Original ｜Odaily Star Daily ( @OdailyChina )
Author ｜Golem ( @web3_golem )
Today, Robinhood Chain has released another golden dog, the Meme coin AI reached a market cap of 100 million USD, with an increase of nearly 10 times in the past week.
Clearly, this Meme coin is not a traditional flash sale, but has undergone a period of operation and fermentation. AI is currently the leading Meme coin in the coin-stock pairing sector, paired with the NVIDIA stock token NVDA on Robinhood Chain, and has established a community treasury for AI over the past month’s community development, using creator fees and 50% of transaction fees for buybacks and token destruction, with 0.82% of the token supply already destroyed.
The surge of Meme coin AI is also benefited by the backing of the token issuance platform LONG. In the early stages, LONG even airdropped stock token NVDA to AI holders. LONG is a Meme coin issuance platform within the Robinhood Chain ecosystem, and with the new play of “coin-stock pairing,” LONG has become the leading Meme issuance platform on Robinhood Chain.
According to Dune data, although LONG’s daily new tokens have a large gap compared to Flap and Pons, the total daily trading volume of Meme coins issued by LONG ranks third on Robinhood Chain, only behind Pons and Noxa, leaving Uniswap's pools and Flap behind. The trading volume of Meme coins issued by LONG accounts for 8.5% of the total trading volume of Meme coins on Robinhood Chain, ranking third.
Daily trading volume ranking of Robinhood Chain Launchpad Meme
Coin-Stock Pairing: Changing the Valuation Unit of Meme Coins
The so-called "coin-stock pairing" means that users can issue a Meme coin and independently choose a stock token as the valuation unit and trading counterpart asset. The other side of the Meme liquidity pool is no longer public chain assets like SOL, BNB, and ETH, but tokenized stocks on the Robinhood Chain, such as NVDA, TSLA, AAPL, SPCX, MSFT, TSM, etc.
Don’t underestimate the simple change in liquidity pool paired assets and on-chain valuation units; the impact is still significant. The relative price of Meme coins is no longer measured by how many ETH it can exchange for, but rather by how many shares of the stock token it can exchange for. This means that the price of Meme coins is influenced not only by market sentiment but also by the prices of stocks in the traditional market, directly breaking the "dimensional wall" between the Meme coin market and the stock market.
Therefore, buying Meme coins of coin-stock pairing is essentially a double bet, wagering that the Meme coin can outperform the stocks, while also betting on the dollar price fluctuations of the stock. There is no 1:1 redemption relationship between Meme coins and the pegged stock tokens; the stock tokens are just the quoted assets in the liquidity pool, not collateral for the Meme coins, and coin-stock pairing offers no value support for the issued Meme coins.
In the actual trading process, users still use ETH to buy and sell coin-stock pairing Meme coins on the front end of the Meme trading platform, but on the back end, ETH is first converted into stock tokens before entering the coin-stock pool for the exchange of Meme coins. Meanwhile, the fees received by creators are not ETH, but rather the underlying pegged stock tokens. If stocks like NVDA and SPCX are perceived as more valuable than cryptocurrencies like ETH, then in a certain sense, coin-stock pairing Meme coins are also helping the community accumulate value investments.
Recently, LONG also announced the upcoming launch of LongX, allowing users to issue tokens with leveraged stock tokens as the underlying asset, without the need for users to actively manage perpetual positions, just holding them as standard ERC20 tokens, while rebalancing and position management are automatically conducted at the protocol level, with Lighter used for underlying execution and liquidity layers. Compared to coin-stock pairing, this model of packaging leveraged stock assets into tokens is not a creation of LONG; a similar model was launched by Hyperliquid’s Meme launch platform alt.fun back in May, but that platform’s popularity and users have nearly vanished. (Related Reading:Meme Shell Contracts, Is alt.fun True Innovation or False Demand?)
Driving RWA Trading on Robinhood Chain
For the Robinhood Chain ecosystem, the real significance of coin-stock pairing Meme coins lies in increasing the trading volume of the RWA sector and expanding the use of stock tokens.
The early vision for Robinhood Chain was to become an RWA chain, but Meme trading unexpectedly exploded. Robinhood CEO Vlad Tenev mentioned in a recent interview that this was also something their team did not anticipate, and what surprised him more was that Meme trading actually drove the trading and liquidity demand for related stock tokens.
According to Dune data, the current total circulating value of RWA on the Robinhood Chain is approximately 45.4 million USD, with 202 RWA assets. In terms of trading volume, besides direct stock token trading, the trading volume brought by coin-stock pairing Meme coins accounts for about 34% of the total RWA trading, making it the second-largest contributor to RWA trading volume.
Composition of daily trading volume on Robinhood Chain RWA
Given LONG's leading position on the coin-stock pairing Launchpad, this can also be seen as LONG's contribution to the trading volume of RWA on Robinhood Chain. Specifically, as of now, the trading volume of NVDA completed through LONG has exceeded 94 million USD, accounting for over 53% of the total trading volume of stock tokens on the LONG platform. According to LONG's official announcement, 23% of NVDA on Robinhood Chain is locked up in the community treasury of Meme coin AI.
LONG platform stock token trading volume and platform share
Meme trading also stimulates stock token transactions, which is what Robinhood hopes to see as development. In a recent interview, Vlad Tenev even subtly praised coin-stock pairing Meme, stating, “They connect Meme coins, mainstream cryptocurrencies, and stock tokens, combining them into some unique products that we had not anticipated we would create ourselves.” (Related Reading:Robinhood CEO Interview: The Meme Coin Surge Was Unexpected, My Portfolio Is Quite Diverse)
The other significant meaning of coin-stock pairing Meme coins is that it broadens the use of stock tokens, allowing users and entrepreneurs to see the innovative potential of traditional assets like stocks on-chain. Beyond Meme coins, more mature and more protocolized innovations for stock tokens are certainly set to emerge in the future.
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