I've been continuing to observe trading activity on Robinhood Chain these past two days. Odaily provided some interesting data: In the approximately 24 hours around August 30th, Robinhood Chain generated about $2.66 million in revenue, with 90% of that coming from three applications: GMGN, the Pons launch platform, and Uniswap. And the vast majority (about 80%) of that revenue came from memes. Based on this data, at least so far, the stock token trading that Robinhood Chain has been trying to create hasn't become mainstream; the chain's traffic and popularity are primarily driven by memes. This trend aligns with the approach I shared in my article two days ago regarding the Pons launch platform—first attracting users and building trading volume, then fully integrating stock token trading into the ecosystem. After reviewing this data, I have mixed feelings: The good news is that a new sub-ecosystem has emerged within the Ethereum ecosystem, and its current explosive growth is quite significant. Based on past experience, this momentum, if sustained, could indeed become the catalyst for the next bull market. However, the worrying aspect is that such popularity and trading solely supported by meme coins is unlikely to be sustainable. Like human emotions, it's intense when it erupts, but it comes and goes quickly. So what kind of scenarios might take over or maintain this momentum? Either new applications or new scenarios, or the stock token trading we can currently think of and see. Today, I'll share the current situation of stock token trading on Robinhood Chain. Long.xyz is a popular platform on Robinhood Chain that strongly promotes pairing stock tokens with meme coins. Several actively traded meme coin and stock token pairs have already appeared on this platform. Among these "meme coin/stock token" trading pairs, there are two main types: First, pairing highly emotional meme coins with well-known stocks (tokens). A typical example is AI/NVDA. AI is a meme coin, and NVDA is Nvidia's stock token. Second, pairing meme coins with penny stocks (tokens). Here, "penny stocks" refers to small-cap stocks in the US stock market with low market capitalization and generally low interest in traditional markets. The first type of trading has been used by many traders as a tool to boost leading meme coins. For example, in AI/NVDA, the hype surrounding Nvidia's reputation drives up the sentiment and price of AI coins. The second type of trading is more like treating small-cap stocks in the US stock market as meme coins for speculation. Traders participating in these two types of trading don't pay much attention to the fundamentals of the tokens (meme coins) and stocks (small-cap tokens), but rather engage in sentiment-driven speculation. From a trading perspective, this creates a highly speculative atmosphere. However, looking deeper into the underlying assets of the crypto ecosystem, we can still see some serious implications: We find that because stock tokens are included in trading pairs, a portion of the stock tokens in each AMM transaction becomes part of the transaction fee and is deposited into the project's treasury—meaning that US stocks have also been introduced into the crypto ecosystem, and they will settle down and become part of the overall crypto asset portfolio. The underlying assets of the crypto ecosystem have gone through several stages: The earliest: were purely crypto assets (such as Ethereum and ERC-20 tokens). Later: The US dollar was integrated into the crypto ecosystem in the form of stablecoins. Now: US stocks are beginning to be integrated into the crypto ecosystem as stock tokens—although the current scale is still small, it seems to be showing some noteworthy signs. While stock tokens have existed in the crypto ecosystem for some time, their previous scale was too small to be considered significant. However, if Robinhood Chain's ecosystem can introduce US stocks into the crypto ecosystem on a large scale as tokens, its impact will be comparable to the impact of USDT's introduction. This is from the perspective of the underlying asset form. If we further examine the impact of this move on the volatility of crypto asset prices, we can also identify some potential scenarios: Currently, the number of stock tokens introduced into the crypto ecosystem is still very limited, primarily consisting of stocks from companies outside the crypto ecosystem. In the future, if stocks of companies strongly related to the crypto ecosystem (such as MicroStrategy and BMNR) are introduced and directly linked to their corresponding treasury assets (e.g., MicroStrategy's stock token paired with Bitcoin, BMNR's stock token paired with Ethereum), and their liquidity reaches a certain level, then when the market experiences significant volatility, the price fluctuations of these trading pairs will likely be far stronger than in the past: they will rise together and rise even more, and fall together and fall even more deeply. This situation will be unprecedented.
JinseFinance
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