Author: Nancy, PANews

Last weekend, Robinhood Chain, which has been online for less than two months, once again experienced a peak in on-chain activity. Several core indicators such as trading volume and active users have set new records, and protocol revenue has also significantly increased, surpassing many earlier L2s.

For a network that is still in its early stages, such growth rate and sustainability are uncommon. Behind Robinhood Chain's rapid accumulation of massive traffic in a short time, funds, users, and assets are streaming into the same chain through different entry points.

Launchpad Creates New Assets, Pons Becomes the Traffic Signboard

The earliest traffic entry for Robinhood Chain is the Launchpad, which generates trading demand by continuously issuing new assets, keeping funds and liquidity within the ecosystem. In the current Launchpad battle, Pons is becoming the most watched player.

On one hand, Pons’ on-chain data continues to hit new highs, becoming one of the main trading traffic entry points for Robinhood Chain, consistently drawing market attention.

Dune data shows that the latest daily token deployment count for Pons exceeded 22,000, setting a new high since launch, accounting for 67.8% of Robinhood Chain's daily token deployment; daily trading volume surpassed $308 million, also setting a historical record, accounting for over 78.2% of the total chain trading volume. During the same period, the number of daily active wallets for Pons reached 115,000, more than six times that of the second place, Pools.

Furthermore, Pons has further consolidated its ecological position through creator incentives. The platform allocates 70% of transaction fees to token creators to enhance the profit expectations of issuers, stimulating more token issuance activities. Official data shows that over the past 47 days, Pons has already paid approximately $20.93 million to token creators.

On the other hand, as trading volume continues to flow into Pons, the transaction fees captured by the platform are also continuously increasing, which, through a buyback and burn mechanism, feeds back into PONS tokens, creating a growth flywheel.

According to Pons’ publicly stated economic mechanism, 80% of protocol revenue will be used to continually buy back PONS via a TWAP mechanism and permanently destroy them. DeFillama data shows that Pons' cumulative revenue exceeds $10.14 million, with a single-day revenue at one point breaking $1 million, currently making it the second highest revenue protocol on Robinhood Chain.

As protocol revenue continues to grow, the scale of PONS’ buybacks and destruction has also continuously expanded. As of now, the officially disclosed cumulative destruction amount is approximately 29% of its total supply.

This mechanism has begun to change the market's pricing logic for the platform's token PONS. Particularly when compared with the leading Launchpad in the Meme track, Pump.fun, Pons demonstrates stronger value capture abilities in protocol revenue buyback ratios, token destruction, and recent revenue growth. With PUMP already holding a high market value, PONS’s relatively low valuation leaves the market with greater potential for imagination.

PONS tokens have recently seen a continuous rise. GMGN data shows that the market value of PONS soared from less than $30 million a week ago to over $400 million, making it the highest valued token on Robinhood Chain.

It can be said that Pons has become a major entry point for continually producing new assets on Robinhood Chain.

Trading Terminal Opens Increment, Fomo Broadens User Boundaries

If the Launchpad is responsible for creating assets and early liquidity, then the trading terminal takes on the trading demand generated by these assets.

Currently, the trading terminals on Robinhood Chain contribute to nearly half of the total network trading volume. Dune data shows that the daily trading volume of the trading terminals occupies 47% of the network, with daily trading amounts around $280 million and daily active wallets exceeding 110,000, all of which have set new highs since launch.

Among them, Fomo is one of the fastest-growing products. After the mainnet launch of Robinhood Chain, Fomo quickly became an important trading entry on-chain. The Fomo team disclosed that on Robinhood Chain, one in every two active wallets comes from Fomo. In trading addresses for some popular tokens, Fomo users frequently appear at the front of profitable trades.

Fomo attempts to transform complex on-chain trading into an experience more akin to a social app, allowing users to swipe tokens, view trades, follow trades, and complete transactions directly within the information stream. This design lowers the participation threshold for on-chain trading and endows trading itself with stronger social attributes.

The high-yield cases on the platform further reinforce user attraction. According to Fomo's official disclosure, as of now, 26 traders on the platform have achieved profits exceeding $1 million, with 25 users on the profit leaderboard realizing profits of over $1 million in the past 30 days. Additionally, according to @0xAvast's analysis, in the past 30 days, only one wallet in the Pump application has achieved over $1 million in PNL (unrealized profits); on the other hand, on Fomo, users need to reach over $1 million in PNL to enter the top 30 on the profit leaderboard.

From a user structure perspective, Fomo's significance lies not only in contributing to trading volume but also in broadening Robinhood Chain's user boundaries.

In terms of trading scale, Dune data shows that GMGN's latest single-day trading volume on Robinhood Chain reached $1.115 billion, accounting for 41.2% of the network, ranking first; Fomo's single-day trading volume is about $101 million, accounting for approximately 36%.

When only considering trading amounts, GMGN appears to be larger. However, further splitting address counts reveals that the user profiles of the two are different. GMGN has about 17,700 active addresses daily, with an average daily trading amount of approximately $62,800 per address, primarily comprised of professional traders, high-frequency traders, and users with larger capital. In contrast, Fomo has over 64,000 daily active addresses, but the average daily trading amount per address is only about $1,565, which is less than one-tenth of GMGN, indicating a broader coverage of ordinary users.

However, Fomo CEO Se Yong recently revealed that the existing on-chain data may underestimate the platform's true scale by about 20% to 40%, due to the significant difficulty in simultaneously collecting data from 6 to 7 chains. Not only that, but Fomo adds approximately 40,000 new users daily from the App Store. He believes that this scale is unlikely to all come from existing crypto users; therefore, a considerable portion may be new users who were previously inactive in the crypto market.

For Robinhood Chain, Fomo brings not just trading volume but also extends on-chain trading from professional traders to a broader base of ordinary users.

Wealth Effect Spreads, Coin Listing Expectations Multiply Funding Games

For an early public chain, the wealth effect often serves as the best golden sign and more easily attracts funds and users to continue streaming in.

In recent days, tokens like PONS, AI, NET on Robinhood Chain have been continuously rising, with some assets even reaching historical highs. Dune data shows that the total market value of the top 100 tokens on Robinhood Launchpad has surpassed $1 billion, increasing by 123% in the past 6 days.

There have already been several high-yield cases on-chain. For example, according to on-chain analyst @ai_9684xtpa, an address bought PONS at a low point 46 days ago, investing only $115,000, and is now showing a profit exceeding $2.82 million, with a return rate of 2456.6%. The address that liquidated CASHCAT has made a profit of approximately $598,000.

KOL's holdings have also further amplified market attention. For instance, crypto KOL Bonkguy previously spent 67,304 USDG to buy 11 million PONS, yet has not sold, with holdings now valued at nearly $3.8 million; Ansem has successively invested about $57,600 to purchase NET from the DeFi protocol NetNet Capital, and over $21,000 for the token AI; him received about 40% of the token allocation for the community token COPPERINU and followed Ansem's token strategy to conduct manual airdrops to the community, rapidly boosting the market value.

Additionally, the market expectations for token listings on Robinhood are continuously elevating the attention towards on-chain tokens. Previously, after Robinhood listed CASHCAT, the market value of that token surged significantly. For the market, once a certain token gains Robinhood's attention or even lists on its trading platform, it could receive greater user flow, trading entry points, and brand exposure, enticing funds to preemptively bet. This is consistent with the market expectations that occurred when MEME launched on Binance on the BSC chain.

Stock Memes Enter Liquidity Pools, RWA Becomes Programmable Building Blocks

Stock memes are becoming a new differentiated play for Robinhood Chain, also opening new liquidity entries for tokenized stocks. Currently, tokens related to cash cats, stoknbrokers, indexes, microducks, etc., on Robinhood Chain have gained certain market attention, with some leading assets reaching relatively high market value scales.

Unlike traditional meme coins that mainly rely on narratives, community sentiment, and funding games, some stock memes are beginning to attempt blending meme assets with tokenized stocks, introducing new on-chain traffic for originally scenario-deficient stock tokens.

Crypto analyst Qinbafrank noted that on Robinhood Chain, there are already play styles using stock tokens and meme coins to form LP pools. Trading these memes will directly generate transaction volume for stock tokens while also locking some stock tokens into the LP pool, which is one reason why tokenized U.S. stock trading volumes later exceeded that of some competitors on Solana.

Importantly, Robinhood has not made "issuing memes using stocks" an official product. Robinhood CEO Vlad Tenev previously mentioned in a podcast that developers have created a liquidity pool that the team initially did not anticipate, combining memes, crypto assets, and stock tokens, with memes becoming a gateway that directs users to real stock tokens, a development that has even exceeded the company's expectations.

From this perspective, it can be seen as a natural result of permissionless deployment on-chain. Qinbafrank believes its significance is mainly reflected in several aspects:

First, RWA has finally found a usable cold start. Previously, when stocks were put on-chain, their usage scenarios were limited; now memes bring users, transaction fees, and attention, then the transaction volumes feed back into stock tokens.

Second, stock tokens are beginning to truly become “programmable building blocks.” In the past, tokenized stocks mostly remained at “can be bought and sold, can watch price movements,” now more on-chain combination methods are appearing, and in the future, they can also be combined with lending, indices, agents, and other products. The industry is shifting from “exhibiting stocks on-chain” to “using stocks as DeFi primitives.” This is the direction that tokenization should genuinely take: combinable, rather than creating another on-chain brokerage page.

Third, the pairing assets of on-chain liquidity are becoming more diverse. In the future, quote assets for memes may not only include ETH, SOL, BNB, or stablecoins; real-world assets like stocks, government bonds, and gold could also become new liquidity pairing assets.

More importantly, the boundaries between the crypto and stock markets are being blurred. What it truly stimulates may not be TVL, but user mentality. Users can now encounter both crypto-native high-volatility speculation and traditionally priced anchors like U.S. stocks in the same pool for the first time, connecting speculative traffic with real financial assets. This will also reinforce a trend: high-quality financial assets will continue to be broken down into tokens, repriced, redistributive, and recombined on-chain.

He pointed out that Robinhood Chain has also provided a worthy reference sample for other traditional finance: when TradFi comes to the chain, it does not necessarily have to first set up a serious financial special zone. Activating the chain first, then embedding their own assets in existing speculation and DeFi behaviors could be faster than “first compliance, then wait for others to come.”

In this view, it is not difficult to understand why Robinhood Chain has recently maintained high popularity. Continuous token issuance generates new assets, ongoing trading brings traffic, the wealth effect attracts more funds, and RWA provides new asset combination methods, all these plays bring more users and funds into Robinhood Chain, gradually forming a growth flywheel.

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