Robinhood itself is born from an internet brokerage background. When it comes to on-chain stock token spot trading, Robinhood Chain seems to be the undisputed leader. However, in the field of cryptocurrency, it's a different story. Solana has firmly held the throne of on-chain stock token spot trading, with no chain able to challenge it:

Over the past two weeks, Solana's on-chain stock token spot trading volume has been around $306 million and $275 million, respectively, not only significantly ahead of all other chains (to put it into perspective, in the past two weeks, no other chain's on-chain stock token spot weekly trading volume has exceeded $10 million), but even more prominently outperforming Binance, which has long been the top-ranked CEX in stock token spot trading volume. Also over the past two weeks, the stock token spot trading volume on Binance has been around $160 million and $183 million, respectively.

This means that in the cryptocurrency market, in the trading of tokenized stocks, Solana's scale can be described as top of the class. Meanwhile, Robinhood Chain's data for the past two weeks has been around $2.32 million and $9.41 million, truly playing second fiddle to Solana.

However, considering that Robinhood Chain has only officially launched for a little over half a month, and its data over the past two weeks ranks 3rd and 2nd among all chains, it's no longer playing second fiddle, but instead showing the vigor of a newcomer.

So, where does the tokenized stock trading volume on Robinhood Chain come from? Meme coins.

That's right, meme coins are leading the stock trading on Robinhood Chain, and this is very likely the next big opportunity on Robinhood Chain.

On Robinhood Chain, Meme Coins Are Saving the Stocks

Since the launch of Robinhood Chain, the most active tokenized stock in on-chain trading is $NVDA, with the trading volume of the Uniswap NVDA/USDG v4 pool successfully surpassing $10 million.

Before July 20, the trading volume of this pool had never exceeded $500,000 in a single day. Almost all of the volume has come in the past two days, with the volume in the past two days exceeding $8.1 million.

All of this is thanks to two meme coins, $REAL and $AI.

$REAL is a meme coin on Bankr paired with $NVDA. On July 20, Bankr launched a feature to issue new meme coins backed by tokenized stocks, supporting over 90 tokenized stocks including $NVDA, $TSLA, $AAPL, $SPY, and more.

Bankr's founder @0xDeployer personally launched the first token with this new feature, which is $REAL. As the founder himself launched it and also announced plans to recruit a CTO team for this coin on X, the token's trading volume on the first day of listing (July 20) exceeded $5.6 million.

$AI comes from another platform called long.xyz. This platform actually started much earlier than Bankr, and $AI was released on July 14, also paired with $NVDA. Despite being early, it went unnoticed until Bankr sparked interest, and on July 20, $AI's daily trading volume also reached $1 million.

The Uniswap NVDA/USDG v4 pool had a trading volume of $4.5 million on July 20. Considering the previously meager daily volume of less than $500,000, this surge was entirely due to the aforementioned meme coins.

Uniswap founder Hayden Adams noticed this situation and traced it back to Bankr's $REAL, prompting him to tweet, "New feature is awesome."

Uniswap team member @saintniko also commented on a tweet about Robinhood Chain tokenized stock volume hitting an all-time high, saying, "Bankr and long.xyz contributed through relevant trading pairs!"

Robinhood is the most suitable chain for this play.

No other chain is better suited for US stock memes than Robinhood.

Firstly, this is a chain brought to you by an internet broker, with its stock DNA ingrained in its core.

Secondly, Robinhood CEO Vlad has repeatedly stated that this chain is meant to focus on RWAs. While the words have been said, prior to the emergence of US stock meme coins, this concept has always been more aspirational than realistic.

Over the past two weeks, the on-chain DEX trading volumes on Robinhood have been $18.45 billion and $18.26 billion, respectively. Among these, the meme coin trading volumes were $1.347 billion and $856 million, with the rest mostly contributed by swaps between ETH and stablecoins. The trading volume of tokenized assets was only a meager $2.32 million and $9.41 million.

Meme coin hype will experience fatigue, while RWA needs to be developed. US stock memes cleverly combine the two, creating a new narrative that keeps the chain lively.

Combining Vlad's previous statements, his July 15th tweet welcomed builders interested in embedding US stock tokens and other RWA assets into on-chain applications to reach out, while his July 17th tweet stated that one of Robinhood Chain's missions is to make RWAs programmable.

In particular, this image illustrates his vision to see meme coins and RWA flourishing on the Robinhood Chain, asking, "Why can't both thrive together?"

Previous RWA projects have always made retail investors feel distant or unable to profit significantly, and US stock memes have addressed this issue well. Previously, during the alt.fun craze on Hyperliquid, everyone would think, "If I use a US stock contract position to mint a meme coin, will I lose money?"

If the first instinct of retail players is to consider this possibility, then the narrative was wrong from the start. The cultural genes of each chain and the current atmosphere determine that similar gameplay will lead to different market understandings and whether the concept is viable. On the Robinhood Chain, the play of US stocks + memes subconsciously makes everyone think that this narrative best fits Vlad's vision. Furthermore, using US stock tokenized spot assets as the base pool is indeed much better than contracts, as it is based on real stock holdings. Therefore, if the narrative holds, with more and more US stock meme coins, to some extent, meme coins have indirectly "deflated" stocks because the US stock tokens are locked in the pool.

Likewise, one can also imagine that as the scale grows, Robinhood directly guides retail investors to stake their stocks in a liquidity pool for yield farming, thus directly bridging the gap between meme coins and stocks.

Currently, there are only about 14,000 $NVDA tokens on Robinhood, while the Uniswap v4 pool for $REAL and $AI already holds close to 1,700 tokens. This is a scenario where, in the meme stock narrative, a target with a market cap approaching $10 million has yet to emerge.

Target Tracking: Bankr vs. long.xyz Competition

At this stage, it is sufficient to focus on these two platforms as they are the main ones with volume and are in competition.

There are very few specific targets to consider. Bankr focuses on $REAL, a logic that has already been discussed in the previous section, where the founder personally issued and promoted the token. However, the pace of promotion has been somewhat slow, with the token having substantial volume but its price action has not been able to spike upward significantly.

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

Furthermore, he personally bought into two targets, one being the aforementioned $AI, and the other being a token he created himself, $SPACEHOOD (paired with $SPCX).

It is very evident that long is supportive of these two targets, as they have already rewarded holders of these two tokens with an airdrop of $NVDA:

$AI is currently the leading target in this race, having seen continuous price increases in recent days, with its market cap reaching as high as $6.15 million:

If a meme stock can break through and stabilize above a $10 million market cap and continue to rise, it is highly likely that meme stocks will become a popular new on-chain trend on Robinhood. Dreaming even bigger, if a project successfully implements this strategy, which has never been accomplished in the market before, it could become Robinhood's unique weapon, just as every chain has its own feature. It may even lead the market in a new direction, presenting a completely new narrative opportunity. After all, the meme coin narrative has not seen a significant update in quite some time.

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