Original ｜Odaily Planet Daily (@OdailyChina)

Author｜Golem (@web3_golem)

This weekend, there was another meme coin with a market value exceeding 100 million, and it was two of them, this time the trend occurred on Solana.

On the morning of September 6, the meme coin STONK paired with Solana's token surged violently, with a short-term increase of over 110%, pushing its market value beyond 100 million USD, becoming the first meme coin paired with a token on the Solana blockchain to surpass 100 million USD in market value. As of the time of writing, STONK's market value remained stable at around 100 million USD. Meanwhile, the meme coin ZCAT also reached a market value of 100 million USD at noon but has since returned to around 80 million USD.

This phenomenon also means that in the face of the ongoing meme bull market from Robinhood Chain and BSC, Solana has officially sounded the horn for a counterattack.

Solana’s official organization supports the meme launchpad StonkFun for token pairing

StonkFun is a token pairing meme launchpad in the Solana ecosystem, similar to the currently popular Long platform on Robinhood Chain. This article will not reiterate the issuance mechanism; interested readers can read Odaily's previous article (Related reading: Robinhood Chain experiences meme coins exceeding 100 million market value, token pairing memes feed RWA). STONK is the official token of StonkFun, paired with the stock token SPY on Solana.

Compared to the mature meme launch platforms on Robinhood, StonkFun is still in its early stages. The platform launched on August 3 and officially connected to Raydium LaunchLab on September 6, solving the token ambush issue. As of the time of writing, StonkFun has issued over 8220 meme coins, of which only two have a market value exceeding 10 million USD, one being the platform token STONK, and the other being the meme coin ZCAT paired with the privacy coin ZEC, which reached a peak market value of 100 million USD.

StonkFun

It is clear that StonkFun is committed to a "leading strategy," supporting and empowering STONK and ZCAT, using the wealth effect to attract the attention of meme players, while walking on two legs: token pairing memes and native meme tracks. According to official statements, StonkFun has already repurchased STONK worth over 1 million USD and has airdropped over 1 million USD worth of ZEC to ZCAT holders. As of September 6, StonkFun has airdropped token rewards worth over 7.5 million USD to ecosystem token holders.

According to DefiLlama data, StonkFun's fees in the past 24 hours reached 110,000 USD, and the fees for the past 30 days only totaled 1.23 million USD, which is less than Pons' daily income. Therefore, it is evident that the surge of STONK is not due to how excellent StonkFun is, but rather a deliberate elevation by Solana officials combined with the collective FOMO of market sentiment.

On September 4, StonkFun released a tweet supporting stock tokens on the X platform, which was subsequently liked and retweeted by Raydium, Solana officials, and Solana co-founder Toly. In the meme community, players are very sensitive to any actions of the "big figures." This move by Solana officials undoubtedly signifies that StonkFun has gained official endorsement and support, naturally raising its value.

Solana officials and Toly interact with StonkFun

Additionally, the community bets on whether Solana officials or Toly will continue their interaction or provide actual support for StonkFun. In the community's interpretation, there are some who play on Robinhood Chain and some on BSC, but it seems no one plays on Solana. Solana officials will surely not want to fall behind, and they will undoubtedly call for meme support within their ecosystem. While Toly may not substantively endorse to avoid legal risks, they will interact via social platforms to entice market sentiment, an insight unique to big figures that can only be appreciated, not articulated.

The meme competition in the blockchain ecosystem has entered the second half

The community’s speculation is not without merit. Historically, Solana has been a permanent chain for overseas meme communities, primarily due to the efforts of Pump.fun. However, in this round of events dominated by token pairing memes, Pump.fun has shifted its focus away from meme launch operations towards mobile platforms and building social trading platforms. To this day, it has yet to launch token pairing meme functionalities, and even on the Pump.fun homepage, “create token” is no longer prominently featured, replaced by trading information flows.

This has resulted in the Solana blockchain ecosystem collectively falling behind in this meme cycle, with many overseas meme players migrating to the Robinhood Chain ecosystem. In the past 30 days, Solana's chain fees only reached 22 million USD, ranking it 18th among blockchains. Therefore, the increase in STONK carries an "ideological" connotation, reminiscent of military-industrial growth during the Cold War, Baidu during the internet bubble, and Changxin during the AI era; StonkFun is the darling of Solana in the meme competition.

Moreover, Solana must contend for this round of token pairing meme trends, as the significance of pairing meme coins for blockchain ecosystems lies in driving trading in stock tokens. While both involve trading, the implications are entirely different. A booming meme trade typically represents negative evaluations such as speculation, fraud, or lack of realistic significance for blockchain, whereas a thriving stock token trade signifies innovation, RWA, and the real significance of crypto to traditional finance.

For Solana, which relies on meme trading to thrive, this current trend is crucial for promoting RWA development, to the extent that Toly is eager to pull Robinhood into their fold.

On September 5, Toly hinted on the X platform that Robinhood Chain's 10% revenue share payment to Arbitrum is not worthwhile, indicating that these fees could cover approximately four times the Solana transaction fees during the same period. If this portion of revenue were used to subsidize user trading, Robinhood Chain could even provide users with a completely gas-free experience, implying a desire for Robinhood Chain to choose Solana’s technology.

Steven Goldfeder, co-founder of Offchain Labs, quickly responded to Toly, stating that Robinhood chooses Arbitrum to be the "landlord," rather than a "tenant." Under the Arbitrum framework, Robinhood can retain 90% of the gas fees; if they choose Solana, they would not be able to earn any income from gas fees, let alone subsidize user trading.

As of now, Robinhood has not responded to this debate. Looking ahead, it appears that Solana will have to rely on itself to turn the tide in this round of meme activities.

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