity strategy inside it. Its documentation cites more than 100 token issuers. It does not quote on centralised exchanges, so a token that lists on a CEX needs another provider for the order book and someone to keep both on one reference price.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> Arrakis Modular is live on Robinhood Chain with $2.96 million of TVL on DefiLlama on 22 October 2026, which makes Arrakis the one vault manager in this ranking with a working deployment on the chain. For a Pons graduate whose only market is a locked full-range position, an Arrakis vault beside it is the cheapest way to put managed depth near the price. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-arrakis\"><span class=\"s1\">TDMM vs Arrakis<\/span><\/a>.<\/p>\n<h3 class=\"p8\"><b>10. Kairon Labs: best for small and mid caps across many exchanges<\/b><\/h3>\n<p class=\"p5\"><b><\/b><b><\/b><b><\/b><b><\/b><b>Best for:<\/b> small and mid-cap projects that want algorithmic market making on many exchanges. <b>Active since:<\/b> 2019. <b><\/b><b><\/b><b><\/b><b><\/b><b>Coverage:<\/b> 100+ exchanges.<\/p>\n<p class=\"p5\">Kairon Labs is Antwerp-based and states that it has served more than 500 clients. It markets itself to smaller projects that tier-one firms rarely take on. We found no enforcement actions against it.<\/p>\n<p class=\"p1\"><b><\/b><b><\/b><b><\/b><b>Robinhood Chain angle:<\/b> no announced Robinhood Chain activity. A CEX-side specialist for the moment a Robinhood Chain token lists, paired with a separate arrangement for the pool. See <a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\"><span class=\"s1\">TDMM vs Kairon Labs<\/span><\/a>.<\/p>\n<h2 class=\"p9\"><b>Names you will see that are not in this ranking<\/b><\/h2>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p4\"><strong>Firm<\/strong><\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p4\"><strong>What it is<\/strong><\/p>\n<\/td>\n<td class=\"td90\" valign=\"top\">\n<p class=\"p4\"><strong>Why it is not in the Robinhood Chain ranking<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td91\" valign=\"top\">\n<p class=\"p4\">Cumberland (DRW)<\/p>\n<\/td>\n<td class=\"td92\" valign=\"top\">\n<p class=\"p4\">Crypto trading arm of Chicago\u2019s DRW<\/p>\n<\/td>\n<td class=\"td93\" valign=\"top\">\n<p class=\"p4\">Lookonchain and Arkham traced about 11.2 million PONS to a wallet linked to Cumberland by 11 September 2026. That is a holding, not a mandate. Institutional OTC blocks rather than issuer market making. The SEC\u2019s October 2024 suit was dropped in March 2025<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p4\">Pleiades, Rialto, Metric<\/p>\n<\/td>\n<td class=\"td94\" valign=\"top\">\n<p class=\"p4\">Prop AMMs on Robinhood Chain<\/p>\n<\/td>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p4\">Trading firms quoting their own inventory on assets they choose. Pleiades\u2019s operator is undisclosed; Rialto planned 90+ Stock Tokens at launch, with its Rivo Altus prop AMM supplying baseline liquidity. Not services an issuer can hire<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p4\">DWF Labs<\/p>\n<\/td>\n<td class=\"td97\" valign=\"top\">\n<p class=\"p4\">Market making plus token investment<\/p>\n<\/td>\n<td class=\"td98\" valign=\"top\">\n<p class=\"p4\">Ranked tenth in TDMM\u2019s Arc ranking. Omitted here because the firms above it have a stronger Robinhood Chain fit, and because in October 2026 two DWF subsidiaries sued BitGo in London claiming $141 million over alleged early token sales, which is live litigation. No Robinhood Chain activity found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td81\" valign=\"top\">\n<p class=\"p4\">Galaxy<\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p4\">Nasdaq-listed digital asset firm<\/p>\n<\/td>\n<td class=\"td100\" valign=\"top\">\n<p class=\"p4\">Published the most useful outside analysis of the chain (30 July 2026). OTC and lending, not issuer market making. Settled with the New York Attorney General for $200 million over LUNA in March 2025<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p4\">Jump Trading, Flow Traders, Jane Street<\/p>\n<\/td>\n<td class=\"td94\" valign=\"top\">\n<p class=\"p4\">Traditional and crypto trading firms<\/p>\n<\/td>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p4\">Jump provides liquidity for Securitize\u2019s tokenised equities on Solana; Flow Traders runs a 24\/7 OTC desk for tokenised assets. Neither names Robinhood Chain. Jane Street faces a Terraform-related suit it has moved to dismiss<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td81\" valign=\"top\">\n<p class=\"p4\">Auros, Amber Group, Gravity Team<\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p4\">Algorithmic and Asia-focused market makers<\/p>\n<\/td>\n<td class=\"td100\" valign=\"top\">\n<p class=\"p4\">In TDMM\u2019s earlier rankings. No Robinhood Chain evidence. Omitted here, not downgraded<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p10\"><b>Top market makers for Robinhood Chain tokens compared<\/b><\/h2>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td101\" valign=\"top\">\n<p class=\"p4\"><strong>Market maker<\/strong><\/p>\n<\/td>\n<td class=\"td102\" valign=\"top\">\n<p class=\"p4\"><strong>Focus<\/strong><\/p>\n<\/td>\n<td class=\"td103\" valign=\"top\">\n<p class=\"p4\"><strong>Robinhood Chain evidence<\/strong><\/p>\n<\/td>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p4\"><strong>Public record, as of 22 Oct 2026<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td105\" valign=\"top\">\n<p class=\"p4\">TDMM<\/p>\n<\/td>\n<td class=\"td106\" valign=\"top\">\n<p class=\"p4\">CEX and DEX market making, listing support, treasury, exit management<\/p>\n<\/td>\n<td class=\"td107\" valign=\"top\">\n<p class=\"p4\">EVM pool capability; launchpad-graduated pools on four.meme; 5 of 11 PONS exchanges on its venue list; no public Robinhood Chain mandate<\/p>\n<\/td>\n<td class=\"td108\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td109\" valign=\"top\">\n<p class=\"p4\">Wintermute<\/p>\n<\/td>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p4\">CEX and DEX market making, OTC<\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p4\">Tessera V prop AMM on the chain since 14 Sep 2026 (attributed); 11% of Robinhood revenue in Q1 2025; PONS holding per Arkham<\/p>\n<\/td>\n<td class=\"td112\" valign=\"top\">\n<p class=\"p4\">$160M hack, September 2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td113\" valign=\"top\">\n<p class=\"p4\">FalconX<\/p>\n<\/td>\n<td class=\"td114\" valign=\"top\">\n<p class=\"p4\">Prime brokerage, OTC, market making<\/p>\n<\/td>\n<td class=\"td115\" valign=\"top\">\n<p class=\"p4\">Self-described liquidity partner and market maker for the chain\u2019s protocols (20 Jul 2026)<\/p>\n<\/td>\n<td class=\"td116\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">B2C2<\/p>\n<\/td>\n<td class=\"td117\" valign=\"top\">\n<p class=\"p4\">OTC liquidity, issuer market making<\/p>\n<\/td>\n<td class=\"td118\" valign=\"top\">\n<p class=\"p4\">12% of Robinhood revenue in Q1 2025; MiCA<\/p>\n<\/td>\n<td class=\"td119\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p4\">GSR<\/p>\n<\/td>\n<td class=\"td120\" valign=\"top\">\n<p class=\"p4\">Issuer market making, OTC, launch advisory<\/p>\n<\/td>\n<td class=\"td121\" valign=\"top\">\n<p class=\"p4\">Regulated institutional model; tokenised securities named a core market<\/p>\n<\/td>\n<td class=\"td122\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Keyrock<\/p>\n<\/td>\n<td class=\"td117\" valign=\"top\">\n<p class=\"p4\">CEX and on-chain market making, OTC, options<\/p>\n<\/td>\n<td class=\"td118\" valign=\"top\">\n<p class=\"p4\">MiCA; CIMA securities dealer registration<\/p>\n<\/td>\n<td class=\"td119\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Flowdesk<\/p>\n<\/td>\n<td class=\"td117\" valign=\"top\">\n<p class=\"p4\">Market-making-as-a-service, OTC, treasury<\/p>\n<\/td>\n<td class=\"td118\" valign=\"top\">\n<p class=\"p4\">150+ venues; MiCA<\/p>\n<\/td>\n<td class=\"td119\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p4\">Tokka Labs<\/p>\n<\/td>\n<td class=\"td120\" valign=\"top\">\n<p class=\"p4\">RFQ market making<\/p>\n<\/td>\n<td class=\"td121\" valign=\"top\">\n<p class=\"p4\">Named by 0x as primary market maker for Stock Tokens on 0x RFQ<\/p>\n<\/td>\n<td class=\"td122\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Arrakis<\/p>\n<\/td>\n<td class=\"td117\" valign=\"top\">\n<p class=\"p4\">On-chain vaults for issuers (DEX only)<\/p>\n<\/td>\n<td class=\"td118\" valign=\"top\">\n<p class=\"p4\">Arrakis Modular live on the chain, $2.96M TVL<\/p>\n<\/td>\n<td class=\"td119\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td101\" valign=\"top\">\n<p class=\"p4\">Kairon Labs<\/p>\n<\/td>\n<td class=\"td102\" valign=\"top\">\n<p class=\"p4\">Algorithmic issuer market making<\/p>\n<\/td>\n<td class=\"td103\" valign=\"top\">\n<p class=\"p4\">100+ exchanges; no chain evidence<\/p>\n<\/td>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p4\">None found<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p2\"><b>How much does market making for a Robinhood Chain token cost?<\/b><\/h2>\n<p class=\"p5\">No neutral price benchmark exists for crypto market making. The published figures come from a venture firm, market makers\u2019 own publications and a crypto media outlet, and should be read as opening positions. Three structures are in use, plus a fourth that Binance\u2019s March 2026 guidelines prohibit.<\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p4\"><strong>Model<\/strong><\/p>\n<\/td>\n<td class=\"td123\" valign=\"top\">\n<p class=\"p4\"><strong>How it works<\/strong><\/p>\n<\/td>\n<td class=\"td124\" valign=\"top\">\n<p class=\"p4\"><strong>Published terms<\/strong><\/p>\n<\/td>\n<td class=\"td125\" valign=\"top\">\n<p class=\"p4\"><strong>Watch out for<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td109\" valign=\"top\">\n<p class=\"p4\">Retainer<\/p>\n<\/td>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p4\">Monthly fee; the issuer supplies inventory and gets all of it back<\/p>\n<\/td>\n<td class=\"td126\" valign=\"top\">\n<p class=\"p4\">$1,000 to $7,000 per exchange per month plus a 15% to 20% carry (Caladan\u2019s January 2024 survey of nine firms; currency not stated); $3,000 to $15,000 or more a month (OpenLiquid, 2025)<\/p>\n<\/td>\n<td class=\"td127\" valign=\"top\">\n<p class=\"p4\">The fee is due whatever the service<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td128\" valign=\"top\">\n<p class=\"p4\">Token loan + call option<\/p>\n<\/td>\n<td class=\"td129\" valign=\"top\">\n<p class=\"p4\">The issuer lends tokens; the market maker gets calls at preset strikes; no fee<\/p>\n<\/td>\n<td class=\"td130\" valign=\"top\">\n<p class=\"p4\">1% to 3% of circulating supply for 6 to 12 months (Fabric Ventures); 1% to 5%, strikes 25% to 100% above TGE, 12 to 24 months (WuBlockchain)<\/p>\n<\/td>\n<td class=\"td131\" valign=\"top\">\n<p class=\"p4\">The options can be worth half the loan<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p4\">Hybrid<\/p>\n<\/td>\n<td class=\"td117\" valign=\"top\">\n<p class=\"p4\">A smaller retainer plus a smaller loan and option package<\/p>\n<\/td>\n<td class=\"td132\" valign=\"top\">\n<p class=\"p4\">Negotiated<\/p>\n<\/td>\n<td class=\"td133\" valign=\"top\">\n<p class=\"p4\">KPIs must stay enforceable<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td134\" valign=\"top\">\n<p class=\"p4\">Profit-share or guaranteed profit<\/p>\n<\/td>\n<td class=\"td135\" valign=\"top\">\n<p class=\"p4\">Issuer and market maker split trading profit, or profit is guaranteed<\/p>\n<\/td>\n<td class=\"td136\" valign=\"top\">\n<p class=\"p4\">Not applicable<\/p>\n<\/td>\n<td class=\"td137\" valign=\"top\">\n<p class=\"p4\">Binance\u2019s March 2026 guidelines prohibit profit-sharing and guaranteed-profit models with market makers<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p5\">The loan structure looks free and is not. TDMM measured the annualised volatility of 750 new listings at a median of 166%. At that volatility, a standard loan of 1.5% of supply with three call tranches at 1.25, 1.5 and 2 times the reference price is worth about 51% of the loan\u2019s value. On a $1.5 million loan that is $764,723, before a single trade. TDMM\u2019s <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\"><span class=\"s1\">post-listing market making article<\/span><\/a> has the worked example. Whichever structure you choose, ask for the option value in dollars before you sign.<\/p>\n<p class=\"p5\">On Robinhood Chain there are two further lines to ask about. Re-centring a concentrated range costs gas, and the gas is ETH drawn from the same balance that funds quoting, so the mandate should say who bears it and how it is reported. And if the token is paired with a Stock Token, weekend inventory risk is real, because the primary market is closed from Saturday 02:00 to Monday 02:00 Central European time; the mandate should say whether weekend quotes carry the same depth target or a wider one.<\/p>\n<h2 class=\"p2\"><b>A 90-day liquidity plan for a new Robinhood Chain token<\/b><\/h2>\n<p class=\"p5\"><b>Days -30 to -1: prepare.<\/b> Publish the token contract and the pool you will stand behind. Decide whether the token launches on a curve, in a seeded range, or both, and if it graduates from Pons, accept that the graduation position is permanent and plan a managed range beside it. Write spread, depth and uptime targets per venue, taken from the benchmark above. Segregate inventory wallets and screen them, since the sequencer screens sanctioned addresses. Agree who pays gas for re-centring.<\/p>\n<p class=\"p5\"><b>Days 0 to 7: launch.<\/b> Seed a concentrated range around the launch price next to any locked full-range position. Check depth within 1% against target every day. Watch for lookalike pools under your ticker, which GeckoTerminal lists beside the real one. Keep loaned inventory out of the curve and the opening bundle. Report the $10,000 impact test both ways.<\/p>\n<p class=\"p5\"><b>Days 8 to 30: stabilise.<\/b> Re-centre ranges as the price moves and review weekly. Hold one reference price across every pool the token trades in, since a token like PONS can have six on-chain venues at once. Prepare listing files for the exchanges you target. If the token references a Stock Token, price the weekend separately. Publish depth and uptime to holders.<\/p>\n<p class=\"p5\"><b>Days 31 to 90: extend.<\/b> List on an exchange only with a book quoter contracted from the first second. Model any unlocks against measured depth. Keep pool and book on one price. Re-run the $10,000 impact test monthly, and re-check for lookalike contracts.<\/p>\n<figure id=\"attachment_3887\" aria-describedby=\"caption-attachment-3887\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3887\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-300x169.png\" alt=\"Four-column plan for the first 90 days of liquidity for a new Robinhood Chain token: prepare, launch, stabilise and extend, with checks for each phase.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-robinhood-chain-token-90-day-liquidity-plan.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3887\" class=\"wp-caption-text\">A 90-day liquidity plan for a Robinhood Chain token. Targets come from TDMM&#8217;s benchmark and measurement. An operating checklist, not advice.<\/figcaption><\/figure>\n<h2 class=\"p2\"><b>Why TDMM ranks first for Robinhood Chain tokens<\/b><\/h2>\n<figure id=\"attachment_3888\" aria-describedby=\"caption-attachment-3888\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3888\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-300x169.png\" alt=\"TDMM coverage panel: active since 2015, $10B+ reported volume, 100+ integrations, 200+ markets and 24\/7 operations, with lists of centralised exchanges, DEXs, chains and services, and the overlap with the exchanges where PONS trades.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-coverage-for-robinhood-chain-tokens.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3888\" class=\"wp-caption-text\">One book across exchanges and DEX pools. Source: TDMM company information; exchange overlap against CoinGecko&#8217;s PONS tickers on 22 October 2026.<\/figcaption><\/figure>\n<p class=\"p5\">TDMM ranks first for Robinhood Chain token issuers because of what the Robinhood Chain data shows. Most tokens on the chain start in a Uniswap pool that nobody maintains, or in a launchpad position that nobody can maintain, and the ones that last will list on exchanges where the books are judged against a published standard; PONS reached eleven of them in three months. The job is one book across both, with one reference price. TDMM runs CEX order books and DEX pools together, covers listing support, market making, treasury management, yield on idle inventory and exit management on the same inventory, and sets spread, depth and uptime per venue in terms the issuer can check against public data. It prices the option value of any token loan in dollars before signing, drafts agreements to be disclosed to every exchange, and structures loans so that treasury inventory is never the source of selling. It does not promise a price or a volume number. Its commitment is a two-sided market at an agreed standard, on every venue, for the life of the token.<\/p>\n<p class=\"p5\">Three limits belong next to that case. Robinhood Chain is not yet on TDMM\u2019s published chain list, and no firm, TDMM included, has an announced mandate for a third-party token on a chain 113 days old. TDMM is the publisher of this ranking and a ranked firm. And a ranking by fit is not a ranking by results: the fit argument holds only if the mandate is written to measurable terms, which is why the contract table above is part of the article and not an extra. Run the measurement in this article against any provider, TDMM included, after 30 days.<\/p>\n<h2 class=\"p2\"><b>Related TDMM guides and comparisons<\/b><\/h2>\n<p class=\"p5\">These pages go deeper on each situation covered above.<\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td138\" valign=\"top\">\n<p class=\"p4\"><strong>Guide<\/strong><\/p>\n<\/td>\n<td class=\"td139\" valign=\"top\">\n<p class=\"p4\"><strong>Read it if you are<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\">Top crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Comparing twelve firms across all chains<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/market-making-for-arc-tokens\/\">Market making for Arc tokens<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Launching on Circle\u2019s chain, with the same measurement method<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker-in-2026\/\">How to choose a crypto market maker in 2026<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Running a selection process, with a scorecard and contract clauses<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\">CEX vs DEX market making in 2026<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Deciding where a token should be quoted<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\">Crypto market maker vs liquidity provider<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Unsure whether a pool deposit is enough<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\">How market making works after a token listing<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Planning the first 90 days after a listing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\">How to manage trading volume after a token listing<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Judging whether volume is real<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\">What is cross exchange market making?<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Keeping one reference price across pool and exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\">Crypto treasury management best practices 2026<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Treating loaned tokens and inventory as treasury assets<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\">How to manage a token exit strategy professionally<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Sizing an unlock or a sale against measured depth<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\">Best market makers for new token launches<\/a><\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p4\">Pre-TGE or preparing a first listing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td138\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/dex-market-makers\">Best DEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td139\" valign=\"top\">\n<p class=\"p4\">Trading mainly on DEX pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td138\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/cex-market-makers\">Best CEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td139\" valign=\"top\">\n<p class=\"p4\">Trading mainly on exchange order books<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p2\"><b>Frequently asked questions<\/b><\/h2>\n<h2 class=\"p5\"><b>1. Who are the best market makers for Robinhood Chain tokens?<\/b><\/h2>\n<p class=\"p5\">In TDMM\u2019s ranking, the best market makers for Robinhood Chain tokens in 2026 are TDMM, Wintermute, FalconX, B2C2, GSR, Keyrock, Flowdesk, Tokka Labs, Arrakis and Kairon Labs. TDMM ranks first for tokens that start in a Robinhood Chain pool and later list on exchanges, because one provider covers both with one reference price. Only FalconX and Tokka Labs have publicly connected themselves to market making on the chain, so the ranking measures fit for its venue mix, not a record of mandates.<\/p>\n<h2 class=\"p5\"><b>2. What is the best market maker for a Pons launchpad token?<\/b><\/h2>\n<p class=\"p5\">For a token that graduates from Pons, the best fit in this ranking is TDMM, because a graduate needs a managed range beside its locked full-range position and a book quoter once it lists, and TDMM runs both on one reference price. Arrakis is the best DEX-only choice, since Arrakis Modular is already live on Robinhood Chain, and Kairon Labs or Flowdesk suit the exchange side alone. Of the 200 Pons V2 hook pools TDMM measured, six could take a $1,000 order both ways under 1% impact, so the first job is depth near the price, not a listing.<\/p>\n<h2 class=\"p5\"><b>3. Does Robinhood have an official market maker for Robinhood Chain or Stock Tokens?<\/b><\/h2>\n<p class=\"p5\">Robinhood has not named one for the chain. Its documentation lists five liquidity channels for Stock Tokens and names 0x, 1inch, LiFi, Uniswap, Rialto and Lighter as venues; 0x names Tokka Labs as the primary market maker on its RFQ. Robinhood\u2019s 10-Q for the first quarter of 2025 named B2C2 at 12% and Wintermute at 11% of total net revenues as crypto liquidity providers for its brokerage, and neither exceeded the 10% threshold a year later. A September interview summary has Robinhood\u2019s crypto head describing the onboarding of market makers for Stock Tokens, without naming any.<\/p>\n<h2 class=\"p5\"><b>4. How liquid are Robinhood Chain tokens today?<\/b><\/h2>\n<p class=\"p5\">It depends on the kind of token. TDMM measured 1,089 of the chain\u2019s most-traded pools on 22 October 2026: 230 had no depth within 1% of the price, 27 were one-sided and 832 were two-sided, but only 104 could take a $10,000 order both ways for under 1% impact. Stock Token pools were the deepest, with a median two-sided depth of $22,499 within 1%; memecoin pools had a median of $38. GeckoTerminal reports $209.2 million of liquidity across the pools, but $16.6 million of it sits within 1% of the price.<\/p>\n<h2 class=\"p5\"><b>5. How do I check a Robinhood Chain token\u2019s real liquidity?<\/b><\/h2>\n<p class=\"p5\">Do not rely on reported liquidity or 24-hour volume. Read the pool\u2019s active liquidity and ticks through a Robinhood Chain RPC endpoint (Uniswap v4 pools through the StateView contract, v3 pools directly), calculate the dollars needed to move the price 1% in each direction, and simulate a $1,000 and a $10,000 order each way. Check the token contract on robinhoodchain.blockscout.com, and for a Stock Token compare it with the address in Robinhood\u2019s registry. Pons V2 pools carry a hook that charges the fee, so add about 1% to any impact figure.<\/p>\n<h2 class=\"p5\"><b>6. What spread and depth should a market maker guarantee for a Robinhood Chain token that lists on an exchange?<\/b><\/h2>\n<p class=\"p5\">TDMM recommends the top quartile of your market cap tier, from its snapshot of 3,425 USDT books on Gate and MEXC on 22 October 2026. For a token worth $5 million to $25 million that is a spread of 14.1 basis points or tighter and $17,076 or more of two-sided depth within 2%. From $25 million to $100 million it is 9.2 basis points and $37,991, and from $100 million to $1 billion it is 4.4 basis points and $115,759. Add uptime of at least 95% per venue. PONS, at $174 million, had spreads of 3.4 to 7.7 basis points and $21,800 to $208,700 of two-sided depth within 2% across its six measured exchanges.<\/p>\n<h2 class=\"p5\"><b>7. How much does market making for a Robinhood Chain token cost?<\/b><\/h2>\n<p class=\"p5\">No neutral benchmark exists. Published retainer quotes run from $1,000 to $7,000 per exchange per month plus a performance carry, and vendor guides put premium firms at $10,000 to $15,000 or more a month, plus the inventory the issuer supplies. Token loans with call options typically cover 1% to 5% of circulating supply, and at the 166% volatility TDMM measured for new listings the options in a standard loan can be worth about half the loan\u2019s value. On Robinhood Chain, add the ETH gas for re-centring ranges and, for stock-paired tokens, a separate weekend depth target. Binance\u2019s March 2026 guidelines prohibit profit-sharing and guaranteed-profit models with market makers.<\/p>\n<h2 class=\"p5\"><b>8. How does Robinhood Chain\u2019s design change market making?<\/b><\/h2>\n<p class=\"p5\">In five ways. Blocks arrive about every 100 milliseconds, so quotes can refresh ten times a second. Ordering is first-come-first-served with no priority gas auctions, so latency to the sequencer matters more than gas bidding. Gas is ETH, drawn from the same balance that funds quoting. Stock Tokens can only be minted and burned from Monday 02:00 to Saturday 02:00 Central European time, so weekend inventory cannot be hedged in the primary market. And Pons V2 graduates into a permanent full-range Uniswap v4 position with a fee-charging hook, so depth near the price must come from a second, managed pool.<\/p>\n<h2 class=\"p5\"><b>9. Do I need a market maker if my token only trades on Uniswap on Robinhood Chain?<\/b><\/h2>\n<p class=\"p5\">You need someone to manage the liquidity, even if you do not need an order-book quoter. Uniswap V4 and V3 carry 76% of the chain\u2019s DEX volume, and an unmanaged range goes stale: 230 of the 1,089 pools TDMM measured had no depth near the price, and the median Pons V2 hook pool held $137 of two-sided depth within 1%. A vault service such as Arrakis, a full-service market maker or an active in-house range strategy can each do the job. What does not work is seeding a pool once and leaving it.<\/p>\n<h2 class=\"p5\"><b>10. What is the difference between a market maker and a liquidity provider on Robinhood Chain?<\/b><\/h2>\n<p class=\"p5\">A liquidity provider is anyone who deposits tokens into a pool, including the Pons locker that holds every graduated coin\u2019s position. A market maker is a liquidity provider with an obligation: it quotes both sides to an agreed spread, depth and uptime, manages inventory and risk across venues, keeps one reference price and reports what it delivered. Every market maker provides liquidity. Most liquidity providers are not market makers, and most Robinhood Chain pools have the first without the second.<\/p>\n<h3 class=\"p2\"><b>Glossary<\/b><\/h3>\n<p class=\"p5\"><b>Arbitrum stack.<\/b> The rollup technology from Offchain Labs on which Robinhood Chain is built; Arbitrum calls its third-party chains Arbitrum chains or Orbit chains.<\/p>\n<p class=\"p5\"><b>Authorised Participant (AP).<\/b> A party permitted to mint and burn Stock Tokens with the issuer in the primary market. At issuance the only AP was BBVI.<\/p>\n<p class=\"p5\"><b>Basis point (bps).<\/b> One hundredth of one percent. A spread of 14.1 bps means the best offer sits 0.141% above the best bid.<\/p>\n<p class=\"p5\"><b>Bonding curve.<\/b> A pricing contract in which each purchase raises the price of the next; Pons V2 uses one until a coin graduates.<\/p>\n<p class=\"p5\"><b>Concentrated liquidity.<\/b> A pool design, used by Uniswap v3 and v4, in which liquidity is placed within a chosen price range. It is far more capital-efficient than a full-range pool, but only while the range is actively managed.<\/p>\n<p class=\"p5\"><b>Depth within 1%.<\/b> The dollar amount needed to move a market\u2019s price by 1%, or the value of resting orders within 1% of the mid price.<\/p>\n<p class=\"p5\"><b>FCFS ordering.<\/b> First-come-first-served: Robinhood Chain\u2019s sequencer orders transactions by arrival time, and a higher fee cannot move a transaction ahead.<\/p>\n<p class=\"p5\"><b>Full-range position.<\/b> Liquidity spread across every possible price. It never runs out but is thin at any one price; every Pons V2 graduate\u2019s locked position is one.<\/p>\n<p class=\"p5\"><b>Graduation.<\/b> The moment a launchpad coin\u2019s curve sells out and its reserve and remaining supply move into a DEX pool. On Pons V2 the position goes into a locker and cannot be withdrawn.<\/p>\n<p class=\"p5\"><b>Hook.<\/b> A contract attached to a Uniswap v4 pool that can change how swaps and liquidity behave. Pons\u2019s hook charges the swap fee on graduated pools; TDMM\u2019s measurement does not model hooks.<\/p>\n<p class=\"p5\"><b>Market maker.<\/b> A firm that continuously quotes bids and offers for a token on one or more venues to an agreed standard, and reports what it delivered.<\/p>\n<p class=\"p5\"><b>Pons.<\/b> The largest launchpad on Robinhood Chain, operated by Pons Labs, LLC, which states it is not affiliated with Robinhood. PONS is its token.<\/p>\n<p class=\"p5\"><b>Price impact.<\/b> The difference between the average execution price of an order and the mid price before the order, usually expressed in basis points.<\/p>\n<p class=\"p5\"><b>Prop AMM.<\/b> A proprietary on-chain automated market maker backed by one trading firm\u2019s inventory, such as Rialto\u2019s Rivo Altus or Tessera V.<\/p>\n<p class=\"p5\"><b>RFQ.<\/b> Request for quote: a market maker signs a price for a specific trade off-chain and the trade settles on-chain, as on 0x RFQ.<\/p>\n<p class=\"p5\"><b>Snipe tax.<\/b> Pons V2\u2019s 99% tax on buys in the first seconds after launch, decaying to zero over about five seconds; creators can exempt up to 32 wallets.<\/p>\n<p class=\"p5\"><b>Stock Token.<\/b> A tokenised debt security issued by Robinhood Assets (Jersey) Limited that tracks a listed equity or ETF with no legal or beneficial rights in the underlying share.<\/p>\n<p class=\"p5\"><b>Two-sided depth.<\/b> Depth on both sides of the price, so that a pool or book can absorb both buys and sells. In this article it is twice the thinner side.<\/p>\n<p class=\"p5\"><b>Uptime.<\/b> The share of trading time in which a market maker\u2019s quotes are live and within the agreed spread and depth.<\/p>\n<h3 class=\"p3\"><b>Sources<\/b><\/h3>\n<ol class=\"ol1\">\n<li class=\"li4\">Robinhood, \u201cRobinhood Accelerates Global Expansion with Robinhood Chain Mainnet, Stock Tokens, Agentic Trading and New Suite of DeFi Products\u201d, newsroom, 1 July 2026 (launch partners, Stock Token issuer and availability, customer count).<\/li>\n<li class=\"li4\">Robinhood Chain documentation: docs.robinhood.com\/chain (overview, gas and fees, transaction finality, bridging, governance, differences from Ethereum, Stock Tokens, building with Stock Tokens); api.robinhood.com\/rhj\/assets (Stock Token registry, 195 assets); retrieved 22 October 2026.<\/li>\n<li class=\"li4\">The Block, \u201cRobinhood Chain goes live on mainnet alongside 24\/7 tokenized stocks, Lighter perps and planned crypto agentic trading\u201d, 1 July 2026; \u201cArcus rolls out 24\/7 tokenized US stocks and perpetual markets on Robinhood Chain\u201d, 21 July 2026.<\/li>\n<li class=\"li4\">Galaxy Research, \u201cWill Robinhood Chain Succeed Where Coinbase\u2019s Base Stumbled?\u201d, 30 July 2026 (sequencer operator, Noxa and Pons shares, memecoin share of volume).<\/li>\n<li class=\"li4\">Robinhood Markets, Form 10-Q for the quarters ended 31 March 2025 and 31 March 2026 (concentration of revenue: Citadel Securities, B2C2 USA Inc, Wintermute Trading Ltd; Bitstamp acquisition).<\/li>\n<li class=\"li4\">0x, \u201cRobinhood Chain\u201d blog post, 1 July 2026 (Tokka Labs as primary market maker on 0x RFQ; USDG base pair).<\/li>\n<li class=\"li4\">FalconX, \u201cRobinhood Chain Primer: Early Traction and Protocols to Watch\u201d, Martin Gaspar, 20 July 2026.<\/li>\n<li class=\"li4\">DefiLlama: Robinhood Chain TVL, protocol TVL, DEX volume, fees and stablecoin APIs; Tessera V and Pons V1 and V2 protocol entries; retrieved 22 October 2026.<\/li>\n<li class=\"li4\">Bitquery, \u201cPons launchpad growth on Robinhood Chain\u201d, verified 4 September 2026; \u201cFOMO app front-running on Robinhood Chain\u201d, 26 September 2026; Cryptopolitan\u2019s report of Bitquery\u2019s rug-pull cluster count, 29 September 2026.<\/li>\n<li class=\"li4\">Pons documentation: docs.ponsfamily.com (v1 and v2 mechanics, contract addresses, fee policy); ponsfamily.com launchpad page (affiliation disclaimer); retrieved 22 October 2026.<\/li>\n<li class=\"li4\">Decrypt, \u201cWhat Is Pons? The Robinhood Chain Meme Coin Factory Token Up 18,000% Since July\u201d, 3 September 2026; Crypto Briefing, \u201cCoinbase enables PONS-USD trading\u201d, 7 October 2026; The Defiant, \u201cUniswap Labs bought PONS token for long-term alignment\u201d, 3 September 2026; CoinMarketCap, Binance Alpha listing, 3 September 2026; Coin Gabbar, Upbit listing, 8 October 2026; Bizhankook, KuCoin listing, 4 September 2026; crypto.news, Binance Futures listing, 6 September 2026; Coinotag, Bybit listing, 22 September 2026.<\/li>\n<li class=\"li4\">The Block, \u201cOnchain analyst links $18.4 million in Robinhood Chain memecoin extractions to single rug-pull operation\u201d, 27 September 2026.<\/li>\n<li class=\"li4\">The Defiant, \u201cArkham links Wintermute to $2.4 million PONS position\u201d, 7 September 2026; Bloomingbit, 5 September 2026 (Arkham\u2019s first flag); Bitcoin.com, \u201cCumberland PONS accumulation\u201d, 11 September 2026 (Lookonchain and Arkham wallet tracking).<\/li>\n<li class=\"li4\">Chorus One, \u201cMarket making, prop AMMs and Solana execution quality landscape\u201d, 19 December 2025; Blockworks Research, \u201cProp AMMs expand to Base\u201d, 10 February 2026 (Tessera V attribution).<\/li>\n<li class=\"li4\">Bloomingbit, \u201cRobinhood Chain Posts $51 Million in Q3 Revenue, Surpassing Ethereum\u201d, 22 October 2026, citing Ark Invest\u2019s \u201cThe DeFi Quarterly: Q3 2026\u201d; SpendNode, 22 October 2026, citing CoinMarketCap data on tokenised-stock volume; Crypto Briefing, 12 October 2026 ($15 billion cumulative Stock Token volume); CryptoTicker, \u201cRobinhood Chain and the Memecoins\u201d, updated 15 October 2026 (Pons and Pools.trade seven-day fees).<\/li>\n<li class=\"li4\">The Token Dispatch, \u201cTurning rival aggregators into toll roads\u201d, 1 October 2026 (Uniswap share of Stock Token volume, Pleiades operator undisclosed); Offchain Labs, \u201cSupporting Rialto\u2019s launch on Robinhood Chain\u201d, 2026; BigGo Finance, 21 September 2026 (summary of a Bankless interview with Johann Kerbrat); Bloomingbit, 3 October 2026 (Kaiko\u2019s after-hours finding and Kerbrat at XRP Seoul); Bloomberg via Yahoo Finance, 2 October 2026 (stock-paired memecoin volume, HIMS premium).<\/li>\n<li class=\"li4\">CoinGecko: PONS market data and tickers, daily prices, Robinhood Chain Stocks Ecosystem and Robinhood Chain Meme categories, top 2,000 coins by market cap; retrieved 22 October 2026.<\/li>\n<li class=\"li4\">GeckoTerminal public API: Robinhood Chain pools (reserve_in_usd, 24-hour volume, prices), retrieved 22 October 2026. Reported figures are claims made by the data provider and were not independently verified.<\/li>\n<li class=\"li4\">TDMM on-chain measurement of 1,089 Robinhood Chain pools (Uniswap v3, Uniswap v4 including Pons V2 hook pools and Pools.trade, SushiSwap v3) through public RPC endpoints, 12:44 to 13:20 UTC, 22 October 2026: price, active liquidity and initialised ticks within 380 ticks of the price; swap simulation before fees; v4 hooks not modelled; pool keys from the PositionManager or the PoolManager\u2019s Initialize event.<\/li>\n<li class=\"li4\">TDMM level-2 order book snapshot of 3,425 USDT spot pairs on Gate and MEXC, 12:26 to 12:32 UTC, 22 October 2026; PONS order books on OKX, Coinbase, Kraken, Upbit, Gate and MEXC at 12:35 UTC; market capitalisation from CoinGecko.<\/li>\n<li class=\"li4\">TDMM, \u201cTop Crypto Market Makers in 2026\u201d, 26 September 2026, and \u201cMarket Making for Arc Tokens\u201d, 9 October 2026, and their sources, for the firm facts used in the reviews above.<\/li>\n<li class=\"li4\">TDMM, \u201cHow Market Making Works After a Token Listing\u201d, 25 September 2026, for listing volatility and option valuation.<\/li>\n<li class=\"li4\">Binance, \u201cMarket Maker Red Flags and Guidelines for Crypto Projects and Users\u201d, Binance blog, 25 March 2026.<\/li>\n<li class=\"li4\">Fabric Ventures, \u201cLiquidity is the product\u201d, 31 July 2025; Caladan, \u201cRetainer vs Options\u201d (price list, January 2024); OpenLiquid, \u201cCEX Market Making Cost: What to Expect in 2026\u201d, 2025 (vendor-published); WuBlockchain, \u201cInside the black box of market maker\u201d, July 2026, as republished by TechFlow.<\/li>\n<li class=\"li4\">Wintermute: company website; The Block, \u201cWintermute registers as SEC broker-dealer\u201d, 6 August 2026; Forbes, 20 September 2022, on the hack. GSR: \u201cGSR expands regulated footprint for the onchain future of finance\u201d, 2 September 2026; The Block, 9 June 2026; \u201cGSR acquires Autonomous and Architech\u201d, 17 March 2026. Keyrock: \u201cKeyrock secures MiCA licence\u201d, 15 June 2026 (AMF register, A2026-017, 12 June 2026); \u201cKeyrock establishes Keyrock Securities\u201d, 24 September 2026. Flowdesk: \u201cFlowdesk Europe receives CASP authorization from the AMF under MiCA\u201d, 29 June 2026; The Block, 4 March 2025 (Series B extension); Cointelegraph, 11 August 2026 (VARA licence). B2C2: MiCA authorisation announcement, 15 May 2026 (CSSF authorisation of 13 May); CoinDesk, 29 June 2026, on SBI\u2019s sale talks. Tokka Labs: Circle Alliance Directory listing, updated 11 September 2025. Arrakis: documentation; DefiLlama Arrakis Modular entry. Kairon Labs: company website.<\/li>\n<li class=\"li4\">The Block, 1 May 2025, on Robinhood\u2019s first naming of B2C2 and Wintermute; Decrypt, 9 October 2026, reporting the Financial Times on the DWF Labs subsidiaries\u2019 claim against BitGo; The Block, 28 March 2025 (Galaxy and the New York Attorney General); The Block, 5 May 2026 (Jump and Securitize); Flow Traders, 19 March 2026; Bloomberg Law, 23 April 2026 (Jane Street).<\/li>\n<li class=\"li4\">Uniswap documentation: v4 deployment addresses for Robinhood Chain (PoolManager, StateView, PositionManager); v3 concentrated liquidity; v4 hooks.<\/li>\n<li class=\"li4\">TDMM, <i>About TDMM<\/i>, and tdmm.io, for company figures and published integrations.<\/li>\n<\/ol>\n<h4 class=\"p2\"><b>Disclaimer<\/b><\/h4>\n<p class=\"p5\">This article is published by TDMM (TradeDog Market Maker) for information and education. TDMM is a market maker and ranks itself in this article; readers should weigh the ranking with that in mind. It is not investment, legal or tax advice. It is not an offer of any service, and not a recommendation to buy, sell or hold any digital asset, including PONS, any Robinhood Stock Token or any token launched on Robinhood Chain, or to engage any firm named. TDMM is not a registered investment adviser, broker-dealer or asset manager, and nothing here is a promise or projection about the price, volume or liquidity of any token.<\/p>\n<p class=\"p5\">Statements about other firms are based on information those firms publish and on reports by regulators and major media outlets, as available to TDMM on 22 October 2026. They may be incomplete or out of date. Wallet attributions by Arkham and Lookonchain are those firms\u2019 analyses and have not been confirmed by the firms named. \u201cNone found\u201d means TDMM\u2019s review located no enforcement action or major incident; it is not an assurance of any firm\u2019s conduct or financial standing. Allegations referred to here are allegations, and the people and firms named are presumed innocent until proven guilty. TDMM has no affiliation with Robinhood Markets, Inc., Robinhood Assets (Jersey) Limited or Pons Labs, LLC.<\/p>\n<p class=\"p5\">All TDMM figures are measurements of public market data taken at the times stated. The pool and order book data are single snapshots that change continuously and describe only the venues and chains sampled; the pools measured are those GeckoTerminal listed as most traded, not every pool on the chain. TDMM did not model Uniswap v4 hooks, and pool depth is reconstructed from on-chain liquidity, so actual execution may differ. Cost examples are arithmetic on stated assumptions, not quotes or forecasts. Third-party figures are reproduced as published and have not been audited by TDMM. Robinhood Stock Tokens are not available to U.S. persons or in Canada, the United Kingdom or Switzerland, and nothing here is directed at persons in those jurisdictions. Robinhood Chain is a new network whose parameters, fees and governance may change. Exchange rules and regulation change often, so check them against current primary sources and qualified professional advice before making any decision. Digital assets are volatile, and you may lose the entire value of a position.<\/p>\n<p><i>Published by TDMM (TradeDog Market Maker) \u00b7 Reading time: 50 minutes \u00b7 Last updated: October 2026. 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Only two firms have publicly said they make markets on Robinhood Chain: FalconX, which calls itself a liquidity partner and market maker for the chain\u2019s protocols, and Tokka Labs, which 0x names as the primary market maker for Stock Tokens on 0x RFQ. Of the 1,089 most-traded Robinhood Chain pools TDMM measured on-chain, 230 had no depth within 1% of the price and only 104 could take a $10,000 order both ways for under 1% impact. 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\"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"contributor\": {\n    \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"sourceOrganization\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/#research-series\"\n   },\n   \"genre\": [\n    \"Research\",\n    \"Ranking\",\n    \"Guide\"\n   ],\n   \"learningResourceType\": \"Guide\",\n   \"teaches\": \"Which market makers fit Robinhood Chain tokens and Pons launchpad tokens, how to measure a Robinhood Chain token\u2019s real liquidity, what spread, depth and uptime to write into a market making contract, what market making costs and how to plan the first 90 days.\",\n   \"accessMode\": [\n    \"textual\",\n    \"visual\"\n   ],\n   \"accessibilityFeature\": [\n    \"alternativeText\",\n    \"tableOfContents\"\n   ],\n   \"encodingFormat\": \"text\/html\",\n   \"isAccessibleForFree\": true,\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token founders, foundations, treasury managers, launchpad creators and exchange listing teams building on Robinhood Chain\"\n   },\n   \"educationalLevel\": \"Intermediate\",\n   \"timeRequired\": \"PT60M\",\n   \"wordCount\": 14853,\n   \"speakable\": {\n    \"@type\": \"SpeakableSpecification\",\n    \"xpath\": [\n     \"\/html\/head\/title\",\n     \"\/\/h2[normalize-space()='The short answer']\/following-sibling::p[1]\",\n     \"\/\/h2[normalize-space()='Key takeaways']\/following-sibling::ul[1]\"\n    ]\n   },\n   \"disambiguatingDescription\": \"Published by TDMM, a crypto market maker for token projects, which ranks itself first and discloses 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Information and education only, not investment, legal or tax advice. TDMM is not affiliated with Robinhood Markets, Inc. or Pons Labs, LLC.\"\n  },\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"mainEntity\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"mentions\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-crypto-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-cex-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-dex-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-liquidity-provision\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-token-listing-support\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-token-launch-market-making\"\n    },\n    {\n   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\"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#faq\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\",\n   \"name\": \"Best market makers for Robinhood Chain tokens: frequently asked questions\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"mainEntity\": [\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Who are the best market makers for Robinhood Chain tokens?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"In TDMM\u2019s ranking, the best market makers for Robinhood Chain tokens in 2026 are TDMM, Wintermute, FalconX, B2C2, GSR, Keyrock, Flowdesk, Tokka Labs, Arrakis and Kairon Labs. TDMM ranks first for tokens that start in a Robinhood Chain pool and later list on exchanges, because one provider covers both with one reference price. Only FalconX and Tokka Labs have publicly connected themselves to market making on the chain, so the ranking measures fit for its venue mix, not a record of mandates.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What is the best market maker for a Pons launchpad token?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"For a token that graduates from Pons, the best fit in this ranking is TDMM, because a graduate needs a managed range beside its locked full-range position and a book quoter once it lists, and TDMM runs both on one reference price. Arrakis is the best DEX-only choice, since Arrakis Modular is already live on Robinhood Chain, and Kairon Labs or Flowdesk suit the exchange side alone. Of the 200 Pons V2 hook pools TDMM measured, six could take a $1,000 order both ways under 1% impact, so the first job is depth near the price, not a listing.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Does Robinhood have an official market maker for Robinhood Chain or Stock Tokens?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Robinhood has not named one for the chain. Its documentation lists five liquidity channels for Stock Tokens and names 0x, 1inch, LiFi, Uniswap, Rialto and Lighter as venues; 0x names Tokka Labs as the primary market maker on its RFQ. Robinhood\u2019s 10-Q for the first quarter of 2025 named B2C2 at 12% and Wintermute at 11% of total net revenues as crypto liquidity providers for its brokerage, and neither exceeded the 10% threshold a year later. A September interview summary has Robinhood\u2019s crypto head describing the onboarding of market makers for Stock Tokens, without naming any.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How liquid are Robinhood Chain tokens today?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"It depends on the kind of token. TDMM measured 1,089 of the chain\u2019s most-traded pools on 22 October 2026: 230 had no depth within 1% of the price, 27 were one-sided and 832 were two-sided, but only 104 could take a $10,000 order both ways for under 1% impact. Stock Token pools were the deepest, with a median two-sided depth of $22,499 within 1%; memecoin pools had a median of $38. GeckoTerminal reports $209.2 million of liquidity across the pools, but $16.6 million of it sits within 1% of the price.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How do I check a Robinhood Chain token\u2019s real liquidity?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Do not rely on reported liquidity or 24-hour volume. Read the pool\u2019s active liquidity and ticks through a Robinhood Chain RPC endpoint (Uniswap v4 pools through the StateView contract, v3 pools directly), calculate the dollars needed to move the price 1% in each direction, and simulate a $1,000 and a $10,000 order each way. Check the token contract on robinhoodchain.blockscout.com, and for a Stock Token compare it with the address in Robinhood\u2019s registry. Pons V2 pools carry a hook that charges the fee, so add about 1% to any impact figure.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What spread and depth should a market maker guarantee for a Robinhood Chain token that lists on an exchange?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"TDMM recommends the top quartile of your market cap tier, from its snapshot of 3,425 USDT books on Gate and MEXC on 22 October 2026. For a token worth $5 million to $25 million that is a spread of 14.1 basis points or tighter and $17,076 or more of two-sided depth within 2%. From $25 million to $100 million it is 9.2 basis points and $37,991, and from $100 million to $1 billion it is 4.4 basis points and $115,759. Add uptime of at least 95% per venue. PONS, at $174 million, had spreads of 3.4 to 7.7 basis points and $21,800 to $208,700 of two-sided depth within 2% across its six measured exchanges.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How much does market making for a Robinhood Chain token cost?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"No neutral benchmark exists. Published retainer quotes run from $1,000 to $7,000 per exchange per month plus a performance carry, and vendor guides put premium firms at $10,000 to $15,000 or more a month, plus the inventory the issuer supplies. Token loans with call options typically cover 1% to 5% of circulating supply, and at the 166% volatility TDMM measured for new listings the options in a standard loan can be worth about half the loan\u2019s value. On Robinhood Chain, add the ETH gas for re-centring ranges and, for stock-paired tokens, a separate weekend depth target. Binance\u2019s March 2026 guidelines prohibit profit-sharing and guaranteed-profit models with market makers.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How does Robinhood Chain\u2019s design change market making?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"In five ways. Blocks arrive about every 100 milliseconds, so quotes can refresh ten times a second. Ordering is first-come-first-served with no priority gas auctions, so latency to the sequencer matters more than gas bidding. Gas is ETH, drawn from the same balance that funds quoting. Stock Tokens can only be minted and burned from Monday 02:00 to Saturday 02:00 Central European time, so weekend inventory cannot be hedged in the primary market. And Pons V2 graduates into a permanent full-range Uniswap v4 position with a fee-charging hook, so depth near the price must come from a second, managed pool.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Do I need a market maker if my token only trades on Uniswap on Robinhood Chain?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"You need someone to manage the liquidity, even if you do not need an order-book quoter. Uniswap V4 and V3 carry 76% of the chain\u2019s DEX volume, and an unmanaged range goes stale: 230 of the 1,089 pools TDMM measured had no depth near the price, and the median Pons V2 hook pool held $137 of two-sided depth within 1%. A vault service such as Arrakis, a full-service market maker or an active in-house range strategy can each do the job. What does not work is seeding a pool once and leaving it.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What is the difference between a market maker and a liquidity provider on Robinhood Chain?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A liquidity provider is anyone who deposits tokens into a pool, including the Pons locker that holds every graduated coin\u2019s position. A market maker is a liquidity provider with an obligation: it quotes both sides to an agreed spread, depth and uptime, manages inventory and risk across venues, keeps one reference price and reports what it delivered. Every market maker provides liquidity. Most liquidity providers are not market makers, and most Robinhood Chain pools have the first without the second.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"HowTo\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#howto\",\n   \"name\": \"How to plan liquidity for a new Robinhood Chain token in 90 days\",\n   \"description\": \"A four-phase, 90-day liquidity plan for a new Robinhood Chain token, including a Pons launchpad graduate, from preparing the market making mandate to the first exchange listing.\",\n   \"totalTime\": \"P120D\",\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-18\"\n   },\n   \"step\": [\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 1,\n     \"name\": \"Days -30 to -1: prepare\",\n     \"text\": \"Publish the token contract and the pool you will stand behind. Decide whether the token launches on a curve, in a seeded range, or both, and if it graduates from Pons, accept that the graduation position is permanent and plan a managed range beside it. Write spread, depth and uptime targets per venue, taken from the benchmark above. Segregate inventory wallets and screen them, since the sequencer screens sanctioned addresses. Agree who pays gas for re-centring.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-18\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 2,\n     \"name\": \"Days 0 to 7: launch\",\n     \"text\": \"Seed a concentrated range around the launch price next to any locked full-range position. Check depth within 1% against target every day. Watch for lookalike pools under your ticker, which GeckoTerminal lists beside the real one. Keep loaned inventory out of the curve and the opening bundle. Report the $10,000 impact test both ways.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-18\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 3,\n     \"name\": \"Days 8 to 30: stabilise\",\n     \"text\": \"Re-centre ranges as the price moves and review weekly. Hold one reference price across every pool the token trades in, since a token like PONS can have six on-chain venues at once. Prepare listing files for the exchanges you target. If the token references a Stock Token, price the weekend separately. Publish depth and uptime to holders.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-18\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 4,\n     \"name\": \"Days 31 to 90: extend\",\n     \"text\": \"List on an exchange only with a book quoter contracted from the first second. Model any unlocks against measured depth. Keep pool and book on one price. Re-run the $10,000 impact test monthly, and re-check for lookalike contracts.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-18\"\n     }\n    }\n   ],\n   \"tool\": [\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"TDMM CEX order-book benchmark by market cap tier\"\n    },\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Robinhood Chain RPC endpoint and Uniswap v4 StateView\"\n    },\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Robinhood Stock Token registry (api.robinhood.com\/rhj\/assets)\"\n    },\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Robinhood Chain Blockscout explorer\"\n    }\n   ],\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#keytakeaways\",\n   \"name\": \"Key takeaways: best market makers for Robinhood Chain tokens\",\n   \"numberOfItems\": 7,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Robinhood Chain is Robinhood\u2019s Ethereum layer-two, built on Arbitrum\u2019s stack. Its public mainnet opened on 1 July 2026. Gas is paid in ETH, blocks arrive about every 100 milliseconds (TDMM measured 0.104 seconds over the last 5,000,000 blocks), ordering is first-come-first-served, and Offchain Labs runs the sequencer on Robinhood\u2019s behalf.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"The chain is large for its age. DefiLlama shows $1.14 billion of TVL and $1.11 billion of stablecoins on 21 October 2026, $90.7 billion of DEX volume in the third quarter and a record $3.67 billion on 4 September. Fees across apps and the chain peaked at $31.5 million in a day and were $2.3 million on 21 October.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Three kinds of token live on Robinhood Chain, and each needs a different market maker. Robinhood\u2019s 195 Stock Tokens (issued by Robinhood Assets (Jersey) Limited) had $155.7 million outstanding on 22 October, with the top five tickers at 44% of that value. Launchpad memecoins, led by Pons, made the chain\u2019s volume. Protocol tokens such as PONS and CASHCAT have reached Coinbase, OKX, Upbit, Bybit, Gate and Kraken.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Pons is the chain\u2019s largest launchpad and, for a month, one of the highest-earning apps in crypto. Bitquery counted 207,893 coins created in the 32 days to 3 September 2026, of which 3,228 (1.55%) graduated into Uniswap v4 pools, and found the median graduated coin 85% below its first-hour price. Pons earned $11.1 million in fees on 5 September and $0.47 million on 21 October.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"TDMM read 1,089 Robinhood Chain pools on-chain on 22 October 2026: 230 held less than $1 within 1% of the price, 27 were one-sided and 832 had depth on both sides. GeckoTerminal reports $209.2 million of liquidity across them, but only $16.6 million sits within 1% of the price.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"PONS itself is the test case for a token that made the trip from pool to exchange. On 22 October its tightest books were on Gate (3.9 basis points) and MEXC (5.1); OKX held the most depth within 2% ($208,700 both sides); Kraken held the least ($21,800). Its deepest on-chain pools were on Ramses and Uniswap.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"When a Robinhood Chain token reaches an exchange, the standard is set by the books already there. For a token worth $5 million to $25 million, TDMM\u2019s snapshot of 3,425 USDT books on Gate and MEXC puts the top-quartile spread at 14.1 basis points and top-quartile two-sided depth within 2% at $17,076.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-01\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#top-market-makers\",\n   \"name\": \"The 10 best market makers for Robinhood Chain tokens in 2026, ranked by TDMM (TDMM publishes this ranking and ranks itself first)\",\n   \"numberOfItems\": 10,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"TDMM\",\n     \"description\": \"Best for a Robinhood Chain token that needs: One partner across Robinhood Chain pools and CEX books, for tokens under about $100M. What the public record shows: Active since 2015; 100+ CEX and DEX integrations; Robinhood Chain is not yet on its published chain list.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Wintermute\",\n     \"description\": \"Best for a Robinhood Chain token that needs: Tier-one depth on chain and on exchange. What the public record shows: Tessera V prop AMM live on Robinhood Chain since 14 September 2026; 11% of Robinhood\u2019s revenue in Q1 2025; US broker-dealer registered August 2026.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-wintermute\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"FalconX\",\n     \"description\": \"Best for a Robinhood Chain token that needs: An institutional counterparty already active on the chain. What the public record shows: Says it supports Robinhood Chain as a liquidity partner and market maker (20 July 2026).\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-falconx\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"B2C2\",\n     \"description\": \"Best for a Robinhood Chain token that needs: OTC depth with KPIs agreed upfront. What the public record shows: 12% of Robinhood\u2019s revenue in Q1 2025; MiCA-authorised in Luxembourg, May 2026; majority-owned by SBI, which has held sale talks.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-b2c2\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"GSR\",\n     \"description\": \"Best for a Robinhood Chain token that needs: Regulated, full-lifecycle institutional mandates. What the public record shows: FINRA approval to acquire a broker-dealer, June 2026; CIMA registrations, September 2026.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-gsr\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Keyrock\",\n     \"description\": \"Best for a Robinhood Chain token that needs: EU issuers and tokenised-securities dealing. What the public record shows: MiCA licence, June 2026; CIMA dealer registration for securities that can be tokenised, September 2026.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-keyrock\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Flowdesk\",\n     \"description\": \"Best for a Robinhood Chain token that needs: Market-making-as-a-service with treasury tools. What the public record shows: AMF MiCA authorisation effective 30 June 2026; 150+ venues.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-flowdesk\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Tokka Labs\",\n     \"description\": \"Best for a Robinhood Chain token that needs: RFQ quotes on Stock Tokens. What the public record shows: Named by 0x as the primary market maker on 0x RFQ for Stock Tokens (1 July 2026).\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-tokka-labs\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Arrakis\",\n     \"description\": \"Best for a Robinhood Chain token that needs: DEX-only tokens on Uniswap-style pools. What the public record shows: Arrakis Modular live on Robinhood Chain with $2.96 million of TVL (DefiLlama, 22 October 2026).\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-arrakis-finance\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"Kairon Labs\",\n     \"description\": \"Best for a Robinhood Chain token that needs: Small and mid caps across many exchanges. What the public record shows: 100+ exchanges; no Robinhood Chain announcement found.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-kairon-labs\"\n     }\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-17\"\n   },\n   \"description\": \"Ranked by fit for Robinhood Chain\u2019s venue mix using seven weighted criteria, as of 22 October 2026. TDMM ranks first for Robinhood Chain tokens under about $100 million that start in a pool and later list on exchanges.\"\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#reviews\",\n   \"name\": \"The 10 best market makers for Robinhood Chain tokens, reviewed\",\n   \"numberOfItems\": 10,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"TDMM: best for one partner across Robinhood Chain pools and CEX books\",\n     \"description\": \"Best for: Robinhood Chain tokens under about $100 million that start in a pool, including Pons graduates, and will list on exchanges. Active since: 2015. Coverage: more than 100 CEX and DEX integrations and more than 200 markets. TDMM (TradeDog Market Maker) is the market making and token market management arm of TradeDog Group. It reports more than $10 billion in trading volume, runs 24-hour operations with a team of over thirty people on five continents, and lists integrations on Binance, OKX, Bybit, Gate, KuCoin, Bitget, MEXC and HTX, on Uniswap, PancakeSwap, SushiSwap, Raydium and four.meme, and on Ethereum, BNB Chain, Solana, Base, Polygon, Avalanche and PulseChain. It covers the full token lifecycle: listing support, market making, treasury management, yield on idle inventory and exit management. It contracts in units an issuer can check, and it does not promise a price or a volume number. Robinhood Chain angle: Robinhood Chain is not yet on TDMM\u2019s published chain list, and TDMM has made no public Robinhood Chain announcement; mandates on the chain are scoped on request. The chain is EVM-compatible and its pools are Uniswap v3 and v4, which is the kind TDMM runs on other EVM chains, and four.meme on TDMM\u2019s DEX list is a launchpad whose graduated pools are the same job a Pons graduate presents. Five of the eleven exchanges where PONS trades, Gate, OKX, Bybit, MEXC and Toobit, are on TDMM\u2019s published venue list; Coinbase, Kraken, Upbit, Bithumb, BloFin and KCEX are not. Choose a tier-one firm instead for a very large float on a tier-one venue, and a MiCA-authorised firm if your regulator or venue requires one.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Wintermute: best for tier-one depth on chain and on exchange\",\n     \"description\": \"Best for: large launches and deep liquidity on both CEXs and DEXs. Active since: 2017. Coverage: more than 60 centralised and decentralised venues, by its own releases. Wintermute was co-founded in London in 2017 by Evgeny Gaevoy, Harro Mantel and Yoann Turpin. It states $10 billion of daily trading volume. Wintermute USA registered with the SEC as a broker-dealer and became a FINRA member, announced on 6 August 2026, which lets it trade stocks and options and act as an authorised participant for exchange-traded products. The notable incident in its record is the September 2022 hack, in which about $160 million was taken, a loss widely attributed by security researchers to a weakness in the Profanity vanity-address generator. Robinhood Chain angle: Wintermute is the firm with the deepest documented link to Robinhood. Robinhood\u2019s 10-Q for the first quarter of 2025 named Wintermute Trading Ltd at 11% of total net revenues, alongside B2C2 at 12% and Citadel Securities at 12%; by the first quarter of 2026 only Citadel, at 15%, exceeded the 10% disclosure threshold, so the crypto relationship continued below that line. Tessera V, the prop AMM that Chorus One and Blockworks Research attribute to Wintermute, has traded $754 million on Robinhood Chain since 14 September 2026, and on-chain analysts linked a 3.43 million PONS position to Wintermute in early September. None of that is an announced mandate, and Wintermute has not commented. Smaller projects should ask what minimum size applies. See TDMM vs Wintermute.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-wintermute\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"FalconX: best for an institutional counterparty already active on the chain\",\n     \"description\": \"Best for: issuers and treasuries that want a prime-brokerage counterparty with a declared presence on Robinhood Chain. Active since: 2018. Coverage: no venue count published; FalconX describes itself as a digital-asset prime broker serving institutions. FalconX\u2019s research desk published \u201cRobinhood Chain Primer: Early Traction and Protocols to Watch\u201d on 20 July 2026, and the piece states that FalconX supports Robinhood Chain as a liquidity partner and market maker for its on-chain protocols. That is the only self-disclosure of market making on the chain TDMM found from any firm in this ranking. We found no enforcement actions or major incidents in its 2026 record. Robinhood Chain angle: FalconX\u2019s statement covers the chain\u2019s protocols, which TDMM reads as its lending and trading venues rather than third-party token mandates. An issuer who needs an institutional counterparty that already holds inventory on the chain, or OTC blocks in a Robinhood Chain token, should ask FalconX directly what its issuer service covers. See TDMM vs FalconX.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-falconx\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"B2C2: best for OTC depth with KPIs agreed upfront\",\n     \"description\": \"Best for: issuers that also need block liquidity and institutional counterparties. Active since: 2015. Coverage: no venue count published. B2C2 was founded in London in 2015 by Max Boonen and is majority-owned by SBI Holdings. B2C2 Europe S\u00e0rl was authorised under MiCA by Luxembourg\u2019s CSSF in May 2026. Its issuer page offers KPIs upfront, naming uptime, spread targets and quote volumes. In June 2026 CoinDesk reported that SBI had held sale talks with several buyers over 18 months, seeking a valuation above $1 billion. We found no enforcement actions against it. Robinhood Chain angle: B2C2 USA Inc was 12% of Robinhood\u2019s total net revenues in the first quarter of 2025 and below the 10% threshold a year later, which makes it, with Wintermute, one of the two crypto liquidity providers Robinhood has named in a filing. It has no announced Robinhood Chain activity. Its OTC model suits issuers that need block liquidity in a chain token after an exchange listing.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-b2c2\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"GSR: best for regulated, full-lifecycle institutional mandates\",\n     \"description\": \"Best for: issuers that want a regulated counterparty with capital markets, treasury and liquidity under one roof. Active since: 2013. Coverage: no venue count published. GSR is led by chief executive Xin Song. In March 2026 it bought the token-launch advisory firms Autonomous and Architech for $57 million, in June 2026 it received FINRA approval to complete the purchase of a broker-dealer now called GSR Securities LLC, and on 2 September 2026 it announced CIMA registrations for two Cayman entities and described tokenised securities as a core market. It says it is registered with the UK\u2019s Financial Conduct Authority and licensed by the Monetary Authority of Singapore. We found no enforcement actions or major security incidents in its record. Robinhood Chain angle: GSR has no announced Robinhood Chain activity. Its broker-dealer and its stated focus on tokenised securities fit the Stock Token side of the chain better than the launchpad side, and its treasury-led model suits an issuer whose token is part of a larger balance sheet. See TDMM vs GSR.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-gsr\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Keyrock: best for EU issuers and tokenised-securities dealing\",\n     \"description\": \"Best for: European issuers that need a MiCA-authorised partner, and tokens linked to tokenised securities. Active since: 2017. Coverage: 85 centralised and decentralised venues, by its own release. Keyrock was founded in Brussels in 2017 and provides CEX and on-chain market making, OTC trading and options. Keyrock FR SAS was authorised under MiCA by France\u2019s AMF on 12 June 2026, and in September 2026 Keyrock Securities Ltd was registered with the Cayman Islands Monetary Authority as a dealer in securities that can be tokenised, in the same announcement as its purchase of BlockFills\u2019 institutional assets. We found no enforcement actions against it. Robinhood Chain angle: Keyrock has no announced Robinhood Chain activity. Its securities-dealer registration is the closest fit in this ranking to a token that references a Stock Token, and its MiCA authorisation suits an EU issuer. See TDMM vs Keyrock.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-keyrock\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Flowdesk: best for market-making-as-a-service with treasury tools\",\n     \"description\": \"Best for: issuers that want transparent market-making-as-a-service with custody control. Active since: 2020. Coverage: 150+ exchange venues. Flowdesk was co-founded in Paris in 2020 by Guilhem Chaumont, its chief executive. Its Series B totals $102 million, including a $52 million extension in March 2025. Flowdesk Europe SAS received CASP authorisation from the AMF under MiCA effective 30 June 2026, and its Dubai entity received a VARA broker-dealer licence in August 2026. It has published clear explanations of retainer and loan-plus-call structures. We found no enforcement actions against it. Robinhood Chain angle: no announced Robinhood Chain activity. A European, authorised provider with a broad venue list and a service model suits an EU issuer of a Robinhood Chain token that wants to keep custody of its inventory. See TDMM vs Flowdesk.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-flowdesk\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Tokka Labs: best for RFQ quotes on Stock Tokens\",\n     \"description\": \"Best for: anyone who needs signed quotes on Robinhood Stock Tokens through an aggregator. Active since: not published. Coverage: RFQ liquidity through 0x; its Circle Alliance Directory listing describes a market maker for top exchanges and protocols. Tokka Labs describes itself as a proprietary trading firm in digital assets that designs its own trading systems and makes markets on major exchanges and protocols. 0x\u2019s post of 1 July 2026 announcing support for Stock Tokens on Robinhood Chain names Tokka Labs as the primary market maker participating through 0x RFQ, with USDG as the primary base pair. We found no enforcement actions against it. Robinhood Chain angle: Tokka Labs is one of two firms with a documented market-making role on the chain, and the only one named on Stock Tokens. Its model is quotes on Robinhood\u2019s product, not mandates for third-party tokens, so an issuer should treat it as a liquidity source for stock-paired coins rather than a market maker for hire.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-tokka-labs\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Arrakis: best for DEX-only tokens on Uniswap-style pools\",\n     \"description\": \"Best for: tokens that trade only on DEXs and want managed on-chain liquidity without handing over custody. Active since: 2021. Coverage: Uniswap v3 and v4 on several EVM chains, plus Aerodrome, Velodrome, PancakeSwap, Hyperliquid and Solana. On EVM chains the issuer owns a self-custodial vault and Arrakis runs the liquidity strategy inside it. Its documentation cites more than 100 token issuers. It does not quote on centralised exchanges, so a token that lists on a CEX needs another provider for the order book and someone to keep both on one reference price. Robinhood Chain angle: Arrakis Modular is live on Robinhood Chain with $2.96 million of TVL on DefiLlama on 22 October 2026, which makes Arrakis the one vault manager in this ranking with a working deployment on the chain. For a Pons graduate whose only market is a locked full-range position, an Arrakis vault beside it is the cheapest way to put managed depth near the price. See TDMM vs Arrakis.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-arrakis-finance\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"Kairon Labs: best for small and mid caps across many exchanges\",\n     \"description\": \"Best for: small and mid-cap projects that want algorithmic market making on many exchanges. Active since: 2019. Coverage: 100+ exchanges. Kairon Labs is Antwerp-based and states that it has served more than 500 clients. It markets itself to smaller projects that tier-one firms rarely take on. We found no enforcement actions against it. Robinhood Chain angle: no announced Robinhood Chain activity. A CEX-side specialist for the moment a Robinhood Chain token lists, paired with a separate arrangement for the pool. See TDMM vs Kairon Labs.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-kairon-labs\"\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#ranking-criteria\",\n   \"name\": \"How TDMM ranked the best market makers for Robinhood Chain tokens: seven weighted criteria\",\n   \"numberOfItems\": 7,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Access for new tokens (20%)\",\n     \"description\": \"Access for new tokens (20%) asks whether the firm markets to issuers and will onboard a sub-$100 million token.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"CEX and DEX coverage (15%)\",\n     \"description\": \"CEX and DEX coverage (15%) asks for documented capability on Uniswap-style pools, including v4 hook pools, and on the exchanges where Robinhood Chain tokens have listed.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Deal transparency (15%)\",\n     \"description\": \"Deal transparency (15%) asks whether the firm explains its commercial models and avoids the profit-share and guaranteed-profit structures that Binance\u2019s March 2026 guidelines prohibit.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"KPIs and reporting (15%)\",\n     \"description\": \"KPIs and reporting (15%) asks whether spread, depth and uptime can be written into a contract and verified.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Conduct record (15%)\",\n     \"description\": \"Conduct record (15%) covers enforcement actions, security incidents and credible press reports.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Regulatory standing (10%)\",\n     \"description\": \"Regulatory standing (10%) covers licences where the issuer\u2019s venues or jurisdiction need them, and now includes registrations that cover tokenised securities.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Lifecycle scope (10%)\",\n     \"description\": \"Lifecycle scope (10%) asks whether listing support, treasury and exits sit on the same book.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#pons-market-makers\",\n   \"name\": \"Best market makers for Pons launchpad tokens, in order of fit (TDMM ranks itself first)\",\n   \"numberOfItems\": 5,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"TDMM\",\n     \"description\": \"One book across the new pool and the exchanges.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Arrakis\",\n     \"description\": \"A managed vault beside the locked position if the token will stay DEX-only, since Arrakis Modular is already live on the chain.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-arrakis-finance\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Wintermute\",\n     \"description\": \"For a token that has already grown large enough to interest a tier-one desk.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-wintermute\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Kairon Labs\",\n     \"description\": \"For the exchange side on its own.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-kairon-labs\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Flowdesk\",\n     \"description\": \"For the exchange side on its own.\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-flowdesk\"\n     }\n    }\n   ],\n   \"description\": \"So the market maker a Pons token needs is one that can do three things: stand a managed, concentrated range beside the locked position and keep the two on one price; verify the holder distribution and the contract before putting inventory behind it; and carry the token to an exchange book when the time comes. In TDMM\u2019s ranking the best fits are, in order, TDMM, for one book across the new pool and the exchanges; Arrakis, for a managed vault beside the locked position if the token will stay DEX-only, since Arrakis Modular is already live on the chain; Wintermute, for a token that has already grown large enough to interest a tier-one desk; and Kairon Labs or Flowdesk, for the exchange side on its own. What none of them can do is make the locked position deeper, and a founder should distrust anyone who says otherwise.\"\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#three-token-types\",\n   \"name\": \"Three kinds of Robinhood Chain token, and why each needs a different market maker\",\n   \"numberOfItems\": 3,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Stock Tokens\",\n     \"description\": \"Stock Tokens are tokenised debt securities issued by Robinhood Assets (Jersey) Limited that give economic exposure to a listed equity or ETF with no legal or beneficial rights in the underlying share. They trade 24 hours a day, seven days a week on-chain, but the primary market, where Authorised Participants and KYB-onboarded market makers mint and burn, is open only from Monday 02:00 to Saturday 02:00 Central European time. A Chainlink feed publishes each token\u2019s price on-chain. The tokens are not available in the United States, Canada, the United Kingdom or Switzerland.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Launchpad coins\",\n     \"description\": \"Launchpad coins are the memecoins that Pons, Pools.trade and smaller factories mint by the tens of thousands a day. They start on a bonding curve or in a freshly seeded pool and, if they graduate, live in a locked full-range Uniswap v4 position for the rest of their life. Nobody is obliged to quote them.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Protocol tokens\",\n     \"description\": \"Protocol tokens are the chain\u2019s own ecosystem assets: PONS, CASHCAT, Artificial Inu, Lighter\u2019s LIT, Fables and the rest. These are the tokens that reach centralised exchanges, and they are the closest thing on Robinhood Chain to the mandate a market maker normally signs.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#pons-listings\",\n   \"name\": \"PONS token listings on centralised exchanges, 2026\",\n   \"numberOfItems\": 6,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"KuCoin\",\n     \"description\": \"Spot listing, 27 August 2026\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Binance Alpha\",\n     \"description\": \"Added by Binance Wallet on 2 September 2026\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-binance\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Binance Futures\",\n     \"description\": \"PONSUSDT perpetual opened 6 September 2026\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-binance\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Bybit\",\n     \"description\": \"Spot listing, late September 2026\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-bybit\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Coinbase\",\n     \"description\": \"PONS-USD opened 7 October 2026\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-coinbase\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Upbit\",\n     \"description\": \"KRW, BTC and USDT markets announced 8 October 2026\",\n     \"item\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-upbit\"\n     }\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-20\"\n   },\n   \"description\": \"On 22 October 2026 CoinGecko listed PONS on Gate, OKX, Upbit, Bybit, Coinbase, Bithumb, Kraken, MEXC, Toobit, BloFin and KCEX.\"\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#mandate-clauses\",\n   \"name\": \"Terms to write into a Robinhood Chain market making mandate\",\n   \"numberOfItems\": 11,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"CEX spread\",\n     \"description\": \"What to write: Top quartile of your tier on every venue, for example 14.1 bps or tighter for a $5M to $25M token. How to check it: The public order book.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"CEX depth\",\n     \"description\": \"What to write: Top-quartile two-sided depth within 2%, for example $17,076 or more at $5M to $25M. How to check it: The order book, or the depth shown on CoinMarketCap and CoinGecko.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Pool depth\",\n     \"description\": \"What to write: A stated dollar amount within 1% on both sides of the pool price, and a $10,000 order each way under 1% impact before fees. How to check it: Read the pool\u2019s ticks through an RPC endpoint, or ask for the report.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Launchpad position\",\n     \"description\": \"What to write: Which pool the market maker quotes beside a locked full-range position, and the fee tier. How to check it: The pool\u2019s address on Blockscout.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Reference price\",\n     \"description\": \"What to write: One named reference price for every pool and exchange, and a maximum gap between them. How to check it: Compare the pool price with the exchange mid.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Uptime\",\n     \"description\": \"What to write: At least 95% per venue. How to check it: Sampled quotes.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Stress\",\n     \"description\": \"What to write: What the market maker does in a move of 30% or more, and how fast it returns. How to check it: The report after the event.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Weekend\",\n     \"description\": \"What to write: For stock-paired tokens, the depth target from Saturday 02:00 to Monday 02:00 CET. How to check it: Sampled quotes at the weekend.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Contracts and wallets\",\n     \"description\": \"What to write: The published token address, segregated inventory wallets screened against the sequencer\u2019s sanctions filter. How to check it: The registry and the explorer.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"Gas\",\n     \"description\": \"What to write: Which party funds the ETH for re-centring ranges, and how it is reported. How to check it: The mandate itself.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"Disclosure\",\n     \"description\": \"What to write: Market maker identity and terms disclosed to every listing exchange. How to check it: The exchange\u2019s own records.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"DefinedTermSet\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\",\n   \"name\": \"Glossary for market making on Robinhood Chain\",\n   \"hasDefinedTerm\": [\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-arbitrum-stack\",\n     \"name\": \"Arbitrum stack\",\n     \"description\": \"The rollup technology from Offchain Labs on which Robinhood Chain is built; Arbitrum calls its third-party chains Arbitrum chains or Orbit chains.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-authorised-participant-ap\",\n     \"name\": \"Authorised Participant (AP)\",\n     \"description\": \"A party permitted to mint and burn Stock Tokens with the issuer in the primary market. At issuance the only AP was BBVI.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-basis-point-bps\",\n     \"name\": \"Basis point (bps)\",\n     \"description\": \"One hundredth of one percent. A spread of 14.1 bps means the best offer sits 0.141% above the best bid.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-bonding-curve\",\n     \"name\": \"Bonding curve\",\n     \"description\": \"A pricing contract in which each purchase raises the price of the next; Pons V2 uses one until a coin graduates.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-concentrated-liquidity\",\n     \"name\": \"Concentrated liquidity\",\n     \"description\": \"A pool design, used by Uniswap v3 and v4, in which liquidity is placed within a chosen price range. It is far more capital-efficient than a full-range pool, but only while the range is actively managed.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-depth-within-1\",\n     \"name\": \"Depth within 1%\",\n     \"description\": \"The dollar amount needed to move a market\u2019s price by 1%, or the value of resting orders within 1% of the mid price.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-fcfs-ordering\",\n     \"name\": \"FCFS ordering\",\n     \"description\": \"First-come-first-served: Robinhood Chain\u2019s sequencer orders transactions by arrival time, and a higher fee cannot move a transaction ahead.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-full-range-position\",\n     \"name\": \"Full-range position\",\n     \"description\": \"Liquidity spread across every possible price. It never runs out but is thin at any one price; every Pons V2 graduate\u2019s locked position is one.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-graduation\",\n     \"name\": \"Graduation\",\n     \"description\": \"The moment a launchpad coin\u2019s curve sells out and its reserve and remaining supply move into a DEX pool. On Pons V2 the position goes into a locker and cannot be withdrawn.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-hook\",\n     \"name\": \"Hook\",\n     \"description\": \"A contract attached to a Uniswap v4 pool that can change how swaps and liquidity behave. Pons\u2019s hook charges the swap fee on graduated pools; TDMM\u2019s measurement does not model hooks.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-market-maker\",\n     \"name\": \"Market maker\",\n     \"description\": \"A firm that continuously quotes bids and offers for a token on one or more venues to an agreed standard, and reports what it delivered.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-pons\",\n     \"name\": \"Pons\",\n     \"description\": \"The largest launchpad on Robinhood Chain, operated by Pons Labs, LLC, which states it is not affiliated with Robinhood. PONS is its token.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-price-impact\",\n     \"name\": \"Price impact\",\n     \"description\": \"The difference between the average execution price of an order and the mid price before the order, usually expressed in basis points.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-prop-amm\",\n     \"name\": \"Prop AMM\",\n     \"description\": \"A proprietary on-chain automated market maker backed by one trading firm\u2019s inventory, such as Rialto\u2019s Rivo Altus or Tessera V.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-rfq\",\n     \"name\": \"RFQ\",\n     \"description\": \"Request for quote: a market maker signs a price for a specific trade off-chain and the trade settles on-chain, as on 0x RFQ.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-snipe-tax\",\n     \"name\": \"Snipe tax\",\n     \"description\": \"Pons V2\u2019s 99% tax on buys in the first seconds after launch, decaying to zero over about five seconds; creators can exempt up to 32 wallets.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-stock-token\",\n     \"name\": \"Stock Token\",\n     \"description\": \"A tokenised debt security issued by Robinhood Assets (Jersey) Limited that tracks a listed equity or ETF with no legal or beneficial rights in the underlying share.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-two-sided-depth\",\n     \"name\": \"Two-sided depth\",\n     \"description\": \"Depth on both sides of the price, so that a pool or book can absorb both buys and sells. In this article it is twice the thinner side.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#term-uptime\",\n     \"name\": \"Uptime\",\n     \"description\": \"The share of trading time in which a market maker\u2019s quotes are live and within the agreed spread and depth.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#glossary\"\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#related\",\n   \"name\": \"Related TDMM guides and comparisons\",\n   \"numberOfItems\": 13,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderUnordered\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Top crypto market makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\",\n     \"description\": \"Read it if you are: Comparing twelve firms across all chains\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Market making for Arc tokens\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/market-making-for-arc-tokens-the-best-market-makers-for-arc-chain-tokens-in-2026\/\",\n     \"description\": \"Read it if you are: Launching on Circle\u2019s chain, with the same measurement method\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"How to choose a crypto market maker in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker-in-2026\/\",\n     \"description\": \"Read it if you are: Running a selection process, with a scorecard and contract clauses\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"CEX vs DEX market making in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\",\n     \"description\": \"Read it if you are: Deciding where a token should be quoted\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Crypto market maker vs liquidity provider\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\",\n     \"description\": \"Read it if you are: Unsure whether a pool deposit is enough\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"How market making works after a token listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\",\n     \"description\": \"Read it if you are: Planning the first 90 days after a listing\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"How to manage trading volume after a token listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\",\n     \"description\": \"Read it if you are: Judging whether volume is real\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"What is cross exchange market making?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\",\n     \"description\": \"Read it if you are: Keeping one reference price across pool and exchange\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Crypto treasury management best practices 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\",\n     \"description\": \"Read it if you are: Treating loaned tokens and inventory as treasury assets\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"How to manage a token exit strategy professionally\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\",\n     \"description\": \"Read it if you are: Sizing an unlock or a sale against measured depth\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"Best market makers for new token launches\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\",\n     \"description\": \"Read it if you are: Pre-TGE or preparing a first listing\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"Best DEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/dex-market-makers\",\n     \"description\": \"Read it if you are: Trading mainly on DEX pools\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"Best CEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/cex-market-makers\",\n     \"description\": \"Read it if you are: Trading mainly on exchange order books\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#contents\",\n   \"name\": \"Contents: the questions this guide answers\",\n   \"numberOfItems\": 32,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"The short answer\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Key takeaways\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Top market makers for Robinhood Chain tokens at a glance\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"What is Robinhood Chain, and why does it matter for token liquidity?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"What does Robinhood Chain\u2019s market look like, 113 days after launch?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Three kinds of Robinhood Chain token, and why each needs a different market maker\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Robinhood Stock Tokens: 195 tickers, $155.7 million outstanding, five liquidity channels\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Pons: the launchpad that made Robinhood Chain\u2019s volume\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"The PONS token: from a pool to eleven exchanges in three months\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"How deep are Robinhood Chain\u2019s pools? TDMM\u2019s on-chain measurement\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"230 pools have no depth near the price, and 906 hold less than $1,000\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"Reported liquidity is not usable liquidity\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"The pools that can take an order\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 14,\n     \"name\": \"What a $10,000 order costs on Robinhood Chain\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 15,\n     \"name\": \"Stock Token pools are deep; memecoin pools mostly are not\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 16,\n     \"name\": \"Check the contract, not the ticker\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 17,\n     \"name\": \"What the measurement means for a Robinhood Chain issuer\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 18,\n     \"name\": \"PONS across venues: what a Robinhood Chain token looks like once it lists\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 19,\n     \"name\": \"How does Robinhood Chain\u2019s design change market making?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 20,\n     \"name\": \"What should a Robinhood Chain token\u2019s order book look like when it lists on an exchange?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 21,\n     \"name\": \"What to write into a Robinhood Chain market making mandate\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 22,\n     \"name\": \"Best market makers for Pons launchpad tokens\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 23,\n     \"name\": \"Who can provide liquidity for a Robinhood Chain token?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 24,\n     \"name\": \"How we ranked the best market makers for Robinhood Chain tokens\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 25,\n     \"name\": \"The 10 best market makers for Robinhood Chain tokens, reviewed\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 26,\n     \"name\": \"Names you will see that are not in this ranking\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 27,\n     \"name\": \"Top market makers for Robinhood Chain tokens compared\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 28,\n     \"name\": \"How much does market making for a Robinhood Chain token cost?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 29,\n     \"name\": \"A 90-day liquidity plan for a new Robinhood Chain token\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 30,\n     \"name\": \"Why TDMM ranks first for Robinhood Chain tokens\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 31,\n     \"name\": \"Related TDMM guides and comparisons\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 32,\n     \"name\": \"Frequently asked questions\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#citable-facts\",\n   \"name\": \"Key facts from TDMM\u2019s research on the best market makers for Robinhood Chain tokens\",\n   \"description\": \"Self-contained statements with their method, for quotation. Data: TDMM, 22 October 2026, licensed CC BY 4.0. Cite as TDMM Research, Best Market Makers for Robinhood Chain Tokens, https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\",\n   \"numberOfItems\": 16,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"In TDMM\u2019s 2026 ranking, the best market makers for Robinhood Chain tokens are TDMM, Wintermute, FalconX, B2C2, GSR, Keyrock, Flowdesk, Tokka Labs, Arrakis and Kairon Labs; TDMM ranks first for tokens under about $100 million that start in a Robinhood Chain pool and later list on exchanges.\",\n     \"description\": \"Seven weighted criteria; TDMM publishes the ranking and discloses that it ranks itself first.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-17\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Only two firms have publicly connected themselves to market making on Robinhood Chain as of 22 October 2026: FalconX, which says it supports the chain as a liquidity partner and market maker, and Tokka Labs, which 0x names as the primary market maker for Stock Tokens on 0x RFQ.\",\n     \"description\": \"FalconX primer, 20 July 2026; 0x blog, 1 July 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-17\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"TDMM read 1,089 of Robinhood Chain\u2019s most-traded pools on-chain on 22 October 2026: 230 held less than $1 within 1% of the price, 27 were one-sided and only 104 could take a $10,000 order both ways for under 1% price impact.\",\n     \"description\": \"Pool ticks read through public RPC endpoints within 380 ticks of the price; swap simulation before fees; Uniswap v4 hooks not modelled.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-08\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"GeckoTerminal reports $209.2 million of liquidity across those 1,089 Robinhood Chain pools, but only $16.6 million (8.0%) sits within 1% of the price and $13.0 million is two-sided.\",\n     \"description\": \"GeckoTerminal reserve_in_usd against TDMM on-chain measurement, 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-09\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"The median Pons V2 launchpad pool on Robinhood Chain held $137 of two-sided depth within 1% of the price; six of 200 could take a $1,000 order both ways under 1% impact and one could take $10,000.\",\n     \"description\": \"TDMM on-chain measurement of 200 Pons V2 hook pools, 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-08\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"The twelve deepest token pools on Robinhood Chain are all Robinhood Stock Token pools; SPY\/USDG 0.3% on Uniswap v4 held $1.05 million of two-sided depth within 1% of the price.\",\n     \"description\": \"TDMM on-chain measurement, 22 October 2026; stablecoin and ETH pairs excluded.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-10\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Pools pairing a Robinhood Stock Token with USDG or ETH had a median two-sided depth of $16,788 within 1%, against $38 for 907 memecoin pools.\",\n     \"description\": \"TDMM on-chain measurement, 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-12\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Robinhood\u2019s registry lists 195 Stock Tokens; together the 192 priced tokens had $155.7 million outstanding on 22 October 2026, with the top five tickers at 44.0% of that value.\",\n     \"description\": \"totalSupply read per registry contract on Robinhood Chain, priced at CoinGecko.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-06\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Pons created 207,893 coins on Robinhood Chain between 3 August and 3 September 2026, of which 3,228 (1.55%) graduated, and the median graduated coin traded 85% below its first-hour price.\",\n     \"description\": \"Bitquery, \u201cPons launchpad growth on Robinhood Chain\u201d, verified 4 September 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-07\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"Robinhood Chain held $1.14 billion of TVL on 21 October 2026 and cleared $90.7 billion of DEX volume in the third quarter of 2026, with a record $3.67 billion on 4 September.\",\n     \"description\": \"DefiLlama, retrieved 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-03\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"Pons earned $155.0 million of fees in the third quarter of 2026 and 25.2% of all Robinhood Chain fees in the 30 days to 22 October; its daily fees fell from $11.1 million on 5 September to $0.47 million on 21 October.\",\n     \"description\": \"DefiLlama fees for Pons V1 and V2, retrieved 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-04\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"PONS reached eleven centralised exchanges within three months of launch; on 22 October 2026 OKX and Upbit each held about $92,000 of two-sided depth within 1% of the price, while the deepest PONS pool on Robinhood Chain held $44,200.\",\n     \"description\": \"TDMM order book snapshots and on-chain reads, 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-13\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"Sixteen Robinhood Chain pools trade a token with a Robinhood Stock Token ticker on a contract outside Robinhood\u2019s registry, including an IBM\/WETH pool that reported $7.48 million of 24-hour volume with no measurable depth near the price.\",\n     \"description\": \"Pool token addresses compared with api.robinhood.com\/rhj\/assets, 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-12\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 14,\n     \"name\": \"For a token worth $5 million to $25 million, the top-quartile CEX order book quotes a spread of 14.1 basis points or tighter and holds $17,076 or more of two-sided depth within 2% of the mid price.\",\n     \"description\": \"TDMM snapshot of 3,425 USDT order books on Gate and MEXC, 22 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-14\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 15,\n     \"name\": \"Robinhood Chain blocks arrive about every 100 milliseconds; TDMM measured 0.104 seconds per block over the last 5,000,000 blocks to 22 October 2026.\",\n     \"description\": \"Block timestamps read through a public RPC endpoint.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-15\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 16,\n     \"name\": \"TDMM does not promise a price or a volume number for any token. It writes a two-sided market at an agreed spread, depth and uptime standard on every venue into the mandate and reports it against public data.\",\n     \"description\": \"TDMM company position, stated in the article.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-19\"\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-top-market-makers\",\n   \"name\": \"Top market makers for Robinhood Chain tokens at a glance\",\n   \"description\": \"Rank: 1; Market maker: TDMM; Best for a Robinhood Chain token that needs: One partner across Robinhood Chain pools and CEX books, for tokens under about $100M; What the public record shows: Active since 2015; 100+ CEX and DEX integrations; Robinhood Chain is not yet on its published chain list. Rank: 2; Market maker: Wintermute; Best for a Robinhood Chain token that needs: Tier-one depth on chain and on exchange; What the public record shows: Tessera V prop AMM live on Robinhood Chain since 14 September 2026; 11% of Robinhood\u2019s revenue in Q1 2025; US broker-dealer registered August 2026. Rank: 3; Market maker: FalconX; Best for a Robinhood Chain token that needs: An institutional counterparty already active on the chain; What the public record shows: Says it supports Robinhood Chain as a liquidity partner and market maker (20 July 2026). Rank: 4; Market maker: B2C2; Best for a Robinhood Chain token that needs: OTC depth with KPIs agreed upfront; What the public record shows: 12% of Robinhood\u2019s revenue in Q1 2025; MiCA-authorised in Luxembourg, May 2026; majority-owned by SBI, which has held sale talks. Rank: 5; Market maker: GSR; Best for a Robinhood Chain token that needs: Regulated, full-lifecycle institutional mandates; What the public record shows: FINRA approval to acquire a broker-dealer, June 2026; CIMA registrations, September 2026. Rank: 6; Market maker: Keyrock; Best for a Robinhood Chain token that needs: EU issuers and tokenised-securities dealing; What the public record shows: MiCA licence, June 2026; CIMA dealer registration for securities that can be tokenised, September 2026. Rank: 7; Market maker: Flowdesk; Best for a Robinhood Chain token that needs: Market-making-as-a-service with treasury tools; What the public record shows: AMF MiCA authorisation effective 30 June 2026; 150+ venues. Rank: 8; Market maker: Tokka Labs; Best for a Robinhood Chain token that needs: RFQ quotes on Stock Tokens; What the public record shows: Named by 0x as the primary market maker on 0x RFQ for Stock Tokens (1 July 2026). Rank: 9; Market maker: Arrakis; Best for a Robinhood Chain token that needs: DEX-only tokens on Uniswap-style pools; What the public record shows: Arrakis Modular live on Robinhood Chain with $2.96 million of TVL (DefiLlama, 22 October 2026). Rank: 10; Market maker: Kairon Labs; Best for a Robinhood Chain token that needs: Small and mid caps across many exchanges; What the public record shows: 100+ exchanges; no Robinhood Chain announcement found.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-17\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-stock-token-liquidity\",\n   \"name\": \"Five liquidity channels for Robinhood Stock Tokens\",\n   \"description\": \"Channel: RFQ; How it works: Signed market-maker quotes through 0x RFQ, 1inch Fusion and LiFi, settled on-chain; USDG is the primary base pair on 0x; Who is named: Tokka Labs, the primary market maker on 0x RFQ (0x, 1 July 2026); What it means for an issuer: Off-chain quotes, on-chain settlement. Depth is whatever the quoting firm chooses to show. Channel: AMM pools; How it works: Uniswap v3 and v4 pools, plus forks such as Ramses, Alandale, up and GIGA; Who is named: Uniswap handles about 80% of Stock Token volume (The Token Dispatch, 1 October 2026); What it means for an issuer: The venue most memecoins and stock-paired coins use. Depth must be managed in ranges. Channel: Prop AMMs; How it works: Proprietary on-chain AMMs backed by a trading firm\u2019s own inventory, used where pool liquidity is thin; Who is named: Rialto (Rivo Altus; planned 90+ Stock Tokens at launch), Pleiades (operator undisclosed), Tessera V (Wintermute-linked), Metric; What it means for an issuer: A quoting firm\u2019s balance sheet on-chain. Not open to third-party issuers. Channel: Order book; How it works: Lighter\u2019s order book for spot and perpetuals; Who is named: Lighter; 11 million LIT committed to the Robinhood community; What it means for an issuer: Resting orders, as on an exchange. Needs a quoter with inventory on both sides. Channel: Mint and burn; How it works: Primary market with the issuer, Monday 02:00 to Saturday 02:00 CET; Who is named: Authorised Participant: BBVI at issuance; What it means for an issuer: The source of supply. Closed at weekends, so weekend prices are set by secondary liquidity alone.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-06\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-pons-venues\",\n   \"name\": \"PONS liquidity across six exchanges and four Robinhood Chain pools, 22 October 2026\",\n   \"description\": \"Venue: Upbit (KRW); Type: Exchange; Quoted spread: 28.9 bps; Two-sided depth within 1%: $92,500; Two-sided depth within 2%: $166,700; $1,000 round trip: 28.9 bps; $10,000 round trip: 43.4 bps. Venue: OKX; Type: Exchange; Quoted spread: 7.7 bps; Two-sided depth within 1%: $92,000; Two-sided depth within 2%: $125,900; $1,000 round trip: 12.2 bps; $10,000 round trip: 29.6 bps. Venue: Coinbase; Type: Exchange; Quoted spread: 7.7 bps; Two-sided depth within 1%: $48,800; Two-sided depth within 2%: $108,400; $1,000 round trip: 11.9 bps; $10,000 round trip: 43.0 bps. Venue: Gate; Type: Exchange; Quoted spread: 3.9 bps; Two-sided depth within 1%: $28,400; Two-sided depth within 2%: $51,000; $1,000 round trip: 9.3 bps; $10,000 round trip: 61.1 bps. Venue: MEXC; Type: Exchange; Quoted spread: 5.1 bps; Two-sided depth within 1%: $27,900; Two-sided depth within 2%: $32,200; $1,000 round trip: 5.1 bps; $10,000 round trip: 20.3 bps. Venue: Kraken; Type: Exchange; Quoted spread: 7.7 bps; Two-sided depth within 1%: $4,600; Two-sided depth within 2%: $14,600; $1,000 round trip: 40.9 bps; $10,000 round trip: 228.5 bps. Venue: PONS\/USDG; Type: Uniswap v4, dynamic-fee hook; Quoted spread: n\/a; Two-sided depth within 1%: $44,200; Two-sided depth within 2%: n\/a; $1,000 round trip: 3.4 bps; $10,000 round trip: 34.5 bps. Venue: PONS\/USDG 0.3%; Type: Uniswap v4; Quoted spread: n\/a; Two-sided depth within 1%: $31,600; Two-sided depth within 2%: n\/a; $1,000 round trip: 5.0 bps; $10,000 round trip: 50.7 bps. Venue: PONS\/WETH 1%; Type: Uniswap v3; Quoted spread: n\/a; Two-sided depth within 1%: $21,700; Two-sided depth within 2%: n\/a; $1,000 round trip: 9.2 bps; $10,000 round trip: 91.3 bps. Venue: PONS\/WETH 0.3%; Type: Uniswap v3; Quoted spread: n\/a; Two-sided depth within 1%: $14,400; Two-sided depth within 2%: n\/a; $1,000 round trip: 11.5 bps; $10,000 round trip: 118.4 bps.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-13\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-chain-design\",\n   \"name\": \"Seven Robinhood Chain design features and what each changes for a market maker\",\n   \"description\": \"Robinhood Chain feature: ETH gas, 100 ms blocks; What Robinhood documents: Native gas is ETH. TDMM measured 0.104 seconds per block over the last 5,000,000 blocks; What it changes for a market maker: Quotes can refresh ten times a second. Inventory and gas draw on one ETH balance, so the mandate should say who funds re-centring. Robinhood Chain feature: FCFS ordering, no priority gas auctions; What Robinhood documents: Transactions are ordered by arrival at the sequencer; a higher fee cannot jump the queue; What it changes for a market maker: Latency to the sequencer is the edge, not gas bidding. Bitquery found 3,532 FOMO orders worth $6.5 million front-run between 12 and 25 September, most likely in a bridge window rather than at the sequencer. Robinhood Chain feature: Rollup to Ethereum; What Robinhood documents: Data posted in blobs. Soft confirmation sub-second; Ethereum finality about 13 minutes after posting; canonical withdrawals about 7 days; What it changes for a market maker: Trade on soft confirmations, but fund CEX and chain inventory separately, because moving it between them is slow. Robinhood Chain feature: Sequencer run for Robinhood; What Robinhood documents: Robinhood\u2019s terms say it operates the sequencer; Robinhood told Galaxy that Offchain Labs runs it on its behalf. Sanctioned addresses are screened; What it changes for a market maker: A named operator and a compliance screen. Screen inventory wallets before funding them. Robinhood Chain feature: Eight-seat Security Council; What Robinhood documents: Robinhood holds two seats; BitGo, Chainlink Labs, Fireblocks Trust, Offchain Labs, Paxos and Talos one each. Six of eight plus a seven-day timelock for routine changes; What it changes for a market maker: Parameters can change with notice. Put a change clause in the mandate. Robinhood Chain feature: Stock Tokens: five-day mint window; What Robinhood documents: Mint and burn Monday 02:00 to Saturday 02:00 CET, by Authorised Participants and KYB-onboarded market makers only; What it changes for a market maker: Weekend quotes on a stock-paired token carry inventory risk no primary market can offset. Price the weekend separately. Robinhood Chain feature: Launchpad hook pools; What Robinhood documents: Pons V2 graduates into a full-range Uniswap v4 position held in a locker; the hook, not the pool, charges the fee; What it changes for a market maker: The locked position cannot be re-ranged. Depth near the price must come from a second, managed pool.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-15\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-cex-benchmark\",\n   \"name\": \"CEX order-book standard by market cap tier, 3,425 USDT books on Gate and MEXC, 22 October 2026\",\n   \"description\": \"Market cap tier: Under $5M; Books: 154; Median spread: 49.6 bps; Top-quartile spread: 20.3 bps; Median depth within 2%: $1,279; Top-quartile depth within 2%: $4,695; Top-quartile depth within 1%: $1,269; Thin on one side: 86.4%. Market cap tier: $5M to $25M; Books: 683; Median spread: 29.1 bps; Top-quartile spread: 14.1 bps; Median depth within 2%: $3,867; Top-quartile depth within 2%: $17,076; Top-quartile depth within 1%: $8,736; Thin on one side: 76.7%. Market cap tier: $25M to $100M; Books: 522; Median spread: 20.4 bps; Top-quartile spread: 9.2 bps; Median depth within 2%: $11,114; Top-quartile depth within 2%: $37,991; Top-quartile depth within 1%: $22,350; Thin on one side: 62.6%. Market cap tier: $100M to $1B; Books: 279; Median spread: 8.8 bps; Top-quartile spread: 4.4 bps; Median depth within 2%: $42,067; Top-quartile depth within 2%: $115,759; Top-quartile depth within 1%: $81,913; Thin on one side: 33.7%. Market cap tier: Over $1B; Books: 120; Median spread: 3.0 bps; Top-quartile spread: 1.3 bps; Median depth within 2%: $277,769; Top-quartile depth within 2%: $644,919; Top-quartile depth within 1%: $538,148; Thin on one side: 10.0%.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-14\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-mandate\",\n   \"name\": \"Terms to write into a Robinhood Chain market making mandate\",\n   \"description\": \"Term: CEX spread; What to write: Top quartile of your tier on every venue, for example 14.1 bps or tighter for a $5M to $25M token; How to check it: The public order book. Term: CEX depth; What to write: Top-quartile two-sided depth within 2%, for example $17,076 or more at $5M to $25M; How to check it: The order book, or the depth shown on CoinMarketCap and CoinGecko. Term: Pool depth; What to write: A stated dollar amount within 1% on both sides of the pool price, and a $10,000 order each way under 1% impact before fees; How to check it: Read the pool\u2019s ticks through an RPC endpoint, or ask for the report. Term: Launchpad position; What to write: Which pool the market maker quotes beside a locked full-range position, and the fee tier; How to check it: The pool\u2019s address on Blockscout. Term: Reference price; What to write: One named reference price for every pool and exchange, and a maximum gap between them; How to check it: Compare the pool price with the exchange mid. Term: Uptime; What to write: At least 95% per venue; How to check it: Sampled quotes. Term: Stress; What to write: What the market maker does in a move of 30% or more, and how fast it returns; How to check it: The report after the event. Term: Weekend; What to write: For stock-paired tokens, the depth target from Saturday 02:00 to Monday 02:00 CET; How to check it: Sampled quotes at the weekend. Term: Contracts and wallets; What to write: The published token address, segregated inventory wallets screened against the sequencer\u2019s sanctions filter; How to check it: The registry and the explorer. Term: Gas; What to write: Which party funds the ETH for re-centring ranges, and how it is reported; How to check it: The mandate itself. Term: Disclosure; What to write: Market maker identity and terms disclosed to every listing exchange; How to check it: The exchange\u2019s own records.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-14\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-liquidity-options\",\n   \"name\": \"Six ways to provide liquidity for a Robinhood Chain token, and the gap in each\",\n   \"description\": \"Option: Launchpad graduation (Pons, Pools.trade); How it works: The curve fills; reserve and remaining supply move to a locked full-range Uniswap v4 position; What you get: A permanent pool, no contract; The gap on Robinhood Chain: Full-range liquidity is thin near the price and cannot be re-ranged. The median graduated coin fell 85% from its first hour. Option: Passive LP in a pool; How it works: Founder seeds a Uniswap v3 or v4 range and leaves it; What you get: Always-on quote, self-custody; The gap on Robinhood Chain: Ranges go stale as the price moves. Nobody re-centres at 3 a.m.. Option: DEX vault or range manager; How it works: Issuer-owned vault, strategy run by a specialist; Arrakis Modular is live on the chain; What you get: Active ranges, custody retained; The gap on Robinhood Chain: DEX only. No quoter on Gate, OKX, Upbit or Coinbase once the token lists. Option: Prop AMM or RFQ desk; How it works: A trading firm quotes from its own inventory (Rialto, Tessera V, Pleiades, 0x RFQ); What you get: Tight quotes on large pairs; The gap on Robinhood Chain: Serves the firm\u2019s chosen assets. A new token is rarely among them. Option: CEX-only market maker; How it works: Quotes order books on listed exchanges; What you get: Spread and depth on exchange venues; The gap on Robinhood Chain: No cover for the on-chain pool where the token started. Option: Full-service CEX and DEX market maker; How it works: One book across pools, order books and OTC, one reference price, treasury and exit work; What you get: Matches the path from a Robinhood Chain pool to a CEX listing; The gap on Robinhood Chain: Needs spread, depth and uptime written into the contract per venue, and checked against public data.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-16\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-not-ranked\",\n   \"name\": \"Firms named in Robinhood Chain coverage that are not in TDMM\u2019s ranking, and why\",\n   \"description\": \"Firm: Cumberland (DRW); What it is: Crypto trading arm of Chicago\u2019s DRW; Why it is not in the Robinhood Chain ranking: Lookonchain and Arkham traced about 11.2 million PONS to a wallet linked to Cumberland by 11 September 2026. That is a holding, not a mandate. Institutional OTC blocks rather than issuer market making. The SEC\u2019s October 2024 suit was dropped in March 2025. Firm: Pleiades, Rialto, Metric; What it is: Prop AMMs on Robinhood Chain; Why it is not in the Robinhood Chain ranking: Trading firms quoting their own inventory on assets they choose. Pleiades\u2019s operator is undisclosed; Rialto planned 90+ Stock Tokens at launch, with its Rivo Altus prop AMM supplying baseline liquidity. Not services an issuer can hire. Firm: DWF Labs; What it is: Market making plus token investment; Why it is not in the Robinhood Chain ranking: Ranked tenth in TDMM\u2019s Arc ranking. Omitted here because the firms above it have a stronger Robinhood Chain fit, and because in October 2026 two DWF subsidiaries sued BitGo in London claiming $141 million over alleged early token sales, which is live litigation. No Robinhood Chain activity found. Firm: Galaxy; What it is: Nasdaq-listed digital asset firm; Why it is not in the Robinhood Chain ranking: Published the most useful outside analysis of the chain (30 July 2026). OTC and lending, not issuer market making. Settled with the New York Attorney General for $200 million over LUNA in March 2025. Firm: Jump Trading, Flow Traders, Jane Street; What it is: Traditional and crypto trading firms; Why it is not in the Robinhood Chain ranking: Jump provides liquidity for Securitize\u2019s tokenised equities on Solana; Flow Traders runs a 24\/7 OTC desk for tokenised assets. Neither names Robinhood Chain. Jane Street faces a Terraform-related suit it has moved to dismiss. Firm: Auros, Amber Group, Gravity Team; What it is: Algorithmic and Asia-focused market makers; Why it is not in the Robinhood Chain ranking: In TDMM\u2019s earlier rankings. No Robinhood Chain evidence. Omitted here, not downgraded.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-compared\",\n   \"name\": \"Top market makers for Robinhood Chain tokens compared: focus, Robinhood Chain evidence and public record\",\n   \"description\": \"Market maker: TDMM; Focus: CEX and DEX market making, listing support, treasury, exit management; Robinhood Chain evidence: EVM pool capability; launchpad-graduated pools on four.meme; 5 of 11 PONS exchanges on its venue list; no public Robinhood Chain mandate; Public record, as of 22 Oct 2026: None found. Market maker: Wintermute; Focus: CEX and DEX market making, OTC; Robinhood Chain evidence: Tessera V prop AMM on the chain since 14 Sep 2026 (attributed); 11% of Robinhood revenue in Q1 2025; PONS holding per Arkham; Public record, as of 22 Oct 2026: $160M hack, September 2022. Market maker: FalconX; Focus: Prime brokerage, OTC, market making; Robinhood Chain evidence: Self-described liquidity partner and market maker for the chain\u2019s protocols (20 Jul 2026); Public record, as of 22 Oct 2026: None found. Market maker: B2C2; Focus: OTC liquidity, issuer market making; Robinhood Chain evidence: 12% of Robinhood revenue in Q1 2025; MiCA; Public record, as of 22 Oct 2026: None found. Market maker: GSR; Focus: Issuer market making, OTC, launch advisory; Robinhood Chain evidence: Regulated institutional model; tokenised securities named a core market; Public record, as of 22 Oct 2026: None found. Market maker: Keyrock; Focus: CEX and on-chain market making, OTC, options; Robinhood Chain evidence: MiCA; CIMA securities dealer registration; Public record, as of 22 Oct 2026: None found. Market maker: Flowdesk; Focus: Market-making-as-a-service, OTC, treasury; Robinhood Chain evidence: 150+ venues; MiCA; Public record, as of 22 Oct 2026: None found. Market maker: Tokka Labs; Focus: RFQ market making; Robinhood Chain evidence: Named by 0x as primary market maker for Stock Tokens on 0x RFQ; Public record, as of 22 Oct 2026: None found. Market maker: Arrakis; Focus: On-chain vaults for issuers (DEX only); Robinhood Chain evidence: Arrakis Modular live on the chain, $2.96M TVL; Public record, as of 22 Oct 2026: None found. Market maker: Kairon Labs; Focus: Algorithmic issuer market making; Robinhood Chain evidence: 100+ exchanges; no chain evidence; Public record, as of 22 Oct 2026: None found.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-17\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#table-cost\",\n   \"name\": \"Market making commercial models and published terms\",\n   \"description\": \"Model: Retainer; How it works: Monthly fee; the issuer supplies inventory and gets all of it back; Published terms: $1,000 to $7,000 per exchange per month plus a 15% to 20% carry (Caladan\u2019s January 2024 survey of nine firms; currency not stated); $3,000 to $15,000 or more a month (OpenLiquid, 2025); Watch out for: The fee is due whatever the service. Model: Token loan + call option; How it works: The issuer lends tokens; the market maker gets calls at preset strikes; no fee; Published terms: 1% to 3% of circulating supply for 6 to 12 months (Fabric Ventures); 1% to 5%, strikes 25% to 100% above TGE, 12 to 24 months (WuBlockchain); Watch out for: The options can be worth half the loan. Model: Hybrid; How it works: A smaller retainer plus a smaller loan and option package; Published terms: Negotiated; Watch out for: KPIs must stay enforceable. Model: Profit-share or guaranteed profit; How it works: Issuer and market maker split trading profit, or profit is guaranteed; Published terms: Not applicable; Watch out for: Binance\u2019s March 2026 guidelines prohibit profit-sharing and guaranteed-profit models with market makers.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   }\n  },\n  {\n   \"@type\": \"Dataset\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#dataset\",\n   \"name\": \"TDMM Robinhood Chain liquidity study: on-chain depth of 1,089 pools, Robinhood Stock Token supply, PONS venues and a 3,425-book CEX benchmark, 22 October 2026\",\n   \"alternateName\": \"TDMM Robinhood Chain pool depth measurement, October 2026\",\n   \"description\": \"Tick-level liquidity of 1,089 Robinhood Chain pools (Uniswap v4 including Pons V2 hook pools and Pools.trade, Uniswap v3 including Pons V1, SushiSwap v3) read directly from the chain, with dollar depth within 1% of the price on each side and the simulated price impact of $1,000, $10,000 and $100,000 orders before fees; the outstanding value of Robinhood\u2019s 195 Stock Tokens; PONS order books on six exchanges; and 3,425 Gate and MEXC USDT order books with spread and depth by market cap tier.\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"citation\": \"TDMM Research, Best Market Makers for Robinhood Chain Tokens, https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/\",\n   \"temporalCoverage\": \"2026-07-01\/2026-10-22\",\n   \"datePublished\": \"2026-10-22\",\n   \"dateModified\": \"2026-10-22\",\n   \"version\": \"1.0\",\n   \"inLanguage\": \"en\",\n   \"isAccessibleForFree\": true,\n   \"spatialCoverage\": \"Robinhood Chain mainnet (chain ID 4663) and global exchange data\",\n   \"measurementTechnique\": \"Pool list from the GeckoTerminal public API (1,389 distinct pools); state from public Robinhood Chain RPC endpoints: price, active liquidity and every initialised tick within 380 ticks (about 3.9%) of the price, Uniswap v4 state through StateView, pool keys from the PositionManager or the PoolManager Initialize event; depth = dollars to move the price 1% each way; two-sided depth = twice the thinner side; orders simulated against tick liquidity before fees; hooks not modelled. Stock Token value: totalSupply per registry contract at CoinGecko prices. Order books: Gate API v4 and MEXC API v3 level-2 books; PONS books from OKX, Coinbase, Kraken, Upbit, Gate and MEXC.\",\n   \"variableMeasured\": [\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Robinhood Chain pools measured on-chain\",\n     \"value\": 1089,\n     \"unitText\": \"pools\",\n     \"description\": \"275 Uniswap v4, 210 Uniswap v3, 200 Pons V2 hook pools, 200 Pools.trade, 200 Pons V1, 4 SushiSwap v3\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools with under $1 within 1% of the price on both sides\",\n     \"value\": 230,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"One-sided pools\",\n     \"value\": 27,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools with two-sided depth within 1%\",\n     \"value\": 832,\n     \"unitText\": \"pools\",\n     \"description\": \"Includes all 400 Pons V1 and V2 pools, whose full-range positions never run out\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools with more than $1,000 of two-sided depth within 1%\",\n     \"value\": 183,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools with more than $5,000 of two-sided depth within 1%\",\n     \"value\": 128,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools with more than $50,000 of two-sided depth within 1%\",\n     \"value\": 42,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools taking a $1,000 order both ways under 1% price impact, before fees\",\n     \"value\": 182,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools taking a $10,000 order both ways under 1% price impact, before fees\",\n     \"value\": 104,\n     \"unitText\": \"pools\",\n     \"description\": \"74 under 0.5%\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools taking a $100,000 order both ways under 1% price impact, before fees\",\n     \"value\": 22,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools where a $10,000 order moves the price more than 5% or cannot fill within 3.9%\",\n     \"value\": 709,\n     \"unitText\": \"pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"GeckoTerminal-reported liquidity, 1,089 pools\",\n     \"value\": 209.2,\n     \"unitText\": \"USD million\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Measured depth within 1% of the price, any side\",\n     \"value\": 16.6,\n     \"unitText\": \"USD million\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Measured depth within 1% as a share of reported liquidity\",\n     \"value\": 8.0,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Two-sided depth within 1%, 1,089 pools\",\n     \"value\": 13.0,\n     \"unitText\": \"USD million\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Reported 24-hour volume in pools with no depth within 1%\",\n     \"value\": 93.9,\n     \"unitText\": \"USD million\",\n     \"description\": \"14.4% of the $652.7 million reported across all 1,089 pools\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, Pons V2 hook pools\",\n     \"value\": 137,\n     \"unitText\": \"USD\",\n     \"description\": \"Median reported liquidity $35,526; 6 of 200 pass the $1,000 test, 1 passes the $10,000 test\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, Pons V1 pools\",\n     \"value\": 34,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, Pools.trade pools\",\n     \"value\": 29,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, Stock Token vs USDG or ETH pools\",\n     \"value\": 16788,\n     \"unitText\": \"USD\",\n     \"description\": \"88 pools; 57 pass the $10,000 test\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, Stock Token vs Stock Token pools\",\n     \"value\": 43719,\n     \"unitText\": \"USD\",\n     \"description\": \"19 pools; 17 pass the $10,000 test\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, memecoin pools\",\n     \"value\": 38,\n     \"unitText\": \"USD\",\n     \"description\": \"907 pools; 13 pass the $10,000 test\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, memecoin vs Stock Token pools\",\n     \"value\": 235,\n     \"unitText\": \"USD\",\n     \"description\": \"44 pools; none pass the $10,000 test\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median two-sided depth within 1%, PONS pools\",\n     \"value\": 12106,\n     \"unitText\": \"USD\",\n     \"description\": \"8 pools; 4 pass the $10,000 test\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Depth within 1% held by the 107 Stock Token pools\",\n     \"value\": 7.76,\n     \"unitText\": \"USD million\",\n     \"description\": \"47% of measured usable depth\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Deepest token pool: SPY\/USDG 0.3% on Uniswap v4, two-sided depth within 1%\",\n     \"value\": 1.05,\n     \"unitText\": \"USD million\",\n     \"description\": \"Bid $524,000, ask $755,000\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Deepest PONS pool: PONS\/USDG on Uniswap v4, two-sided depth within 1%\",\n     \"value\": 44200,\n     \"unitText\": \"USD\",\n     \"description\": \"$1,000 round trip 3.4 bps; $10,000 round trip 34.5 bps before fees\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pools using a Stock Token ticker on a contract outside Robinhood\u2019s registry\",\n     \"value\": 16,\n     \"unitText\": \"pools\",\n     \"description\": \"11 tickers; $8.55 million of reported 24-hour volume; $123,000 within 1%\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Robinhood Stock Tokens in the official registry\",\n     \"value\": 195,\n     \"unitText\": \"tokens\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Value of Stock Tokens outstanding, 192 priced tokens\",\n     \"value\": 155.7,\n     \"unitText\": \"USD million\",\n     \"description\": \"Top five tickers 44.0%, top ten 62.4%; 124 tokens under $100,000\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Robinhood Chain block time, last 5,000,000 blocks\",\n     \"value\": 0.104,\n     \"unitText\": \"seconds\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Robinhood Chain TVL, 21 October 2026\",\n     \"value\": 1.14,\n     \"unitText\": \"USD billion\",\n     \"description\": \"DefiLlama\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Stablecoins on Robinhood Chain, 22 October 2026\",\n     \"value\": 1.11,\n     \"unitText\": \"USD billion\",\n     \"description\": \"DefiLlama\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Robinhood Chain DEX volume, Q3 2026\",\n     \"value\": 90.7,\n     \"unitText\": \"USD billion\",\n     \"description\": \"DefiLlama; record day $3.67 billion on 4 September 2026\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Robinhood Chain fees, Q3 2026, all protocols and chain\",\n     \"value\": 593.2,\n     \"unitText\": \"USD million\",\n     \"description\": \"DefiLlama\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Pons 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Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-01\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-robinhood-chain-market-making-numbers-300x169.png\",\n   \"name\": \"Nine numbers on Robinhood Chain market structure. Sources as dated in the panel\",\n   \"caption\": \"Nine numbers on Robinhood Chain market structure. Sources as dated in the panel.\",\n   \"description\": \"Panel of nine statistics on Robinhood Chain market structure on 22 October 2026, including $1.14B of TVL, $1.11B of stablecoins, $90.7B of Q3 DEX volume, 195 Stock Tokens, 1,089 pools measured, 230 with no depth within 1% and 832 with two-sided depth.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-17\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-top-market-makers-for-robinhood-chain-tokens-ranked-300x169.png\",\n   \"name\": \"TDMM\u2019s ranking for Robinhood Chain token issuers. TDMM publishes it and ranks itself first. 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Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-02\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-robinhood-chain-tvl-and-stablecoins-300x169.png\",\n   \"name\": \"Robinhood Chain TVL and stablecoin supply since mainnet. Source: DefiLlama, retrieved 22 October 2026\",\n   \"caption\": \"Robinhood Chain TVL and stablecoin supply since mainnet. 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Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-03\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-robinhood-chain-daily-dex-volume-300x169.png\",\n   \"name\": \"Daily DEX volume on Robinhood Chain. Amber bars mark days above $2 billion. Source: DefiLlama\",\n   \"caption\": \"Daily DEX volume on Robinhood Chain. Amber bars mark days above $2 billion. 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Source: DefiLlama, retrieved 22 October 2026.\",\n   \"description\": \"Area chart of daily fees on Robinhood Chain, total versus Pons, from July to October 2026: total peaks at $31.5M on 4 September, Pons at $11.1M on 5 September, and both fall to $2.3M and $0.47M by 21 October.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-05\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-robinhood-chain-dex-volume-share-300x169.png\",\n   \"name\": \"Uniswap V4 and V3 take 76% of Robinhood Chain\u2019s DEX volume. Source: DefiLlama, 30 days to 22 October 2026\",\n   \"caption\": \"Uniswap V4 and V3 take 76% of Robinhood Chain\u2019s DEX volume. Source: DefiLlama, 30 days to 22 October 2026.\",\n   \"description\": \"Horizontal bar chart of 30-day DEX volume share on Robinhood Chain: Uniswap V4 40.6%, Uniswap V3 35.6%, Fables 6.9%, Ramses 2.7%, Tessera V 1.7%, Metric 1.7%, up v3 1.4%, Pons V2 1.4%, GMGN 1.3%, 0x 1.2%.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-06\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-robinhood-stock-token-liquidity-channels-300x169.png\",\n   \"name\": \"Where liquidity for Stock Tokens comes from. Source: docs.robinhood.com, 0x, The Token Dispatch; retrieved 22 October 2026\",\n   \"caption\": \"Where liquidity for Stock Tokens comes from. Source: docs.robinhood.com, 0x, The Token Dispatch; retrieved 22 October 2026.\",\n   \"description\": \"Table of the five liquidity channels for Robinhood Stock Tokens: RFQ through 0x, 1inch and LiFi with Tokka Labs named; AMM pools on Uniswap; prop AMMs from Rialto, Pleiades, Tessera V and Metric; Lighter's order book; and direct mint and burn by the Authorised Participant.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-07\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-pons-launchpad-funnel-300x169.png\",\n   \"name\": \"The Pons funnel: fewer than one coin in 60 graduates. Source: Bitquery, \u201cPons launchpad growth on Robinhood Chain\u201d, verified 4 September 2026\",\n   \"caption\": \"The Pons funnel: fewer than one coin in 60 graduates. Source: Bitquery, \u201cPons launchpad growth on Robinhood Chain\u201d, verified 4 September 2026.\",\n   \"description\": \"Funnel chart of Pons launchpad outcomes from 3 August to 3 September 2026: 207,893 coins created, 165,446 traded, 80,317 with five or more buyers, 17,122 over $10,000 of volume, 3,228 graduated, and a median graduated coin down 85% from its first hour.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-20\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-pons-token-price-since-launch-300x169.png\",\n   \"name\": \"PONS from launch to 22 October 2026. Source: CoinGecko daily prices; listing dates from CoinMarketCap, Crypto Briefing and Coin Gabbar\",\n   \"caption\": \"PONS from launch to 22 October 2026. Source: CoinGecko daily prices; listing dates from CoinMarketCap, Crypto Briefing and Coin Gabbar.\",\n   \"description\": \"Line chart of the PONS token's daily close from 15 July to 22 October 2026: from $0.011 to a $0.915 peak on 6 September and back to $0.259, with Binance Alpha, Coinbase and Upbit listing dates marked.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-08\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-robinhood-chain-pool-depth-classification-300x169.png\",\n   \"name\": \"Most Robinhood Chain pools have little usable depth near the price. Source: TDMM RPC measurement of 1,089 pools, 22 October 2026\",\n   \"caption\": \"Most Robinhood Chain pools have little usable depth near the price. Source: TDMM RPC measurement of 1,089 pools, 22 October 2026.\",\n   \"description\": \"Stacked bar chart of 1,089 Robinhood Chain pools by depth: 230 with no depth within 1%, 27 one-sided and 832 two-sided, broken down by Uniswap v4, Uniswap v3, Pons V2 hook pools, Pools.trade, Pons V1 and SushiSwap v3.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-09\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-robinhood-chain-reported-liquidity-vs-usable-depth-300x169.png\",\n   \"name\": \"Usable depth is 8.0% of reported liquidity. Source: GeckoTerminal and TDMM RPC measurement, 22 October 2026\",\n   \"caption\": \"Usable depth is 8.0% of reported liquidity. Source: GeckoTerminal and TDMM RPC measurement, 22 October 2026.\",\n   \"description\": \"Bar chart comparing $209.2M of GeckoTerminal-reported liquidity, $16.6M of TDMM-measured depth within 1% and $13.0M of two-sided depth across 1,089 Robinhood Chain pools.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-10\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-robinhood-chain-deepest-two-sided-pools-300x169.png\",\n   \"name\": \"The twelve deepest token pools are all Stock Token pools. Source: TDMM RPC measurement, 22 October 2026\",\n   \"caption\": \"The twelve deepest token pools are all Stock Token pools. Source: TDMM RPC measurement, 22 October 2026.\",\n   \"description\": \"Horizontal stacked bar chart of the 12 deepest two-sided token pools on Robinhood Chain, all Stock Token pools, led by SPY\/USDG 0.3% at $1.28M within 1% and SPY\/USDG 0.05% at $571K.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-11\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-robinhood-chain-10k-order-price-impact-300x169.png\",\n   \"name\": \"Only 104 of 1,089 Robinhood Chain pools take a $10,000 order both ways under 1%. Source: TDMM RPC measurement and swap simulation, 22 October 2026\",\n   \"caption\": \"Only 104 of 1,089 Robinhood Chain pools take a $10,000 order both ways under 1%. Source: TDMM RPC measurement and swap simulation, 22 October 2026.\",\n   \"description\": \"Bar chart of 1,089 Robinhood Chain pools by the price impact of a $10,000 order both ways: 74 under 0.5%, 30 between 0.5% and 1%, 19 between 1% and 5%, 709 over 5% or with no fill, 27 one-sided and 230 with no depth.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-12\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-robinhood-chain-depth-by-pool-category-300x169.png\",\n   \"name\": \"Median two-sided depth within 1% by pool category. Source: TDMM RPC measurement of 1,089 pools, 22 October 2026\",\n   \"caption\": \"Median two-sided depth within 1% by pool category. Source: TDMM RPC measurement of 1,089 pools, 22 October 2026.\",\n   \"description\": \"Horizontal log-scale bar chart of median two-sided depth within 1% by pool category: Stock Token vs Stock Token $43.7K, stablecoin pairs $18.5K, Stock Token vs USDG or ETH $16.8K, PONS $12.1K, memecoin vs Stock Token $235, memecoin or other $38.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-13\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-pons-token-liquidity-across-venues-300x169.png\",\n   \"name\": \"PONS on six exchanges and four pools. Source: TDMM order book and RPC snapshots, 22 October 2026\",\n   \"caption\": \"PONS on six exchanges and four pools. Source: TDMM order book and RPC snapshots, 22 October 2026.\",\n   \"description\": \"Table of PONS liquidity across venues on 22 October 2026: quoted spread, two-sided depth within 1% and 2% and the cost of $1,000 and $10,000 round trips on OKX, Coinbase, Upbit, Gate, MEXC and Kraken, next to the four deepest PONS pools on Robinhood Chain.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-15\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-robinhood-chain-design-features-market-making-300x169.png\",\n   \"name\": \"Seven documented features of Robinhood Chain and the operating consequence of each. Source: docs.robinhood.com, Galaxy Research, Bitquery, docs.ponsfamily.com; TDMM block-time measurement\",\n   \"caption\": \"Seven documented features of Robinhood Chain and the operating consequence of each. Source: docs.robinhood.com, Galaxy Research, Bitquery, docs.ponsfamily.com; TDMM block-time measurement.\",\n   \"description\": \"Table of seven Robinhood Chain design features and what each changes for a market maker: ETH gas and 100 ms blocks, FCFS ordering with no priority gas auctions, rollup finality, a Robinhood-operated sequencer, an eight-seat Security Council, the five-day Stock Token mint window and launchpad hook pools.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#img-14\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-listing-benchmark-by-market-cap-1-300x169.png\",\n   \"name\": \"Spread and depth by market cap tier. Ask for your tier\u2019s top quartile. Source: TDMM snapshot of 3,425 USDT order books on Gate and MEXC, 22 October 2026\",\n   \"caption\": \"Spread and depth by market cap tier. Ask for your tier\u2019s top quartile. 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Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/best-market-makers-for-robinhood-chain-tokens\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"datePublished\": \"2026-10-22\"\n  }\n ]\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disclosure: TDMM publishes this article, offers market making and ranks itself first for Robinhood Chain token issuers. We say so at the top, publish the method and the data, and base what we say about other firms on what they publish themselves or what regulators and major outlets have reported. The short answer The best market makers for Robinhood Chain tokens in 2026, in TDMM\u2019s ranking, are TDMM, Wintermute, FalconX, B2C2, GSR, Keyrock, Flowdesk, Tokka Labs, Arrakis and Kairon Labs. For a token that starts in a Uniswap pool on Robinhood Chain, including one that graduates from the Pons launchpad, and later lists on centralised exchanges, TDMM ranks first because one provider covers both with one reference price. Only two firms have publicly said they make markets on Robinhood Chain: FalconX, which calls itself a liquidity partner and market maker for the chain\u2019s protocols, and Tokka Labs, which 0x names as the primary market maker for Stock Tokens on 0x RFQ. Of the 1,089 most-traded Robinhood Chain pools TDMM measured on-chain, 230 had no depth within 1% of the price and only 104 could take a $10,000 order both ways for under 1% impact. Write spread, depth and uptime into &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.3 - aioseo.com -->\n\t<meta name=\"description\" content=\"Disclosure: TDMM publishes this article, offers market making and ranks itself first for Robinhood Chain token issuers. We say so at the top, publish the method and the data, and base what we say about other firms on what they publish themselves or what regulators and major outlets have reported. 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