Original Title: "Solana in a Hurry: Official Backing Propels Meme Coin to $100M Market Cap in Record Time, Toly Eyes Robinhood"

Original Author: Golem, Odaily Planet Daily

Over the weekend, two more meme coins on-chain surged past the $100 million market cap mark, and this time the action unfolded on Solana.

On the morning of September 6, STONK, a stock-paired meme coin on Solana, saw a violent rally, surging over 110% in a short period and breaking through a $100 million market cap, becoming the first stock-paired meme coin on the Solana chain to exceed $100 million. As of press time, STONK's market cap remains stable around $100 million. Meanwhile, the meme coin ZCAT also touched $100 million around midday, before retreating to approximately $80 million.

This development signals that Solana has officially sounded the charge in response to the sustained meme bull run on Robinhood Chain and BSC.

Solana Officially Backs Stock-Paired Meme Launchpad StonkFun

StonkFun is a stock-paired meme launchpad within the Solana ecosystem, similar to the Long platform currently thriving on Robinhood Chain. STONK is StonkFun's official token, paired with the stock token of SPY on Solana.

Compared to the mature meme launch platforms on Robinhood, StonkFun is still in its early stages. The platform went live on August 3 and only officially integrated with Raydium LaunchLab on September 6, addressing token sniping issues. As of press time, StonkFun has issued over 8,220 meme coins, of which only two have surpassed a $10 million market cap: one is the platform token STONK, and the other is ZCAT, a meme coin paired with the privacy coin ZEC, which also peaked at a $100 million market cap.

StonkFun

Clearly, StonkFun is committed to a "leader strategy," leveraging support and empowerment for STONK and ZCAT to attract meme players through wealth effects, while advancing on both the stock-paired meme and native meme tracks. According to official announcements, StonkFun has repurchased over $1 million worth of STONK and has airdropped over $1 million worth of ZEC to ZCAT holders. As of September 6, StonkFun has distributed over $7.5 million in token rewards to ecosystem token holders.

According to DefiLlama data, StonkFun's fees over the past 24 hours reached $110,000, while its fees over the past 30 days were only $1.23 million, less than Pons' single-day revenue. Therefore, it's clear that STONK's surge is not due to StonkFun's exceptional performance, but rather the deliberate backing of Solana's official team combined with collective FOMO from market sentiment.

On September 4, StonkFun posted a tweet on X supporting stock tokens, which was followed by a "like, comment, and repost" triple-action from Raydium, Solana's official account, and Solana co-founder Toly. In the Meme community, players are highly sensitive to any move by "big names." Solana's official endorsement was undoubtedly seen by the community as StonkFun receiving official backing and support, naturally elevating its status.

Solana official and Toly interacting with StonkFun

Additionally, the community is betting on continued interaction or actual support from Solana's official team or Toly with StonkFun. In the community's interpretation, during this round of Meme market activity, some are playing on Robinhood Chain, others on BSC, but seemingly no one is playing on Solana. To avoid falling behind, Solana's official team would surely promote Memes within its ecosystem. Although Toly may not provide substantive endorsement to avoid legal risks, he would still engage through social media interactions to tease market sentiment—this is the exclusive "unspoken but understood" guidance from big names.

The Meme Battle for Chain Ecosystems Enters the Second Half

The community's speculation is not without merit. Solana has long been the go-to chain for overseas Meme communities, largely thanks to Pump.fun. However, in this market cycle centered on stock-paired Memes, Pump.fun's focus has shifted away from Meme launch operations toward mobile platforms and building social trading platforms. To date, it has yet to launch a stock-paired Meme launch feature. Even on Pump.fun's homepage, "Create Token" is no longer prominently displayed, replaced by a trading feed.

This has caused the Solana ecosystem to collectively lag behind in this Meme cycle, with overseas Meme players migrating en masse to the Robinhood Chain ecosystem. Over the past 30 days, Solana's chain fees were only $22 million, dropping it to 18th place among blockchains. Therefore, STONK's rise is an "ideological" surge—similar to military-industrial stocks during the Cold War, Baidu during the internet bubble, or ChangXin during the AI era. StonkFun is Solana's favored child in the Meme battle.

Moreover, Solana cannot afford to sit out this round of stock-paired Meme trading mania, because the significance of stock-paired Meme coins for the chain ecosystem lies in their ability to drive stock token trading. Though both involve trading, they carry entirely different connotations—Meme trading frenzy typically paints blockchain in a negative light, associated with speculation, scams, and a lack of real-world utility, whereas a surge in stock token trading reflects positive narratives like innovation, RWA, and crypto's tangible impact on traditional finance.

For Solana, which built its reputation on Meme trading, it desperately needs this wave to boost its RWA development—so much so that Toly is eagerly courting Robinhood.

On September 5, Toly hinted on X that Robinhood Chain's 10% revenue share to Arbitrum isn't worth it, noting that those fees could cover roughly four times Solana's transaction costs over the same period. He suggested that if that revenue were redirected to subsidize user trading, Robinhood Chain could even offer users a completely gas-free experience—his words clearly conveying a desire for Robinhood Chain to adopt Solana's technology.

Offchain Labs co-founder Steven Goldfeder quickly fired back at Toly, stating that Robinhood chose Arbitrum to be a "landlord" rather than a "tenant." Under Arbitrum's architecture, Robinhood can retain 90% of gas fees; whereas if it chose Solana, Robinhood would earn nothing from gas fees, let alone use that revenue to subsidize user trading.

Robinhood has yet to respond to the debate. For now, if Solana wants to turn the tide in this Meme rally, it will have to rely on itself.

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