No idea why so many people were chasing JINQIAN yesterday. When I checked the pool, it was all wrong, and the FAMI on-chain was totally fake! Honestly, you don’t even need to check the chain to figure out FAMI is fake. Because under normal circumstances, whether it’s Robinhood or Binance, they would never mint stocks with such low market caps onto the chain. Just think about it—there are so many high-market-cap, quality U.S. stocks out there. When would it ever be this kind of stock, which is practically on the verge of delisting? But maybe some people saw a few points and believed this narrative could be hyped: 1. The dev is someone with a bit of clout and influence; 2. There’s indeed a stock-meme pool, and it looks pretty thick; 3. The corresponding U.S. stock did pump. In the end, you’ll realize it’s just a scam. Then, the dev will drop a line saying it got hacked, doesn’t endorse it, and boom—it crashes. So yeah, even though I seem “clear-headed,” I couldn’t make money off this because I really couldn’t bring myself to touch it. There was another meme scam like this before—just randomly creating a token with the same name as a U.S. stock and claiming that trading fees would be used to pump the U.S. stock. This trick has been played so many times already. Why do people still fall for it? Back to the topic of minting U.S. stocks onto the chain—everyone needs to understand Robinhood’s minting mechanism. Not every stock can be minted, and not just anyone can mint them. Robinhood’s minting process requires so-called Authorized Participants (APs) to subscribe to the issuer. Then, U.S. brokers buy the corresponding stocks in the traditional market and hold them in custody before minting them 1:1. Currently, the issuer is another Robinhood entity, Robinhood Assets (Jersey) Limited (RHJ), and the main disclosed broker is Alpaca Securities. To comply with U.S. regulations, tokenized U.S. stocks minted on-chain absolutely cannot be sold to U.S. users. So, for relatively legitimate projects that won’t rug, I usually check: 1. Whether the on-chain token is certified—properly minted tokens will have a certification tag (screenshot below): https://robinhoodchain.(blockscout.com)/ 2. A slightly more tedious method is pulling the list directly via the official API: https://api.(robinhood.com)/rhj/assets These are just some insights from my recent research on Robinhood. Hope it helps you all. RWAFI is definitely a big trend, but don’t let yourself get scammed by people using it as a front. If you’re interested, you can check out some of my earlier posts—they might be useful.