Author: David, ShenChao TechFlow

Welcome to the crypto bull market, or more precisely, the Robinhood structural bull market.

In less than 1-2 weeks, the Robinhood on-chain ecosystem has bloomed, with new play styles such as Meme/Launch Pads/NFT/DeFi emerging one after another, yielding many noteworthy projects.

At the same time, as targets like PONS and Cashcat, each over 100 million, have already been price-discovered, other sub-optimal targets are now experiencing exaggerated price increases amidst a frenzy of liquidity.

As of September 1st, according to incomplete statistics, 30 meme tokens with a market capitalization over 1 million have emerged on Robinhood, and the meme tokens over 5 million have seen the following visuals:

Additionally, there are 28 application-based token projects, categorized by track as follows:

Apart from this broad environment, today several projects have shown dramatic price increases; if the crypto market cap remains stable, newly launched projects theoretically have more attention and imaginative space.

Of course, there are assets that have rapidly declined, but from this, we can still uncover some new directions and narratives that have caught the attention of capital.

1. Today's Best: $BONER, the "Viagra" of a weekend short squeeze in U.S. stocks

Price increase: from $8 million soaring to $80 million, a tenfold increase in a single day

HIMS is a U.S. publicly traded company focused on men's health and ED medication, hence this token is directly named $BONER (corresponding to male function in English). However, it’s not just a simple meme dog; the main liquidity pool does not use stablecoins but instead uses tokenized HIMS on-chain stocks.

Many newcomers might not understand the current core play on the Robinhood chain "Stock Paired Memes," so here’s a brief explanation:

In traditional on-chain play, meme coins usually form liquidity pools with SOL, ETH, or stablecoins. But on this chain, Meme can form pools directly with tokenized U.S. stocks.

For example, $BONER’s main liquidity pool is BONER / HIMS. This "coin-stock" mechanism generated remarkable effects during market closures. Last weekend, the NYSE was closed, and traditional market makers couldn’t issue HIMS stock tokens on-chain, meaning the supply of chips in the pool was effectively locked.

As hot money flooded in to purchase $BONER, a large number of HIMS tokens were locked in the pool, causing the on-chain price of HIMS to spike to $132, whereas its actual closing price on Friday was only $28.8.

Although arbitrage traders will eliminate this premium after the opening on Monday, $BONER successfully showcased the underlying logic of "locking U.S. stock floating chips with Meme" to the entire market.

If you have not yet realized what this means, it can be summed up in one phrase: "Every round of the crypto bull market begins with innovation in asset issuance models."

Perhaps this is not an ETH-level epic innovation, but it successfully anchors the attention of meme issuance to U.S. stocks, making it easier to draw stock traders into crypto.

The overly crypto narrative aims to break out, using crypto assets to replace traditional assets; however, the binding of coin and stock now represents another way to break out, as crypto tokens may still be pure hype, but when liquidity overflows, they can successfully penetrate the stock market with the attention concentrated on short-term price force.

In the short term, all of this is only on Robinhood. It is a brokerage, but now it has become the bridge connecting crypto, retail investors, and the attention of coin and stock.

2. Coin-stock paired funding overflow: $AI assuming NVIDIA's computational consensus

• Market cap: Reached 190 million dollars, continuing to set new highs

Similar to Boner, $AI (Artificial Inu) corresponds to tokenized NVIDIA (NVDA), positioning itself as "the NVIDIA community on-chain."

This is also a typical phenomenon of funding overflow. When Boner validated the feasibility of the "coin-stock pairing" play, the market's first reaction was to search for the deepest and most consensus-laden targets in the same track. As currently the largest NVIDIA pairing pool on-chain, $AI naturally attracted the most substantial risk-averse and collective funds.

Following this logic, tokenized Micron in the same sector has also welcomed funding follow-up:

• MOO / Micron MU, approximately 19.3 million dollars
• SPACEHOOD / tokenized SpaceX SPCX, approximately 18.4 million dollars
• AU / TSMC TSM, approximately 7 million dollars
• QC / small-cap quantum stock QUBT, approximately 5.2 million dollars
• QUANT / SPY, approximately 4.8 million dollars
• $ORBIO / another NVDA pairing, approximately 2.6 million dollars
• A test token on Solana for $ZEC, approximately 2.2 million dollars

3. On-chain infrastructure $UP and other targets already recognized for value

Currently, Robinhood's launch pads, DEX, dividends, and lending: alongside speculation, infrastructure has also been priced.

If BONER and AI are the chips that have been brought to the table in this bull market, then UP is selling that very table. The Robinhood chain needs a 24-hour trading environment for tokenized U.S. stocks, where hot money must flow back and forth between Memes and stocks, necessitating someone to provide depth, matchmaking, and fee settlement. UP is doing precisely that: it is a DEX/liquidity protocol operating on the Robinhood chain, with a reward model similar to Velodrome's ve(3,3): locking voting, replacing emissions for depth, and depth for transactions.

In the past two weeks, the market's attention has been solely on launching new coins, finding pairings, and betting on the next hundredfold dogs. From the 31st to today, $UP has contributed approximately 180,000 dollars in fees, becoming the fourth protocol on this chain capable of generating stable income.

At the same time;

-$PONS has reached 442 million dollars, continuing to set daily new highs; you can understand the pricing anchor of this structural market trend as Robinhood's pump.fun, with fixed supply, one-click token issuance, and protocol sharing a large return to buy back.

-$HOOKR has reached approximately 20.7 million dollars. Pons sells "the ability to issue," while Hookr sells "the rules that dictate how the pool runs after issuance." Uniswap v4's Hook has been dismantled into anti-sniping, impact fees, automatic burn, LP sharing, and prize pools, allowing token creators to assemble their functionalities. After pushing up PONS, funds naturally turn to seek these kinds of mechanisms that are more geeky and have a smaller market cap for supplementary gains.

-$INDEX (44 million dollars): The mechanism can be described as violent aesthetics. It extracts 3% in taxes from transactions, which is entirely used to buy tokenized U.S. stocks and is automatically airdropped to holders every 15 minutes, making a transition from "hype narrative" to "holding real stocks."

-$DENAR (3.1 million dollars): An on-chain securities collateral pawn shop. It allows users to collateralize their stock tokens to borrow stablecoins (single stock LTV around 62.5%). It fills the financial gap of stock tokens that "can only be traded, cannot earn interest or loans."

-$PICKLES (2.7 million dollars): The narrative is as Robinhood AI trading agents.

In May, Robinhood launched Agentic Trading: Claude/ChatGPT/Grok can take orders under independent accounts. On-chain, there are projects like hoodpocket and Agents in Hood that provide wallets and risk control for agents. $PICKLES eats this product news.

Other targets discovered in the same track include:

Solana cross-chain utility token $STONKBROKER (83M), as well as early tools/community tokens ARROW (14.8M), CLAN (9.2M), TWO (7.5M), OTC (5.2M), VLR (4.7M).

4. $MARKETPLIER: Celebrity buys stock in public company GoPro

Performance: Market cap reaches 3.9 million dollars

Bloomberg has disclosed that top YouTuber Markiplier has quietly become the single largest shareholder of the struggling micro-cap stock GoPro (holding about 8.5%). GoPro's long-term stock price has been sluggish and there are doubts about its ongoing operations, and the news of the internet celebrity shareholder's entry directly caused GoPro's stock to surge nearly 100% during and after trading.

Agile on-chain funds quickly followed suit, launching the token $MARKETPLIER. The community even spread that "he put in 30% of his net worth" to go all-in on this stock, with reports estimating his purchase to be closer to 8 million to 9.3 million dollars, making him the largest shareholder.

Meanwhile, in a backdrop of abundant funds, a large number of pure emotion-driven tokens without clear mechanisms also enjoyed a premium:

Independent chef token $RABBIT (10M); the micro-robot Beta $MACRODUCK (7M) and $Microduck; the dog Meme $PONGO (5.8M) attached to the heat of Pons launch pad; Based on the vague expectation of "the official might issue new things," $ROBINCAT (1.3M); and other animal and meme templates like HOME (5.7M), APEC (5M), $FLORK (2.4M), HACHI (2.3M) and STARTUP (1.7M).

Finally, I believe that the essence of this market trend is that on-chain liquidity has begun to substantively compete for the pricing power of traditional financial assets.

Robinhood is no longer "another L2 that can issue dogs," but an L2 that can "lock U.S. stocks into pools while issuing dogs." All of today's exaggerated price increases are doing market-making for this statement.

When the speculation frenzy fades, this statement will undoubtedly be disproven, which will be the day these assets are re-priced. But creating assets in a speculative frenzy is a constant main theme of crypto, and it is the practice that every crypto player undergoes repeatedly in an environment of information overload and time constraints, balancing between FOMO and taking profits.