After the unexpected shutdown of Noxa, Robinhood quickly took center stage in the launchpad's "Battle of a Hundred Projects." Nearly a week has passed, and the situation has become somewhat clearer, but there is still a lot of uncertainty.

Pons: The Current Front-Runner

Over the past weekend, in terms of both daily new token launches and daily trading volume, Pons has emerged as the leader. Especially in the daily trading volume dimension, Pons has been ahead of Noxa for two consecutive days, with an average daily trading volume of about $45 million over the two days.

Although Noxa no longer has new token issuance, early influential projects like $CASHCAT are still contributing significant daily trading volume data to it. Pons's lead in daily trading volume means that it is not only the preferred target for new token launches at the moment but also the preferred choice for the still active liquidity.

Yesterday, based on the intraday trading volume, Pons's market share has reached 52.1%.

This helped $PONS's token price rebound after dropping to around a $4 million market cap, setting a new high of approximately $24 million. It can certainly be said that based on the revenue since Pons's inception and considering the already burned tokens by about 20%, compared horizontally to $PUMP, the rebound of $PONS from $4 million to $24 million is to be expected.

However, the logic can be simplified and made clearer. Firstly, the market is betting on the significant vacuum left in the launchpad track due to Noxa's exit, and Pons has the best data. Secondly, there needs to be an attention-grabbing event that can leave room for market speculation. In this regard, Pons is also leading because bonkguy openly bought in, with an additional buy-in in between. Moreover, WLFI advisor @cryptogle has been consistently shilling $PONS, leading the market to imagine that the "conspiracy" behind Pons is Bonk's involvement.

Lastly, Pons's lead does not mean it has already secured the final victory; there are still many contenders eager to try their luck.

Arrow: High Control, Doing It All

The token price of the Arrow project was able to reach a market capitalization of $35 million before, one reason being high leverage:

Another reason is that after the emergence of the meme coin $CASHCAT, everyone was looking for opportunities related to RWA concepts, and Arrow happened to be providing collateralized lending for US stock tokens.

The launchpad business is truly profitable, so Arrow also entered this space, transforming the narrative from the previous US stock token collateralized lending to a full-fledged DeFi hub on Robinhood. In terms of attention, Pons relies on the Bonk community, while Arrow's narrative includes having a former Robinhood employee, Ash Manicka, as the project's strategic advisor.

The platform has not officially launched yet, but it will happen soon, so stay tuned.

Stonkbroker: Platform Not Launched Yet, NFTs Spike First

This project planned to release NFTs even before the launch on the Robinhood mainnet, and during the testnet phase, the project team already set up a launchpad.

The initial idea was to use the project's generated royalty income to purchase US stock tokens on Robinhood and airdrop them to holders. The NFT's design combined ERC-6551, with each NFT also serving as an Ethereum wallet that can receive airdrops directly.

By using ERC-6551 instead of just tracking holder addresses, it allowed for various gameplay possibilities. Although the platform has not officially launched yet, the NFTs have already been speculated to nearly 2 ETH, and the token has surged to a peak market cap of $15 million, becoming one of the weekend's top gainers.

There are a total of 4444 NFTs, and 70% of the future launchpad's revenue will be used to purchase US stock tokens on Robinhood and airdrop them to the NFT holders. However, holders will need to spend some $STONKBROKER to activate the NFT to qualify for dividends. The more they spend, the greater the multiplier bonus on dividends:

Every time the ownership of an NFT changes hands, the new owner will need to spend $STONKBROKER again to activate it for dividends.

So this is basically a meme coin flywheel. Holding the token is like being a shareholder of the platform, but if you want dividend rights, you need to burn the token. The hotter the platform, the more dividends NFT holders receive, and the more expensive the token associated with activating dividend rights becomes.

Currently, the platform is still in development, but hype has already been built up. The novelty of this approach and the fact that NFT players are interested in this project are driving factors. This platform is not just a launchpad; there will also be a Swap, as well as lending and AMM services associated with this NFT series.

Bankr: Issuing Memes Paired with US Stock Tokens

This is actually a rather clever move. Just a few hours ago, Bankr launched a new feature that allows over 90 different tokenized US stocks such as $TSLA, $AAPL, $SPY to be paired with newly issued meme coins for trading, meaning the liquidity pool is not based on ETH but on stocks.

Similar approaches have been made before. For example, about two months ago, there was a platform called alt.fun on HyperEVM that gained popularity for a few days. It used contract positions, including US stock assets, to issue meme coins, and the market cap of the top coin on the platform once reached $9 million.

However, considering that the Robinhood CEO has repeatedly stated that their chain will focus on both RWAs and memes, there is room for hype around such approaches on this chain. Interestingly, Bankr's founder @0xDeployer recently launched $REAL, a coin paired with NVIDIA stock. He is even recruiting a CTO team for this coin on X, emphasizing the need for people who truly understand operations and will provide advice:

If $REAL gains traction, Bankr may take a shortcut to outpace others, and in the short term, trading pairs of memes with US stocks might become popular.

Conclusion

The assets directly related to the platforms mentioned above (excluding $REAL) have already reached a market cap of over tens of millions of dollars. In a situation where the ultimate winner has not yet emerged, doubling down carries significant risk. At this point, the best strategy is to watch these platforms closely: the fiercer their competition, the greater the opportunities.

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