Robinhood itself originated as an internet brokerage. It seems plausible that the Robinhood Chain would become the king of on-chain US stock token spot trading. However, when it comes to the cryptocurrency domain, even dragons and tigers must bow their heads. Solana firmly holds the top spot for on-chain US stock token spot trading, with no chain able to challenge it:

Over the past two weeks, Solana's on-chain US stock token spot trading volumes were approximately $306 million and $275 million, respectively. This not only massively surpasses all other chains (to be specific, no other chain has seen weekly on-chain US stock token spot trading volume exceed $10 million in the past two weeks) but even significantly leads Binance, which has long ranked first in US stock token spot trading volume among CEXs. Over the same two weeks, Binance's US stock token spot trading volumes were approximately $160 million and $183 million, respectively.

In other words, within the crypto market for trading tokenized US stocks, Solana's scale is truly in a league of its own. Meanwhile, Robinhood Chain's data over the past two weeks was approximately $2.32 million and $9.41 million, making it a minor player compared to Solana.

However, considering that the Robinhood Chain officially launched just over two weeks ago, and its volumes ranked 3rd and 2nd among all chains in the past two weeks, that's not so minor anymore. It shows the drive of a newborn calf unafraid of tigers.

So, where do the tokenized US stock trading volumes on the Robinhood Chain come from? Meme coins.

Yes, meme coins are driving US stock trading on the Robinhood Chain, and this very likely represents the next big opportunity on the chain.

On Robinhood Chain, Meme Coins Save US Stocks

Since the Robinhood Chain launched, the most actively traded tokenized US stock on-chain is $NVDA. The trading volume of the Uniswap NVDA/USDG v4 pool has successfully surpassed $10 million.

Before July 20th, this pool's daily volume had never exceeded $500,000. Almost all the volume came from the last two days, with volumes exceeding $8.1 million.

All of this is thanks to two meme coins, $REAL and $AI.

$REAL is a meme coin paired with $NVDA on Bankr. On July 20th, Bankr launched a feature allowing users to issue new meme coins using tokenized US stocks as the base pool, supporting over 90 types of tokenized US stocks like $NVDA, $TSLA, $AAPL, and $SPY.

Bankr's founder, @0xDeployer, personally launched the first token for this new feature, which is $REAL. Because the founder launched it himself and posted on X about recruiting a CTO team for the coin, its trading volume exceeded $5.6 million on its launch day (July 20th).

$AI comes from another platform, long.xyz. This platform actually launched much earlier than Bankr. $AI was issued on July 14th, also a meme coin paired with $NVDA. Although it launched early, it garnered little attention until Bankr came along and ignited interest. On July 20th, $AI's daily volume also reached $1 million.

The Uniswap NVDA/USDG v4 pool saw a volume of $4.5 million on July 20th. Given the previous sluggish daily volumes under $500,000, this explosion is entirely attributable to the two meme coins mentioned above.

Uniswap founder Hayden Adams noticed this situation and traced the source back to Bankr's $REAL, prompting him to tweet, "The new feature is super cool."

Uniswap team member @saintniko also commented on a tweet about Robinhood Chain's US stock token volume hitting an all-time high, stating, "Bankr and long.xyz contributed through related trading pairs!"

Robinhood is the Most Suitable Chain for This Play

No other chain is more suitable for US stock meme coins than Robinhood.

Firstly, it's a chain built by an internet brokerage itself, its stock market DNA is deeply ingrained.

Secondly, Robinhood CEO Vlad has repeatedly stated that this chain aims to excel in RWA. While the words were spoken, until the emergence of US stock meme coins, this vision remained a case of "ambitions are grand, but reality is harsh."

Over the past two weeks, DEX spot trading volumes on the Robinhood Chain were $1.845 billion and $1.826 billion, respectively. Within this, meme coin volumes accounted for $1.347 billion and $856 million, with the remainder mostly coming from ETH-stablecoin swaps. The volume of tokenized assets was a mere $2.32 million and $9.41 million.

Meme coin speculation eventually hits a fatigue phase, while RWA needs development. US stock meme coins cleverly combine the two, creating a new narrative and re-invigorating on-chain activity.

Combine this with Vlad's recent statements. On July 15th, he tweeted welcoming builders who want to embed tokenized US stocks and other RWA assets into on-chain applications to communicate with him. On July 17th, he tweeted that one of the Robinhood Chain's missions is to make RWA programmable.

This image, in particular, showcases his vision for both meme coins and RWA to flourish on the Robinhood Chain, posing the question, "Why can't both go hand in hand?"

Past RWA projects often felt distant to retail investors or seemed unprofitable. US stock meme coins effectively address this issue. Previously, with alt.fun, which had a moment on Hyperliquid, people's first thought about using US stock perpetual contract positions to issue meme coins was, "Will I lose money?"

If a retail player's first instinct is that, the narrative is fundamentally flawed from the start. The cultural genes and current atmosphere of each chain determine whether a similar gameplay will form a different market understanding and whether it can succeed. On the Robinhood Chain, the US stock + meme gameplay instinctively makes people think it's the narrative that best aligns with Vlad's vision. Furthermore, using tokenized US stock spot as the base pool is far superior to using perpetual contracts, as it's backed by actual shares. Therefore, if the narrative gains traction and US stock meme coins proliferate, in a way, meme coins could cause 'deflation' in stocks, as the tokenized US stocks become locked in the pools.

Similarly, one can imagine that once the scale grows, Robinhood could directly guide retail investors to deposit their stocks into liquidity pools for yield, effectively breaking down the wall between meme coins and stocks.

Currently, the total supply of $NVDA on Robinhood is only about 14,000 tokens, and the Uniswap v4 pools for $REAL and $AI already hold nearly 1,700 tokens. This is despite the fact that the US stock meme narrative hasn't yet produced a token with a market cap exceeding $10 million.

Tracking Targets: The Competition Between Bankr and long.xyz

For now, focusing on these two platforms is sufficient, as they are the main ones making noise and competing.

Specific tracking targets are also limited. For Bankr, the focus is on $REAL. The logic was outlined earlier: the founder launched it and promoted it personally. However, the pace of promotion has been a bit slow. Volume is high, but the price trend hasn't managed to surge aggressively upward.

As for long.xyz, the founder has explicitly stated there are no plans to issue a platform token:

Furthermore, the two targets he personally bought are the aforementioned $AI and his own token $SPACEHOOD (paired with $SPCX).

The intent of long to support these two targets is very clear. They have already conducted a $NVDA airdrop reward for long-term holders of these two tokens:

$AI is also the current leader in this track, having been consistently rising over the past couple of days, reaching a peak market cap of $6.15 million:

If a US stock meme coin can break through and firmly hold the $10 million market cap level, continuing its upward trajectory, then US stock meme coins could very well become the next popular gameplay on the Robinhood Chain. Dreaming bigger, this gameplay has never successfully broken through in the market before. It could become Robinhood's unique killer feature, just as every chain has its own characteristic. It might even lead the entire market in a new direction, representing a significant new narrative opportunity. After all, the narrative for meme coins hasn't been updated in quite a while.