On July 11, when Robinhood's largest Launchpad, Noxa, announced on its official X account that the platform would temporarily close the new token launch function due to issues such as congestion, widespread low-quality new tokens, and was seeking solutions to address the on-chain environment and player experience impact, players were generally supportive of the decision.

At this time, only 3 days had passed since the launch of $CASHCAT, and Robinhood was the focal point of the entire on-chain market liquidity, with Noxa having earned over $6.5 million in fees. In the eyes of the players, Noxa temporarily halting new token launches at a time when they were poised to make significant profits not only helped focus attention and liquidity on the existing projects that had already been launched on the platform but also finally brought a "saintly" figure who was willing to proactively seek solutions to the hostile on-chain PvP environment dominating the launchpads.

However, as it turns out, there were no saintly figures, only what was to be expected. The windfall of riches that was too good to be true, Noxa did not want, inevitably harbored something peculiar. On July 13, Noxa's page became inaccessible, with the response at that time being that a Cloudflare issue was preventing access to the domain.

On July 14, it was reiterated that the page would be redirected to an ENS service, and creator rewards would soon be claimable.

Finally, in a tweet released last night at 11:37, Noxa stated that they did not want their launchpad to become a tool for a myriad of junk new tokens and decided to continue the ban on new token launches to prevent OG tokens from being drowned out by various ill-intentioned new issuances. At the same time, the platform would no longer take any fees as revenue, and all transaction fees would be 100% allocated to the creators.

It was essentially an "exit scam," but not one involving taking funds, rather they managed to find a more dignified reason to exit the scene.

Why the Exit?

Many players were puzzled. After finally succeeding in entrepreneurship and earning millions of dollars in revenue within a week, why would they suddenly decide to walk away when the good times were just beginning?

Many players speculated about "internal team conflicts," suggesting that the operator controlling the platform's domain and social accounts was not the same as the developer responsible for contract development and specific feature implementation, with the revenue wallet controlled by the operator. As the platform's revenue surged, the developer demanded a share of the money, but the operator refused. Starting from the ban on issuing new tokens, both parties became embroiled in a dispute over profit distribution, all while the operator continued to promote peace and harmony on social media.

This statement may sound more reasonable and in line with common sense, "You can share adversity, but not prosperity together." In the Noxa Telegram group, all pinned messages are from AmunPhantom and Crypto Safe. According to the message history, Crypto Safe's messages were already pinned in January 2025. Although the two of them share a bond, they are helpless as sudden prosperity came too quickly.

However, this is all speculation, lacking direct evidence to prove any conflict between the two parties, or even to demonstrate that the platform contract deployment address and platform revenue address are controlled by two different parties.

After the Noxa official announcement of discontinuation last night, Crypto Safe stated in his own Telegram channel that he was too tired and decided to leave Noxa. AmunPhantom, on the other hand, remains silent, with his last appearance on Telegram dating back to last Saturday.

Crypto Safe also referenced a tweet from the $MARIAN project team, indicating that Noxa is facing a serious legal challenge, possibly related to a copyright dispute with Robinhood, as many tokens are derived from Robinhood-branded content. Due to numerous complaints about their previous main site, they had to move the page to IPFS, allowing creators to still claim income.

So, if you are willing to believe that Crypto Safe's repost is roughly equivalent to an "official statement," the reason for discontinuation may not be due to any love-hate conflict of interest but rather because continuing would require further investment in scaling and addressing potential significant legal risks.

Personally, I am more inclined to think that they've earned enough in these past few days, not everyone must necessarily achieve pump.fun status. At least, at this stage, it's difficult to argue there are significant potential legal risks, especially since many meme coins were featured in a recent demo video by Robinhood Crypto X; it seems far-fetched to suggest Robinhood would be concerned about this issue.

Panic Sell-Off, One Whale Falls, All Things Revive

Yesterday, many new platforms began to attract attention from players as it was quite strange to halt new token releases for three consecutive days during the peak period of activity. Pons and Kilk were two platforms that received more discussion yesterday, and from yesterday's data, Pons showed a very impressive performance, with daily trading volume ranking only behind Noxa.

Aside from the fact that behind Pons is a developer sporting a Chillhouse avatar (meaning more recognition from the Solana trenches), creating an atmosphere reminiscent of early Kintara (building trust through rapid iteration and coincidentally contrasting with Noxa's days of silence), the most crucial aspect is that a portion of the platform's revenue is used to buy back $PONS, with 12.8% of the total supply already burned as of noon yesterday.

But getting back to the crux of the matter, yesterday, no one believed that if Noxa resumed operations, there would be a platform capable of posing a threat to it. Therefore, buying around $1 million in market value of $PONS by noon yesterday was a bet that Noxa was genuinely shutting down. After Noxa confirmed the halt of operations, the launchpad's position directly became vacant, leading to a sudden reversal in $PONS's fundamentals, currently reaching a $10 million market value.

Another aspect that is not well understood is why some tokens experienced a sharp decline after Noxa shut down. First of all, I don't think it was due to a potential security issue, because Noxa's contract was not open-source, as everyone already knew, and it had no bearing on $CASHCAT becoming the flagship token with a market value exceeding one billion dollars. The price performance of $CASHCAT, after the news came out, showed a panic sell-off with a long lower shadow, indicating some support. As for why it couldn't continue to rebound to a market value above $200 million, I am more inclined to believe that the correction was not yet complete.

The main reason is that the market still holds a pessimistic view regarding Noxa's shutdown, especially for tokens where the CTO has already left but the transfer of creator rewards has not occurred, or the transfer situation is unclear. Players may rush to sell off tokens due to concerns about what will happen with the CTO's departure. If even the CTO is no longer active, the likelihood of a token dying off directly due to this incident increases significantly.

Let's consider two examples. First is $GME, which plummeted from a peak market value of $2.36 million to $570,000 after the news came out. When the CTO team came out to announce that everything was normal, and operations and buybacks would continue, it rebounded to a high of $1.8 million.

Another example is $4663, a token that was almost exclusively uplifted by Noxa, combined with the fact that a Korean individual, Yeon, who made a lot of gains on $CASHCAT the day before, promoted it in his Telegram channel, causing it to skyrocket to a peak market value of $8 million. Now, $4663 is worth less than $800,000.

The reason why $GME now has more momentum than $4663 is simple. For a $GME with a CTO and a theme, people would expect this coin to still have someone working on it. Just like how Robinhood once killed the GME market, the on-chain $GME is now experiencing a similar moment, reminiscent of Noxa's closure.

This kind of story first needs someone to be in operation. So, although it has also fallen under emotional influence, it cannot be said to be dead. The probability of a future revival is still not small. This applies to all old Noxa coins with an operating team. Some players have even begun to believe that old Noxa coins will become a "relic" in Robinhood's history, something that will no longer exist in the future. This may become a unique narrative perspective.

However, what $4663 is facing is the complete failure of the original logic—Noxa is gone, and the Korean whale is gone as well. The sources that used to bring attention to it were significant and powerful, but now all of a sudden, they are gone, creating a huge gap. Although it cannot be said that it is completely dead, in the current moment, pessimism will intensify. At least in the current common understanding, the pessimism that this coin is not doing well in the short term will be very strong, leading to a more brutal drop.

When one whale falls, everything begins anew. From the analysis above, our conclusion is that the short-term panic is too heavy. The closure of a launchpad does not mean much. It has also given us three broad perspectives worth further observation:

- Focus on the data of new launchpads to mine on these new platforms

- Pay attention to old Noxa projects. It is entirely possible that they will be picked up for speculation after the panic, and some projects are not heavily affected at all, making them even more worthy of attention. However, you must look at the stability of $CASHCAT in this regard; if the Noxa leader is shaky, everything else will be challenging

- Pay attention to projects that did not come from a launchpad. This requires a more specific perspective, such as $MARIAN as the first coin deployed on the Robinhood chain. Yesterday, its market cap dropped from $3.7 million to almost $1 million, but soon everyone realized that this coin was not launched by Noxa... So its market cap quickly rebounded from $1 million to nearly $10 million. Another example is $ARROW. Although the product is not yet launched, the coin has also skyrocketed in the past few days because the team did not deploy through a launchpad, more than doubling in value

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