Robinhood Chain Sees Another Market Cap Breakout Meme Coin, Stock-Paired Meme Coins Feed Back into RWA

Original by Odaily ( @OdailyChina )

Author | Golem ( @web3_golem )

Today, another "golden dog" emerged on Robinhood Chain. The market cap of the Meme coin AI briefly touched $100 million, surging nearly 10x over the past week.

Clearly, this Meme coin isn't a traditional pump-and-dump. It has been nurtured through a period of community building and development. AI is the leading Meme in the current "token-stock pairing" sector. It is paired with NVDA, a tokenized stock of Nvidia on Robinhood Chain. Through a month of community development, an AI community treasury has been established, using creator fees and 50% of trading fees to buy back and burn tokens. Currently, 0.82% of the token's total supply has been burned.

The explosive popularity of the Meme coin AI is also attributed to the empowerment of its launchpad, LONG. In its early stages, LONG even airdropped the stock token NVDA to AI holders. LONG is a Meme coin launchpad within the Robinhood Chain ecosystem. By pioneering the "token-stock pairing" model for Meme launches, LONG has become a leading Meme launchpad on Robinhood Chain.

According to Dune data, while LONG's daily new token count lags behind Flap and Pons, the daily total trading volume of Meme coins issued on the LONG platform ranks third on Robinhood Chain, trailing only Pons and noxa. It surpasses Uniswap's pools and Flap. Meme coins launched via LONG account for 8.5% of the total Meme trading volume on Robinhood Chain, placing it third.

Robinhood Chain Launchpad Meme Daily Trading Volume Ranking

Token-Stock Pairing: Changing the Denomination of Meme Coins

The so-called "token-stock pairing" model works as follows: when a user launches a Meme coin, they can choose a specific stock token as the quote currency and trading pair asset. The other side of the Meme liquidity pool is no longer a public chain asset like SOL, BNB, or ETH, but rather tokenized stocks on Robinhood Chain, such as NVDA, TSLA, AAPL, SPCX, MSFT, TSM, etc.

Although this might seem like just a change in the liquidity pool pairing asset and on-chain quote unit, its impact is significant. The relative price of a Meme coin is no longer based on how many ETH it can be exchanged for, but rather how many stock tokens. This means the price of a Meme coin is influenced not only by market sentiment but also by the price fluctuations of traditional market stocks, directly bridging the gap between the Meme coin market and the stock market.

Therefore, buying a token-stock paired Meme coin is essentially a dual bet: betting that the Meme coin will outperform the stock relatively, and betting on the USD price movement of that stock. There is no 1:1 redemption relationship between the Meme coin and its underlying stock token. The stock token is merely the quote asset in the liquidity pool, not collateral for the Meme coin. Thus, token-stock pairing provides no value backing for the launched Meme coin.

In actual trading, users on the Meme trading platform's frontend still use ETH to buy or sell token-stock paired Meme coins. However, on the backend, the ETH is first swapped for the stock token, which then enters the token-stock pool to be exchanged for the Meme coin. Additionally, the fees received by creators are not in ETH but in the underlying paired stock token. If one perceives stocks like NVDA or SPCX as more valuable than cryptocurrencies like ETH, then in a sense, token-stock paired Meme coins are also helping communities accumulate value investments.

Recently, LONG also announced the upcoming launch of LongX, which will allow users to launch tokens using leveraged stock tokens as the underlying asset. Users won't need to actively manage perpetual positions; they simply hold them as standard ERC20 tokens, while rebalancing and position management occur automatically at the protocol level. Lighter will serve as the underlying execution and liquidity layer. Compared to token-stock pairing, this model of wrapping leveraged stock assets for token issuance isn't LONG's invention. In May of this year, alt.fun, a Meme launchpad on the Hyperliquid ecosystem, introduced a similar model, but that platform's traction and user base have since dwindled. (Related reading: Meme Tokens Wrapped in Contracts: Is alt.fun True Innovation or a False Need?)

Boosting RWA Trading on Robinhood Chain

For the Robinhood Chain ecosystem, the real significance of token-stock paired Meme coins lies in boosting the trading volume of the RWA sector and expanding the utility of stock tokens.

Robinhood Chain's initial primary vision was to become an RWA-focused chain. However, Meme trading unexpectedly exploded. In a recent interview, Robinhood CEO Vlad Tenev admitted this was unforeseen by his team. He also expressed surprise that Meme trading has spurred trading and liquidity demand for related stock tokens.

According to Dune data, the total value locked (TVL) in RWAs on Robinhood Chain is approximately $45.4 million, comprising 202 RWA assets. In terms of trading volume, aside from direct stock token trading, the volume generated by token-stock paired Meme coins accounts for roughly 34% of total RWA trading, making it the second-largest contributor to RWA trading volume.

Robinhood Chain RWA Daily Trading Volume Composition

Given LONG's leading position in the token-stock pairing launchpad space, this contribution can essentially be attributed to the LONG platform's impact on Robinhood Chain's RWA trading volume. Specifically, to date, NVDA trading volume executed through LONG has surpassed $94 million, accounting for over 53% of the total stock token trading volume on the LONG platform. According to official data from LONG, 23% of NVDA on Robinhood Chain is locked within the AI Meme coin's community treasury.

LONG Platform Stock Token Trading Volume and Platform Share

The fact that Meme trading drives stock token volume is also a development Robinhood welcomes. In a recent interview, Vlad Tenev even subtly praised token-stock paired Memes, stating, "They've combined Meme coins, mainstream cryptocurrencies, and stock tokens into some unique products that we never anticipated doing ourselves. Odds are, we wouldn't have thought of it either." (Related reading: Robinhood CEO Exclusive Interview: The Meme Coin Surge Was Unexpected, My Portfolio Is Quite Diversified)

Another significant aspect of token-stock paired Meme coins is broadening the utility of stock tokens, showcasing to users and entrepreneurs the innovative potential of traditional assets like stocks on-chain. Beyond Meme coins, the future will certainly bring more mature and protocol-driven innovations for stock tokens.