The diligent Solana, the steadily improving BSC, the incompetent Base.

Written by: 0xFacai

8.15 million dollars in fees per day, 54.3 million dollars per week.

This is the profit data delivered by the launch platform Pons on Robinhood Chain today.

Leading the narratives of "coin-stock pairing" and "token distribution," platform tokens are soaring, "golden dogs" are emerging endlessly, and Robinhood is attracting on-chain traders to reallocate their funds and time.

For established ecosystems, the threat is right in front of them. What countermeasures have they taken?

Solana Goes Official with Calls

On the launch platform side, Solana's key bet is StonkFun.

StonkFun allows memes to be paired with stock tokens and other crypto assets. Stock tokens of SPY, assets like ZEC can also serve as trading pairs. The transactions of memes drive the circulation of these assets on Solana, providing a concrete scenario for coin-stock pairing and on-chain asset trading.

STONK is the platform token of StonkFun, and a portion of StonkFun's revenue is used to buy back and destroy STONK. The buyback panel shows that StonkFun's cumulative investment in STONK has been approximately 2.82 million dollars, with the buyback curve clearly accelerating in early September. The trading heat of the ecosystem can thus be converted into buying for the platform token, leading to an increase in STONK, which in turn brings more attention to the launch platform.

The platform will also use a portion of transaction fees to buy back and destroy the top ten tokens by market capitalization in the ecosystem, allocated based on market cap weight. This gives leading projects the opportunity to continue receiving platform support, and trading heat can also transmit to ecosystem tokens.

ZCAT is one of the most notable among them.

An anonymous cat in a paper bag brings the privacy culture of Zcash into the meme. It is paired with ZEC on Solana, while accumulating rewards through a 3% transfer fee and converting them into ZEC, proportionally distributed to eligible holders. Players holding ZCAT have the chance to receive ZEC.

This is also the logic that Ansem emphasized when calling ZCAT. On September 7, he publicly stated that he bought ZCAT the previous day and has already received ZEC distributions. In his view, those who are optimistic about Zcash's continued rise and capturing attention in this round will also seek related, more volatile memes, and placing this meme on Solana, where traders have gathered, is only natural.

The holders of Zcash and meme players are not necessarily the same group. ZCAT provides an intersection for both sides: the former can see their familiar assets and privacy symbols, while the latter can get an easily spreadable trading target that yields ZEC during the holding period. Ansem's role is to bring this logic to a larger trading community.

More striking than KOL calls is the attitude of Solana officials.

On the evening of September 7, Solana's official account unusually posted a meme-filled image: a suit-clad person with a paper bag over their head standing at the NYSE podium, with the Solana logo behind. The caption was simply, "The bag stays on." The paper bag points to ZCAT, and the stock trading scene echoes STONK.

Behind this image lies a series of actions. Previously, Solana officials had interacted with co-founder Toly and StonkFun; Raydium had integrated its launch services and even posted a "I love cats" tweet, which the ZCAT community regarded as a response. The involvement of the issuing platform, trading protocol, and ecosystem accounts has kept the heat of ZCAT continuously amplifying.

With this relay, STONK and ZCAT have both surged to new highs.

However, the enthusiasm of officials has also attracted dissatisfaction from the Solana OG meme community. KOL JW100X questioned that NEET has been operating for a year without seeing such treatment, while new hot spots have had everyone putting paper bags on their heads in just two days.

The official next needs to prove that this support for memes within the ecosystem can benefit more seriously managed projects. The visible change for now is that Solana has at least begun to take initiative to provide help to the ecosystem.

The Incompetent Base

On the Base side, "the style has suddenly changed," Hunter Biden announced that LAPTOP will be launched on Base on September 9.

According to reports from The Wall Street Journal, the team will receive 30% of the supply, unlocking it after six months and releasing it over two years; the airdrop targets include wallets that lost money on TRUMP.

For retail investors already suffering from "PTSD" from celebrity tokens, it is hard to rebuild trust with just a new name and a bit of airdrop, especially since little Biden also has a mountain of debt.

"Hunter Biden says he doesn’t know how to repay his 15 million dollars in debt," now he knows.

Solana has already experienced the aftermath of the celebrity token frenzy. The boom and bust of political and celebrity tokens have dragged down the ecosystem's reputation, and disputes over memetic issuance and trading have gone to court, with the "Pump.fun case" even listing Solana Labs, the foundation, and related executives as defendants. Although the claims against these Solana entities were withdrawn on August 31, the reputational and legal costs incurred by Solana are a precedent facing Base.

Moreover, the situation on Base itself is a mess.

In this round of popular memes on Base, Basecat and BLUECHIP are two representative high market value targets. After the LAPTOP news broke, their prices clearly fell back, with a 24-hour decline of 26.46% and 8.99%, respectively.

Before additional buyers appear, the announcement of celebrity tokens first competes for the attention of existing players. Those preparing to participate in new launches need to free up funds, while original memes still need to attract buyers to maintain community confidence. For the already weakened Basecat and BLUECHIP, this competition is more akin to extracting value from existing stocks, making it hard to celebrate as an ecosystem positive.

Cobie has been making frantic clarifications for Base, stating: "Issuing tokens on Base does not require the permission of Coinbase; LAPTOP is not a joint issuance with Hunter Biden and Jesse, Coinbase, or Base. The appearance of a token on a permissionless chain does not imply official endorsement."

But this does not answer Base's passive position in this round of competition. The officials cannot decide who issues tokens but can decide where to allocate their marketing resources and product capabilities. Traders expect an ecosystem worth staying in: existing projects have space for sustainable operation, new applications can capture new demand, and new hot spots can show participants more opportunities.

In this specific meme market, Base has yet to provide a response commensurate with the threat from Robinhood, instead allowing an unissued celebrity token to dominate the discussion center. The community's dissatisfaction with it stems from this gap.

BSC has its own rhythm, relying on a relatively fixed coin listing path for expectation management, and a stable base of Chinese retail investors, along with the rise of FOMO, allowing the Chinese token narrative to continue spreading. Topics that were originally limited to the Chinese community can now be seen by more people, and the overall momentum of BSC is steadily improving.

Only Base has started to fall behind, watching Robinhood transform into what it dreams of.