Author: DaYu; Source: X, @BTCdayu
I woke up in the middle of the night for some reason, and while groggily browsing the news, I saw that BONER was rising very sharply. A bunch of overseas influencers were saying it was comparable to GME and FARTCOIN, and the most eye-catching word was: short squeeze.
At the time, I just thought the story was interesting.
After waking up more fully this morning, I thought about it again and realized that I asked the wrong question—nobody knows how much higher BONER can rise. What's worth pondering is the new structure emerging behind it: **stocks, Meme, and on-chain liquidity, truly combined for the first time.**
I. Why Robinhood Chain
Robinhood's DNA has always been stocks + retail investors + trading; it can't really be considered a native crypto company. This origin determines its direction: if Coinbase, Solana, or another public chain were to create stock tokens, that would be the crypto world trying to move traditional finance onto the blockchain; Robinhood is doing the exact opposite—a brokerage firm with a huge stock user base is actively moving traditional finance onto the blockchain.
Robinhood already has approximately 28.5 million deposited customers and platform assets of approximately $355 billion. It's a company with a massive financial user base, trading scenarios, and brand recognition. This company is building a new on-chain financial infrastructure for itself—I have repeatedly emphasized that this bull market is a bull market for on-chain finance, nothing else!
Robinhood Chain's public mainnet officially launched on July 1, 2026. By the end of August, its daily DEX trading volume had reached a record $989 million, TVL (total value locked on-chain) was approximately $708 million, and stablecoin supply was approximately $770 million, a 47% increase month-over-month. This chain, only two months old, is the fastest-growing chain in history, and a clear trend is emerging. II. Why Put Stocks on-Chain? Currently, Meme is the most prominent feature on Robinhood Chain, but the core asset is Stock Token, which is on-chain stock. Robinhood's stocks aren't printed out of thin air. The official Stock Token is essentially a tokenized debt certificate issued by Robinhood. Robinhood states that each Stock Token is backed 1:1 by the underlying stock, which is held by a custodian. However, things change once the stock is on-chain. Previously, one NVDA token was just one NVDA token; after being on-chain, one NVDA token can be divided into countless "fragments" for transactions, providing liquidity, serving as collateral, entering lending protocols, entering other smart contracts, pairing with Memes, and then generating new leveraged products. Stocks have transformed from an asset that can only be bought and sold into a programmable asset. III. With stocks on-chain, who provides liquidity? Who trades them? Robinhood can put 1 billion NVDA, HIMS, and SPCX on-chain, but "having assets" and "having a market" are two completely different things. Suppose a thousand stocks suddenly appear on-chain: Why would users come? Who provides the initial liquidity? Who generates attention and community? Why would an ordinary crypto user suddenly trade HIMS? Note that the liquidity discussed here is different from that in traditional finance. On-chain liquidity refers to on-chain liquidity pools. On-chain stock trading differs from traditional market makers' order placement and execution. As long as there are pools on the chain, 24/7, no one needs to be on duty. This all requires liquidity pools, but who builds all the different pools? Who gives these pool builders "benefits"? Most importantly, will anyone trade? This is where Meme comes in. Memes may be a natural tool for the cold start of on-chain stocks: stocks provide what memes lack most—real-world value anchors and stories; memes provide what stocks lack most—attention, community, dissemination, and speculative liquidity. The two complement each other perfectly—memes on Robinhood are becoming something different from the past. IV. BONER: From Short Squeeze Narrative to Capital Consensus Yesterday's BONER story is a case in point. It forms a trading pair with the on-chain HIMS Stock Token. The word BONER is commonly used in English; it's slang for "hardened," somewhat similar to the Chinese expression "a pillar supporting the sky" in the stock market. Then, HIMS happens to be a company that treats erectile dysfunction, thus creating a clever connection. Driven by some overseas influencers, its price skyrocketed, reaching $70 million in a single day. During this process, a Meme community, which was originally unrelated to HIMS, suddenly became economically linked to a real-world stock: The higher the price of Meme, the more people bought it, and the more stock was needed. The more people bought BONER, the more HIMS tokens entered the liquidity pool; Meme began to "short squeeze" the stock. If the entire ecosystem thus generated more demand for HIMS tokens, stimulating the on-chain issuance of new HIMS tokens—for example, when the US stock market was closed and there weren't enough on-chain stocks, BONER... The price rose, pushing the stock to over 130. It will take until the market opens to bring it back down to the market price of around 20. Of course, the so-called HIMS "short squeeze" is still very early in terms of its actual scale—even the BONER community's own website states that the current liquidity pool size is insufficient to cause a short squeeze on HIMS's real-world stock; whether Stock Tokens are newly issued due to BONER trading cannot be simply equated. Therefore, the current "short squeeze" is more of a meme narrative, and I don't believe BONER or any other meme has the ability to short Wall Street. Its significance lies in the fact that it has successfully established the aforementioned transmission path for the first time: previously, a meme increasing a hundredfold was simply a meme increasing a hundredfold; today, if a stock meme becomes large enough, theoretically it can begin to influence the demand for its paired real-world assets. Even if this force is only as small as a grain of sand today, the structure is already different. Following Robinhood's 1:1 backing mechanism, the addition of new Stock Tokens corresponds to the demand for underlying stock assets. This leads to a previously unseen path: **Meme Attention → On-chain Transaction Volume → Stock Token Demand → Token Issuance and Liquidity → Theoretically Connecting to Underlying Real-World Stocks**. Some might ask: If the goal is a short squeeze or stock speculation, why would I use MEME instead of directly buying stocks? This leads to another question: why do people use MEME? If you don't understand, you can refer to my previous articles, which contain many viewpoints on MEME. Returning to the stock short squeeze, users simply want to buy whichever they want, but after much deliberation, I found it difficult to choose because the short squeeze narrative has some inherent flaws: firstly, it's not unique. Find a small-cap stock with a high short-selling ratio, pair it with a meme, and you can claim a short squeeze. If stock A can do this, stocks B and C can too. This is the biggest fear in the meme market: the same narrative is copied a hundred times, leaving investors unsure which to buy, causing funds to disperse and preventing any from taking off. Boner's real advantage isn't that "only it can create a short squeeze," but rather that it holds something else: a consensus of funds. In the past two days, it's become clear that overseas meme leaders are forming a united front. Several large accounts discover a relatively natural story in advance, buy in first, and then spread it together, quickly concentrating liquidity and attention on a single target. The story itself isn't unique, but the consensus temporarily makes it so. Boner's future trajectory remains to be seen, but it has already proven one thing: there are people willing to pay for stock memes.
V. LONG: The Organizational Layer of Stock Memes
A few days ago, I decisively gave my prediction of holding $PONS on the left and $Niu Lai on the right. The former is essentially the same thinking I have today regarding which cryptocurrency/stock meme to trade: if I don't know which meme to buy, I'll just buy the token of this platform.
Does the Robinhood chain have such a platform? Yes.
LONG is the most important issuance platform on the Robinhood Chain, mainly issuing "meme coins paired with stock tokens"; currently, these stock-paired memes account for approximately a quarter of the stock-related trading volume on the Robinhood Chain.
LONG is the most important issuance platform on the Robinhood Chain, primarily issuing "meme coins paired with stock tokens"; currently, these stock-paired memes account for approximately one-quarter of the stock-related trading volume on the Robinhood Chain.
Interestingly, LONG is not just a token issuance platform, but something even more imaginative: a Robinhood-like on-chain attention distribution layer and liquidity organization layer for stocks. Robinhood handles bringing stocks onto the blockchain, while LONG addresses the next issue—how these stock tokens can build community, liquidity, and new trading demand. In the short term, the most prominent on-chain players are likely pure meme issuance platforms like PONS, with countless memes, massive transaction fees, and buybacks, but the risk lies in the periodic cooling of memes. Looking at the long term, LONG's model offers greater potential; its gameplay is more sustainable. While the empowerment isn't as drastic, stocks, stock derivatives, leveraged products, and RWA represent an infinite game. As a platform connecting both ends, its potential is immense. Of course, I'm still very optimistic about $PONS in the short term. After all, with such high revenue, such aggressive buybacks, and 30% already burned, it's still priced at a 90-10% discount compared to PUMPFUN. Logically, PONS will surpass PUMPFUN because the funds, popularity, and the future of on-chain finance all lie here. It's also worth mentioning that PONS's V2 version now supports cryptocurrency stocks! Sixth, another platform coin: AI. After reviewing the above, I noticed AI. Its full name is Artificial Inu, paired with the on-chain NVDA Stock Token, its origins being "NVIDIA + AI + Dog". LONG hasn't issued a traditional platform coin yet, but it's gradually placing AI at the core of its ecosystem. On August 1st, AI's market capitalization was only about $1.5 million; by August 30th, it had reached a peak of $135 million, with the NVDA pool's liquidity exceeding $3.3 million at one point—it had completed the first layer of consensus as a stock meme. Moving forward, its uses began to stratify: First, asset pairing. LONG later allowed new tokens to directly form trading pairs with AI. Referring to ETH: countless new coins on Ethereum are paired with ETH; no smart contract stipulates that ETH must be used, but everyone knows that ETH has the best liquidity, and liquidity itself attracts more liquidity. The more trading pairs like AGI/AI and XXX/AI there are, the more AI's role changes from a "traded coin" to a "basic asset needed to participate in ecosystem liquidity." These two valuation logics are completely different. Second, a liquidity hub. With more trading pairs, transaction routes may begin to pass through AI, which will gradually become an intermediary currency within the ecosystem. Third, locking and burning. The LONG team recently disclosed that through Community Mode, AI trading pairs, and automatic burning mechanisms, nearly $3 million worth of AI has been locked or removed from circulation; each new AI trading pair will further lock or burn AI. Fourth, facilitating new business value. For example, LONG and Lighter are working on LongX: packaging leveraged positions in perpetual contracts into ERC-20 tokens that can be directly held and transferred. By depositing 100 USDG, it establishes approximately 3x leverage exposure in NVDA at the underlying level, giving you an on-chain "3X NVDA spot asset," eliminating the need to manage margin, funding rates, and liquidation thresholds. Traditional finance has long proven that humans prefer simple leveraged products: 3x or 2x leveraged products are consistently popular because ordinary users simply want to press a button: "I want to 3x leverage on Nvidia." LongX officially stated that it will continue to expand NVDA-related leveraged assets and channel some of the value back to AI. If this model works, AI will handle more than just Meme trading. Fifth, ecosystem reserve assets. This is the furthest layer: if more and more LONG products, AI trading pairs, stock memes, and LongX products build liquidity around AI in the future, AI may gradually become the foundational asset of the entire LONG ecosystem. I haven't seen LONG officially announce that "AI is the LONG Token," but there's a rule in the crypto world: **what you do is more important than what you call it.** ETH is valuable not because its name includes "platform coin," but because the entire Ethereum world needs it. LONG's products continue to be built around AI; whether or not there's official certification speaks for itself. Intuitively: I'm optimistic about the second half of RH's on-chain finance, and AI will be a very important coin.
VII. SPACEHOOD: A Story You Can Understand in Five Seconds
SPACEHOOD is a meme paired with SPCX.
Similar to the previously mentioned nearly 100 million BONER, but with a market capitalization of just over 10 million. Although that coin performed strongly yesterday due to overseas KOLs supporting it, I think from a long-term perspective, if a leading cryptocurrency meme emerges, SPACEHOOD will have a greater opportunity.
The advantage is simple, any crypto user can understand it in five seconds: SpaceX, Musk, meme, Robinhood, and blockchain-based stock trading—it's all there.
If stock memes truly develop, the easiest to spread will undoubtedly be those companies that already possess significant cultural symbolism in the real world; SpaceX clearly belongs to this category.
The mechanism is similar: the larger the SPACEHOOD, the higher the demand for SPCX tokens, which theoretically increases the liquidity and demand for SPCX on the chain. This meme is no longer completely floating in the air, but begins to have a weak economic connection with a real-world company. Of course, this force is currently pitifully small, after all, the daily trading volume of SPCX in reality is not even in the same league as a meme worth tens of millions of dollars. However, if the on-chain stock becomes increasingly popular, funds will eventually concentrate on the leading one. What if this Musk meme reaches billions or even tens of billions of dollars? At that time, its rise and fall will directly affect SPACEEX stock. Musk, as the person who understands memes best and pays the most attention to SPACEEX stock, should be a mysterious guest for us token holders. By the way, this coin is the first coin publicly bought by the founder of the LONG platform!
VIII. Differences between Binance bStocks
Some people may ask: Binance also has bStocks, so what's special about Robinhood? Binance's bStocks also has 1:1 backing, allows 24/7 trading, self-custody, and access to BNB Chain's DeFi; seven weeks after its launch, the official bStocks size has exceeded $500 million.
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