Author: Dayu

Last night I woke up for some reason and, still half asleep, was browsing news and saw that BONER was skyrocketing. Many prominent figures overseas were shouting about it, comparing it to GME and FARTCOIN, and the most eye-catching term was: short squeeze.

At that time, I just thought this story was interesting.

After waking up in the morning and reflecting on it, I realized I had asked the wrong question—no one knows how much more BONER can rise; what’s worth pondering is the new structure emerging behind it: stocks, Meme, and on-chain liquidity are genuinely combining for the first time.

1. Why is it Robinhood Chain

The genes of Robinhood have always been stocks + retail investors + trading; it cannot be considered a crypto-native company. This origin determines its direction: if it were Coinbase, Solana, or another public chain doing stock tokens, that would be the crypto world trying to move traditional finance on-chain; Robinhood is reversing this direction—an brokerage firm with a vast stock user base actively moving traditional finance onto the chain.

Robinhood already has around 28.5 million deposit customers, with platform assets of about 355 billion dollars, making it a company with a substantial financial user base, trading scenarios, and brand awareness—this company is building itself a new on-chain financial infrastructure—I’ve repeatedly emphasized that this bull market is a bull market for on-chain finance, not for anything else!

The mainnet of Robinhood Chain will officially launch on July 1, 2026, and by the end of August, the daily DEX trading volume had already set a record of 989 million dollars, with TVL (Total Value Locked on-chain) at about 708 million dollars, and stablecoin supply at approximately 770 million dollars, a month-on-month increase of 47%—

This chain has only existed for two months, making it the fastest-growing chain ever, with trends becoming apparent.

2. Why stocks should go on-chain

What’s currently gaining the most attention on Robinhood Chain is Meme, but the core asset is Stock Token, which is essentially on-chain stocks.

The stocks on Robinhood are not printed out of thin air; the official Stock Token is essentially a tokenized debt certificate issued by Robinhood. The official stance states that Stock Tokens are 1:1 backed by corresponding underlying stocks, which are held by custodial institutions.

However, once stocks go on-chain, things start to differ. Previously, one share of NVDA was just one share of NVDA; after going on-chain, one share of NVDA Token can be split into countless “fragments” of trades, provide liquidity, serve as collateral, enter lending protocols, interact with other smart contracts, and pair with Meme, eventually leading to new leveraged products.

Stocks shift from being an asset that can only be bought and sold into a programmable asset.

3. Who provides liquidity for stocks on-chain? Who trades?

Robinhood can put 1 billion NVDA, HIMS, SPCX on the chain, but having “assets” and having “markets” are completely different things. Suppose suddenly there are a thousand types of stocks on the chain: why would users come? Who provides the initial liquidity? Who generates attention and community? What reason does an ordinary crypto user have to suddenly trade HIMS?

Note that the liquidity spoken of here is different from traditional finance; on-chain liquidity also refers to the liquidity pools on-chain, and on-chain stock trading differs from traditional market maker orders. As long as there is a pool on-chain, operating 24/7 without the need for oversight, this requires liquidity pools, but who will build various pools? Who offers “benefits” to those who build these pools?

The key question is, will anyone trade?

At this moment, Meme appeared.

Meme might just be a natural tool for the cold start of on-chain stocks: stocks provide the essential feature lacking in Meme—real-world value anchors and narratives; Meme offers what stocks lack—attention, community, virality, and speculative liquidity.

Both sides complement each other perfectly—memes on Robinhood are transforming into something different from the past.

4. BONER: From short squeeze narrative to funding consensus

Yesterday, the story of BONER serves as a sample.

It forms a trading pair with the on-chain HIMS Stock Token; the word BONER is quite common in English slang, meaning “hard.” This parallels the way Chinese people refer to a strong pillar in the stock market. Then HIMS happens to be a company that treats erectile dysfunction, which cleverly ties the two together.

Under the influence of some prominent figures overseas, it skyrocketed, reaching 70 million dollars in just one day, during which a Meme community that originally had no relation to HIMS suddenly formed an economic link with a real-world stock:

1. The more MEME rises, the more people buy, necessitating more stocks. The more people buy BONER, the more HIMS Tokens enter the liquidity pool;

2. MEME starts to “short squeeze” stocks

If the entire ecosystem thus generates more demand for HIMS Tokens, spurring the issuance of new HIMS Tokens on-chain—such as when stocks are insufficient on-chain before U.S. market opens, BONER rises, and stocks are pulled up to over 130, needing to wait for market open to revert back to around 20 market price.

Of course, the so-called HIMS “short squeeze” is still very nascent from a real scale perspective — even the BONER community’s own website clearly states: at present, the scale of this liquidity pool is insufficient to independently cause a short squeeze of real HIMS stocks; whether Stock Tokens are newly issued due to BONER trading cannot be simply equated. Therefore, the current "short squeeze" is more of a meme narrative; I do not believe BONER or other MEMEs have the ability to short squeeze Wall Street.

Its significance lies in that it has successfully established the transmission path mentioned above: Previously, when a Meme rose a hundred times, it simply meant that a Meme rose a hundred times; today, if a stock Meme is substantial enough, theoretically, it can start to influence the demand of the real assets paired with it. Even if this force today is no bigger than a grain of sand, the structure is already different.

According to Robinhood's 1:1 support mechanism, new Stock Tokens correspondingly indicate demand for underlying stock assets.

Thus, a path previously nonexistent emerges: Meme attention → on-chain trading volume → Stock Token demand → Token issuance and liquidity → theoretically connecting to underlying real stocks.

Some may ask: If I want to short squeeze or speculate on stocks, why would I engage with MEME instead of buying stocks directly?

This brings up another question: why do people play with MEME? If you don't understand, you can refer to my past articles for various opinions on MEME.

Returning to the context of short squeezing stocks, users merely choose which one to buy, but I find it tricky because the short squeeze narrative has some inherent flaws: first, it is not unique. Finding a small-cap stock with a high short ratio and pairing it with a Meme can tell a short squeeze story. Stock A can play this way, and so can Stocks B and C. The greatest fear in the Meme market is this: the same narrative replicated a hundred times leads to confusion about what to buy; funds become scattered, and no one rises. BONER's real advantage is not that "only it can short squeeze," but that it holds another type of asset: funding consensus. In recent days, it has become evident that overseas Meme heads can form a cohesive force. When several large accounts identify a relatively natural story ahead of time, buy first, and then spread together, liquidity and attention quickly concentrate on a single target.

The story itself is not unique, but consensus temporarily makes it unique.

How BONER proceeds next remains to be seen, but it has proven one thing: the stock Meme play is being accepted.

5. LONG: The organizational layer of stock Meme

Days ago, I decisively shared the judgment of left hand $PONS and right hand $Bulls, as for the former, it incorporates the same thinking as today’s trading of which coin stock MEME to play: if I do not know which MEME to buy, I might as well just buy this platform’s token.

So, does Robinhood Chain have such a platform? Yes.

LONG is the most important issuance platform on Robinhood Chain, primarily focused on issuing “Meme coins paired with stock tokens”; currently, such stock-paired Memes account for about a quarter of Robinhood Chain's stock-related trading volume.

Interestingly, LONG is not just a token issuing platform but rather something far more imaginative: it serves as the attention distribution layer and liquidity organization layer for stocks on Robinhood.

While Robinhood is responsible for moving stocks on-chain, LONG is addressing the next question—how these stock Tokens can form communities, liquidity, and new trading demands.

In the short term, the biggest voice on-chain might come from platforms like PONS, which are purely Meme issuance platforms, generating numerous MEMEs, huge fees, and buybacks, but worry exists about the periodic cooling of MEMEs;

In the long term, the potential of the LONG model is greater. Its methods will be more enduring, enabling without such aggressive moves, but stocks, stock derivatives, leveraged products, RWA are an infinite game. As a platform that connects both ends, its imagination is immense.

Of course, in the short term, I still have a very positive outlook on $PONS, considering its high returns, aggressive buybacks, and already 30% destruction, it is still certainly a discounted price compared to PUMPFUN—logically, PONS will likely surpass PUMPFUN since funds, popularity, and the future of on-chain finance all reside here. Additionally, it is worth mentioning that PONS V2 also supports stock coins!

6. Another platform coin: AI

After sorting through the above, I noticed AI. The full name is Artificial Inu, paired with the on-chain NVDA Stock Token, and its background consists of “NVIDIA + AI + Dog.”

LONG has not released a traditional platform coin; however, it is gradually placing AI at a more core position within the ecosystem.

On August 1, AI's market cap was only about 1.5 million dollars; by August 30, it peaked at 135 million dollars, and the liquidity of the NVDA pool once exceeded 3.3 million dollars—as the first layer of consensus for stock Meme, it has completed this.

Its utility is starting to stratify:

First, pairing assets. LONG later allows new Tokens to form trading pairs directly with AI. Reference ETH: countless new coins are paired with ETH on the Ethereum network, no smart contract mandates using ETH, but everyone knows ETH offers the best liquidity, which itself attracts more liquidity. The more trading pairs exist, such as AGI/AI, XXX/AI, the more AI’s role transitions from a “token being traded” to a “foundational asset needed to participate in ecosystem liquidity.” The valuation logic of these two is completely different.

Second, liquidity hub. As trading pairs increase, trading routes might begin to pass through AI as it gradually evolves into a medium of exchange within the ecosystem.

Third, locking and burning. The LONG team recently disclosed that through mechanisms such as Community Mode, AI trading pairs, and automatic burning, nearly 3 million dollars' worth of AI has already been locked away or removed from circulation; every new AI trading pair will further lock or destroy AI.

Fourth, assuming new business value. For instance, LONG and Lighter are working on LongX: packaging leveraged positions in perpetual contracts into directly held and transferable ERC-20 tokens. Put in 100 USDG; it creates a roughly 3x leveraged exposure to NVDA at the core, then provides you with an on-chain “3X NVDA spot asset,” without needing to manage margin, funding rates, and liquidation lines yourself.

Traditional finance has long proven that humans favor simple leveraged products: products offering triple long and double long regularly attract buyers because ordinary users simply want to press one button, “I want to triple long NVIDIA.”

LONG’s official stance indicates that LongX will continue to expand NVDA-related leveraged assets and return part of the value back to AI. If this line is realized, AI will not only undertake Meme trading.

Fifth, ecological reserve asset. This is the furthest layer: if in the future, more and more LONG products, AI trading pairs, stock Memes, and LongX products revolve around AI to build liquidity, AI may gradually become the foundational asset of the entire LONG ecosystem.

I have not seen LONG formally declare that “AI is LONG Token”, but there is a rule in the crypto world: what you do is more important than what you are called. ETH is valuable not because of its name including "platform coin," but because the entire Ethereum ecosystem needs it.

LONG’s products continue to build around AI; whether it has official recognition goes without saying.

Intuitively: I expect the second half of RH's on-chain finance to be very important for the AI coin.

7. SPACEHOOD: A story that is understood in five seconds

SPACEHOOD is a MEME that is paired with SPCX.

As mentioned earlier, it is similar to the near hundred million BONER, but its market cap is only just over 10 million. Although that coin performed strongly yesterday because of some overseas KOLs grouping up, I believe from a long-term perspective, if a leader emerges from the coin-stock MEME, SPACEHOOD has a greater chance.

The advantage is simple; any crypto user will understand it within five seconds: SpaceX, Musk, Meme, Robinhood, stocks on-chain—all present.

If stock Meme truly develops, the easiest to spread will definitely be those companies that naturally carry enormous cultural symbols in the real world—SpaceX evidently belongs to this category.

The mechanism likewise: the larger the scale of SPACEHOOD, the higher the demand for SPCX Token, theoretically increasing the on-chain liquidity and demand for SPCX; this Meme will no longer be entirely floating in the air, but will begin to establish a faint economic connection with a real-world company. Of course, this force is currently very weak; after all, the daily trading scale of SPCX in reality is not on the same order of magnitude as a ten million-dollar Meme, but if on-chain stocks become hotter, funds will eventually gather at the leaders.

What if this Musk Meme reaches billions or even hundreds of billions? At that time, its fluctuations will directly impact SPACEX’s stock, and Musk, who understands MEME and pays the most attention to SPACEX stocks, should be our mystery guest as coin holders.

By the way, this coin is the first coin that the founder of the LONG platform publicly bought!

8. Differences from Binance bStocks

Some may ask: Binance also has bStocks; what’s special about Robinhood? Binance's bStocks are also 1:1 backed, can be traded around the clock, self-custodied, and can also enter DeFi on BNB Chain; after seven weeks online, the officially announced scale of bStocks has exceeded 500 million dollars.

In fact, the key difference lies not in “whether stocks have been tokenized,” but in the starting points of both:

1. Binance still leans towards doing the business of selling stocks.

Binance resembles the world’s largest crypto exchange, adding stocks as a new tradable category, allowing everyone to buy directly on the Binance main site; this is Binance’s advantage and strength, which has been growing rapidly.

2. The ambition of Robinhood Chain is to directly rebuild a set of on-chain financial systems around stocks.

Stocks are not only for buying and selling; they can be made into AMM (automated market maker) assets, used as collateral, entered into lending, paired with Meme, involved in perpetual contracts, made into leveraged Tokens, and ultimately integrated into AI Agent’s automatic trading system, eventually becoming a building block of the entire DeFi world.

Robinhood’s official positioning for the Chain is as a financial public chain aimed at tokenized real-world assets (RWA), having already laid out Stock Token, DEX, lending, Morpho, Lighter perpetuals, and AI Agent all along this line.

Both will expand stock Tokens immensely.

However, on Robinhood Chain, a crypto-native culture is growing: stock + Meme + DeFi.

And AI stands precisely at this intersection.

9. The coin-stock era has just begun

As long as you jump in and feel it, you will discover how vibrant the RH chain is; Meme brings attention to stocks, stocks provide Meme with real-world anchors, DeFi offers liquidity to both, and Robinhood provides users and underlying assets for everything.

The excitement of financial innovation often lies not in how much the first batch of assets finally rises, but in the sudden creation of a market that previously did not exist. The current Robinhood Chain gives people an exhilarating new feel.

Of course, everything is still very early. Early means imagination, but also a higher failure rate; keep a dynamic observation.

Previously, I mentioned the left hand $PONS and right hand $Bulls, and this remains unchanged, continuing to be optimistic.

Today, I add another: the left hand $AI and the right hand $SPACEHOOD

Standing at the windward side, even pigs will fly—holding onto those targets that are instantly understandable is the fastest way to soar.