Robinhood Chain Finds Its Grand Narrative in Meme Stocks

Robinhood itself is rooted in the internet brokerage space. When it comes to on-chain trading of US stock tokens, it seems reasonable to say that the Robinhood Chain has become the king of the hill. However, in the realm of cryptocurrencies, it’s a different story. Solana firmly holds the top position in on-chain trading of US stock tokens, with no other chain able to challenge it:

In the past two weeks, Solana's on-chain trading volume for US stock tokens was approximately $306 million and $275 million, significantly outpacing all other chains (to put this in perspective, no other chain had an on-chain trading volume for US stock tokens exceeding $10 million in the past two weeks). It even led by a noticeable margin over Binance, which has long been the top exchange for US stock token trading. During the same period, Binance's trading volume for US stock tokens was around $160 million and $183 million.

This means that in the cryptocurrency market, Solana's scale in trading tokenized US stocks is quite remarkable. In contrast, the Robinhood Chain's data for the past two weeks was approximately $2.32 million and $9.41 million, making it indeed the little brother in comparison to Solana.

However, considering that the Robinhood Chain has only been officially launched for a little over half a month, and its past two weeks' data ranked 3rd and 2nd among all chains, it’s not so much a little brother anymore; rather, it shows a vigorous spirit of a newcomer.

So where does the trading volume of tokenized US stocks on the Robinhood Chain come from? From meme coins.

Indeed, meme coins are leading the US stock trading on the Robinhood Chain, and this could very well be the next big opportunity for the Robinhood Chain.

Meme Coins Rescue US Stocks on the Robinhood Chain

Since the launch of the Robinhood Chain, the most actively traded tokenized US stock has been $NVDA, with the Uniswap NVDA/USDG v4 pool's trading volume successfully surpassing $10 million.

Before July 20, this pool's trading volume had never exceeded $500,000 in a single day. Almost all of the trading volume came from the past two days, which exceeded $8.1 million.

This surge is thanks to two meme coins, $REAL and $AI.

$REAL is the meme coin paired with $NVDA on Bankr. On July 20, Bankr launched a feature that allows new meme coins to be issued using tokenized US stocks as the base pool, supporting over 90 tokenized US stocks including $NVDA, $TSLA, $AAPL, and $SPY.

The founder of Bankr, @0xDeployer, personally issued the first token of this new feature, which is $REAL. Since it was personally issued by the founder, and he expressed on X that he wanted to recruit a CTO team for this coin, the trading volume on its first day (July 20) exceeded $5.6 million.

$AI, on the other hand, comes from another platform, long.xyz. This platform was actually established much earlier than Bankr, with $AI being launched on July 14, also paired with $NVDA as a meme coin. Although it was launched earlier, it didn’t attract much attention until Bankr ignited interest, leading to a daily trading volume of $1 million for $AI on July 20.

The trading volume of the Uniswap NVDA/USDG v4 pool on July 20 was $4.5 million. Considering the previous lukewarm situation with daily volumes below $500,000, this explosive volume is entirely due to the contributions of the two meme coins mentioned above.

Uniswap founder Hayden Adams noticed this situation and identified the source as Bankr’s $REAL, thus he specifically tweeted, "The new feature is awesome."

Uniswap team member @saintniko also commented on a tweet about the record high trading volume of US stock tokens on the Robinhood Chain, stating, "Bankr and long.xyz contributed through related trading pairs!"

Robinhood is the Most Suitable Chain for Meme Stocks

No other chain is more suitable for US stock memes than Robinhood.

Firstly, this is a chain directly operated by an internet brokerage, and its stock trading genes are ingrained in its very essence.

Secondly, Robinhood CEO Vlad has repeatedly stated that this chain aims to excel in RWA (Real World Assets). While this has been said, before the emergence of US stock meme coins, this statement remained an idealistic vision far from reality.

In the past two weeks, the DEX trading volume on the Robinhood Chain was $1.845 billion and $1.826 billion, respectively. Among this, the trading volume of meme coins was $1.347 billion and $855 million, with the remaining volume almost entirely contributed by the exchanges between ETH and stablecoins. The trading volume of tokenized assets was a meager $2.32 million and $9.41 million.

The hype around meme coins will eventually enter a fatigue phase, while RWA needs to develop. The clever combination of US stock memes brings forth a new narrative, allowing the chain to remain lively.

Additionally, Vlad's previous statements on July 15 welcomed builders who want to integrate US stock tokens and other RWA assets into on-chain applications, and on July 17, he stated that one of the missions of the Robinhood Chain is to make RWA programmable.

Especially this image, which showcases his vision of seeing meme coins and RWA flourish together on the Robinhood Chain, "Why can’t both advance together?"

Past RWA projects often made retail investors feel distant or unprofitable, but US stock memes effectively solve this issue. Previously, on Hyperliquid, alt.fun had a brief surge, and people wondered if they would lose money by using US stock contract positions to issue meme coins.

If retail players instinctively think of this, then the narrative is flawed from the start. Each chain's cultural genes and current atmosphere determine that similar gameplay will form different market understandings and whether it can succeed. On the Robinhood Chain, the combination of US stocks and memes naturally leads people to think this is the narrative that aligns best with Vlad's vision. Moreover, using tokenized US stock trading as the base pool is indeed much better than contracts, as it is backed by real shares. Therefore, if the narrative holds, the increasing number of US stock meme coins could, in a sense, lead to a "deflation" of meme coins, as the US stock tokens are locked in the pool.

Similarly, one can imagine that once scaled, Robinhood could directly guide retail investors to use their stocks in liquidity pools for investment, effectively bridging the dimensional wall between meme coins and stocks.

Currently, the total amount of $NVDA on Robinhood is only about 14,000 tokens, while the Uniswap v4 pool for $REAL and $AI has nearly 1,700 tokens. This is still the case where the US stock meme narrative has yet to produce a token with a market cap of $10 million.

Tracking Targets: Competition Between Bankr and long.xyz

At this stage, it’s sufficient to focus on these two platforms, as they are the main players competing for attention.

There are very few specific targets to watch. For Bankr, it’s all about $REAL, as discussed earlier, which is personally issued and promoted by the founder. However, the promotional pace has been a bit slow, with large volumes but the price movement not surging dramatically.

As for long.xyz, the founder has clearly stated that there are no plans to issue a platform token:

Additionally, he personally bought two tokens: one is the previously mentioned $AI, and the other is his own issued $SPACEHOOD (paired with $SPCX).

long.xyz’s support for these two tokens is quite evident, as they have already conducted an airdrop reward of $NVDA for long-term holders of these two tokens:

$AI is currently the leading token in this sector, having risen consistently over the past few days, with a peak market cap of $6.15 million:

If a US stock meme can break through and stabilize above the $10 million market cap threshold and continue to rise, US stock memes could very well become the new popular play on the Robinhood Chain. If the dream is made even bigger, this gameplay has never been successfully executed in the market, and it could become Robinhood's unique weapon, just as each chain has its own characteristics, potentially leading the entire market in a new direction and becoming a significant new narrative opportunity. After all, the narrative of meme coins has not been updated for a long time.