Original | Odaily Planet Daily (@OdailyChina)

Author | Wenser (@wenser 2010 )

PONS, AI, BONER and other representative projects have consecutively broken their market cap highs, while Robinhood's on-chain Meme coin is explosively gaining popularity like never before.

Moreover, benefiting from the resource of Robinhood's brokerage trading platform and the flexibility of the Robinhood on-chain ecosystem, token-stock paired Meme coins are gradually becoming the recent hot topic. Various types of trading, revenue, and leverage strategies derived from this have opened up new ideas for crypto traders who were previously restricted to viewing US stocks as crypto assets.

Today, Odaily Planet Daily will summarize the mainstream gameplay of this ecosystem by combining some popular projects from the Robinhood on-chain ecosystem, perhaps helping everyone find their own wealth opportunities.

"Alternative Assets" on the Robinhood Chain: Stock Tokens, Stock Meme Coins, Launchpad Platform Tokens, Lending Assets

Currently, the most popular class of assets on the Robinhood chain remains Meme coins. However, unlike the "pure Meme coins" in other public chain ecosystems, many Meme coins on the Robinhood chain have a deep binding relationship with stock tokens.

In terms of stock tokens, there are nearly a hundred US stock tokens available on the Robinhood chain. According to Robinhood's on-chain token market cap ranking website, the current US stock tokens include technology giants such as NVIDIA, SpaceX, Apple, and Tesla, as well as Meme-attribute stocks like GameStop and Reddit, and also includes crypto concept stocks like Strategy, Coinbase, and Circle. Although most have relatively small market caps, maintaining only in the millions of dollars, they have opened a window for asset trading for investors in stock tokenization.

Regarding stock Meme coins, the trading volume of token-stock paired Meme coins on the Robinhood chain has surpassed that of stock tokens, becoming the main RWA trading asset. According to Dune Data, as of August 31, the trading volume of token-stock paired Meme reached $93.1 million, an increase of about $20 million compared to the previous day; the trading volume of stock tokens reached $91.4 million, an increase of about $40 million. The drive of token-stock paired Meme coins on stock token trading volume is very significant, with representative projects including AI/NVDA, BONER/HIMS, etc.

Regarding Launchpad platform tokens, PONS and AI, as the platform tokens of the pons platform and Long platform, have now become the representative projects ranked first and fourth in token market cap on the Robinhood chain, with the former's market cap currently reported as $420 million and a trading volume of nearly $70 million in 24 hours; the latter's market cap is reported as $270 million, with a trading volume exceeding $50 million in 24 hours.

In terms of lending assets, platforms like Morpho support stock tokens as collateral assets for earning interest or borrowing stablecoin assets. In this regard, stock tokens are similar to mainstream coins like BTC, ETH, SOL in the crypto market, with their prices also changing based on market conditions and volatility.

Regarding asset burning/locking, platform tokens like PONS, AI, etc., implement the reduction of circulation through burning or locking to achieve synchronized growth in ecosystem development and platform token prices.

In terms of pure Meme coins, we previously provided a simple overview and introduction to representative projects on the Robinhood chain and the underlying Meme symbols and hot narratives in the article "8 Major Meme Coins Reach a Market Cap of Ten Million, What Commonalities Exist in the Golden Dog on the Robinhood Chain?", which is also worthy of long-term attention.

The emergence of various assets has also provided more targets and rich combinability for trading strategies on the Robinhood chain.

LP Types: Meme Coin Liquidity Pools, Stock Token Liquidity Pools, Leveraged Stock Liquidity Pools

The introduction of stock tokens and stock Meme coins has provided the feasibility to create LP pools based on Meme coins, stock tokens, and leveraged stock tokens as underlying assets.

According to crypto KOL @0xanonnnn, previously stated, "In the Robinhood Chain, doing stock or LT-based Meme at high fee level LPs can yield daily APY as high as 100000+%." He subsequently provided a detailed explanation of this strategy, see "What is the Leveraged Token that Can Enter the Meme LP?".

Simply put, stock tokens and LT (an ERC20 token consisting of a perpetual contract position of stock tokens) can both be used as underlying liquidity pool assets to earn LP trading fees, particularly for Meme coins associated with high trading volumes and popularity of stock tokens.

Currently, Uniswap's official Liquidity Pool Information on the Robinhood Chain shows APR for liquidity pools such as FIG/ETH, NVDAx3L/ETH, HPE/ETH, LULU/USDG, etc.

It’s worth mentioning that various LPs are not guaranteed to generate profits; traditional LP processes can result in impermanent loss, and severe price fluctuations during high volatility and high-risk market conditions can lead to significant losses, including the possibility of having all holdings exchanged for stock tokens or Meme coins; thus, one should be cautious of these risks.

Coin-Stock Interaction: Meme Coin Short Squeeze, Stock Propelling Meme Coin

Apart from asset and LP side strategies, another more unconventional strategy is to seek positive interactions between stocks and Meme coins.

Recently, crypto community member @RuneCrypto_ released a post, claiming: "I spent $1.8 million to buy 37.4% of a NASDAQ-listed company's shares through over-the-counter trading. This company has a market cap of $4.8 million, a share price of $0.12, an annual recurring revenue of just $380,000, and carries $6.2 million in debt, and everyone thinks it is going to die."

His plan is to tokenize the shares of this company, deploy them on the Robinhood Chain, and then issue a Meme coin paired with the stock token. This way, "Meme coin traders buy the tokens → funds flow into the 'stock token/Meme coin' liquidity pool → stock token demand rises → the issuer buys an equivalent amount of US stocks for 1:1 collateral → real buying emerges for NASDAQ small-cap stocks → a 92.3% short ratio is ignited → forcing shorts enhances the stock price → the rise in stock price reinforces the Meme coin narrative," establishing a flywheel effect. For more information, see "Buying a NASDAQ Company with $1.8 Million, Then Creating a Short Squeeze with Meme Coin."

Although community feedback indicates that such a company target does not exist in the financial market, and many aspects of his envisioned scheme are somewhat idealistic, to some extent, one of the narratives previously told by the BONER/HIMS tokens aligns with this story.

Theoretically, although the market cap for stock Meme coins usually ranges from tens of millions to hundreds of millions of dollars, compared to many underlying stocks valued at several billion to over a hundred billion dollars, it is not significant. However, leveraging the stock trading gaps in the weekend securities market, generating more demand for stock asset purchases influences the liquidity pool and stock token buy demand, enabling buyers of stock Meme coins to push up the prices of stock tokens, achieving a de facto "short squeeze" effect.

Furthermore, the price increase of the on-chain stock tokens will in turn drive up the prices of stock Meme coins. The previous phenomenon of retail investors on Wall Street creating a short squeeze through GameStop is a testament to this, and now it only presents a different trading window. In the future, if the market cap and trading volume of stock Meme coins can achieve further growth, perhaps they can fulfill the objective of "impacting the stock market from the crypto market" in a different form.

As of now, this is more a narrative for Meme coins, but it is also one of the play styles of Meme coins and stock Meme coins on the Robinhood chain.

Finally, the categorization of gameplay in this article has been inspired by the content in the image below, noted here as well.

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