These past two days, I have continued to observe the trading conditions on the Robinhood chain.

Odaily News presented an interesting set of data, with the following data sourced from that link:

In the 24 hours around August 30, the revenue on the Robinhood chain was approximately 2.66 million dollars, with ninety percent of the revenue coming from three applications: GMGN, the Pons launch platform, and Uniswap.

Among these three applications, the vast majority (about 80%) of the revenue again came from meme coins.

From this set of data, at least so far, the stock token trading that the Robinhood chain has been trying to develop does not yet account for the mainstream, and the overall traffic and popularity of the entire chain still rely heavily on meme coins.

This trend aligns with what I shared in the article two days ago about the current approach of the Pons launch platform—first attracting popularity, building trading volume, and only then fully introducing stock token trading into the ecosystem.

After reviewing this set of data, I have a mixed feeling:

The positive aspect is that a new sub-ecosystem has emerged within the Ethereum ecosystem, and the explosive power of this sub-ecosystem is quite strong right now. Based on past experience, if this momentum can be sustained, it could indeed become a catalyst for the next round of the bull market from a funding perspective.

However, the downside is that this heat and trading, which rely solely on meme coins, is hard to sustain. It is similar to human emotions; although they can erupt fiercely, they come and go quickly.

So what kind of scenarios might take over or maintain this heat?

Either new applications or new scenarios, or the stock token trading we can currently think of and see.

Today, I will share the current situation of stock token trading on the Robinhood chain.

Long.xyz is currently a popular launch platform on the Robinhood chain that promotes stock token pairs with meme coins. On this platform, some trading pairs of meme coins and stock tokens are already seeing lively trading.

Among these "meme coin/stock token" trading pairs, there are mainly two types:

First, highly emotional meme coins are linked with well-known stocks (tokens). A typical example is AI/NVDA. AI is a meme coin, while NVDA is the stock token of Nvidia.

Second, meme coins are linked with penny stocks (tokens). Here, "penny stocks" refer to small-cap stocks in the U.S. market with low market capitalization that generally receive little attention in traditional markets.

The first type of trading is used by many traders as a tool to boost the leading meme coins. For example, in AI/NVDA, leveraging Nvidia's fame to promote the sentiment and price of the AI coins.

The second type of trading appears to treat small-cap stocks in the U.S. as meme coins and speculate on them together.

Traders participating in these two types of trading do not pay much attention to the fundamentals of the tokens (meme coins) and stocks (small-cap stock tokens) but instead are engaged in speculative gambling using sentiment.

This reflects a particularly speculative atmosphere from the trading perspective.

But if we look deeper from the perspective of underlying assets in the crypto ecosystem, we can still see some serious implications:

We will find that, since stock tokens are included in trading pairs, a portion of stock tokens in each AMM transaction will also become part of the transaction fee that is received into the project's treasury—this means that U.S. stocks are also being introduced into the crypto ecosystem and they will settle down, becoming part of the entire crypto asset landscape.

The underlying assets of the crypto ecosystem have gone through several stages:

• Initially there were purely crypto assets (such as Ethereum, ERC-20 tokens).

• Later, the U.S. dollar was incorporated into the crypto ecosystem in the form of stablecoins.

• Currently, U.S. stocks are beginning to merge into the crypto ecosystem in the form of stock tokens—although the scale is still small now, there seems to be a noteworthy trend emerging.

Although stock tokens have existed in the crypto ecosystem for a while, their previous volumes and scales were too small to be disregarded. However, this time, if the Robinhood chain’s ecosystem can massively incorporate U.S. stocks in token form into the crypto ecosystem, its impact could be comparable to the influence of USDT’s introduction to the crypto ecosystem.

This is from the perspective of the form of underlying assets.

If we further analyze the potential impact of this action on the price fluctuations of crypto assets, we can also recognize some possible situations:

The stock tokens introduced into the crypto ecosystem so far are still very limited, mostly being stocks of companies not related to the crypto ecosystem. In the future, if stocks from companies that are strongly correlated with the crypto ecosystem (like MicroStrategy, BMNR, etc.) are introduced, and directly linked with their treasury assets (such as MicroStrategy’s stock token paired with Bitcoin, BMNR’s stock token paired with Ethereum), and if the liquidity reaches a certain level, then once the market experiences severe fluctuations, the price volatility that these trading pairs may produce could be much stronger than before: when it goes up, it rises together but even more significantly; when it goes down, it falls together but even more deeply.

This situation will be unprecedented for us.

Reference link:

https://x.com/OdailyChina/status/2094646671653355775?s=20

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