Original |Odaily Planet Daily(@OdailyChina)
Author|Golem(@web3_golem)
Today, another "golden dog" emerged on the Robinhood Chain, with the meme coin AI reaching a peak market cap of $100 million, surging nearly 10x over the past week.
Clearly, this meme coin is not a traditional pump-and-dump scheme but has undergone a period of operation and development. AI is currently the leading meme coin in the coin-equity pairing sector. It is paired with the NVIDIA stock token NVDA on Robinhood Chain. Over the past month of community development, it has established an AI community treasury, utilizing creator fees and 50% of transaction fees to buy back and burn token circulation. Currently, 0.82% of the token supply has been burned.
The explosive popularity of the meme coin AI also benefits from the empowerment of its underlying token issuance platform, LONG, which even airdropped the stock token NVDA to early AI holders. LONG is a meme coin launchpad within the Robinhood Chain ecosystem. With its novel "coin-equity pairing" meme issuance model, LONG has become a top-tier meme launchpad on Robinhood Chain.
According to Dune data, although the daily number of new tokens on LONG lags significantly behind Flap and Pons, the daily total trading volume of meme coins issued on the LONG platform ranks third on Robinhood Chain, trailing only behind Pons and noxa, surpassing Uniswap pools and Flap. The trading volume of meme coins issued by LONG accounts for 8.5% of the total meme trading volume on Robinhood Chain, securing the third position.
Robinhood Chain Launchpad Meme Daily Trading Volume Ranking
Coin-Equity Pairing: Changing the Unit of Account for Meme Coins
The so-called "coin-equity pairing" play involves users being able to autonomously choose a specific stock token as the unit of account and trading pair asset when issuing a meme coin. The other side of the meme liquidity pool is no longer public chain assets like SOL, BNB, or ETH, but tokenized stocks on Robinhood Chain, such as NVDA, TSLA, AAPL, SPCX, MSFT, TSM, etc.
This change, though seemingly just a switch in the liquidity pool pairing asset and on-chain unit of account, has significant implications. The relative price of a meme coin is no longer measured by how many ETH it can be exchanged for, but by how many shares of the tokenized stock it can be exchanged for. This means the price of the meme coin is influenced not only by market sentiment but also by the price fluctuations of the traditional stock market, directly breaking down the "dimensional barrier" between the meme coin market and the stock market.
Therefore, buying a coin-equity paired meme coin essentially involves a double bet: wagering both that the meme coin will outperform the stock and that the stock's dollar price will move favorably. There is no 1:1 redemption relationship between the meme coin and the anchored stock token. The stock token merely serves as the quoting asset in the liquidity pool, not as collateral for the meme coin; coin-equity pairing does not provide any value backing for the issued meme coin.
In actual trading, users buy and sell coin-equity paired meme coins through the meme trading platform frontend using ETH. However, in the backend, the ETH is first exchanged for the stock token, which then enters the coin-equity pool to be swapped for the meme coin. Simultaneously, creators receive fees not in ETH but in the underlying anchored stock token. If tokens like NVDA or SPCX are perceived as more valuable than cryptocurrencies like ETH, then in a sense, coin-equity paired meme coins also help communities accumulate value investments.
Recently, LONG also announced the upcoming launch of LongX, which will support users in issuing tokens with leveraged stock tokens as the underlying asset. Users won't need to actively manage perpetual positions; they can simply hold them as standard ERC20 tokens, while rebalancing and position management are automatically handled at the protocol level, with Lighter serving as the underlying execution and liquidity layer. Compared to coin-equity pairing, this model of packaging leveraged stock assets for token issuance is not LONG's innovation. A similar model was launched in May by the meme launchpad alt.fun on the Hyperliquid ecosystem, but that platform has since lost its heat and user base.(Related reading:Meme Wrapped Contracts: Is alt.fun True Innovation or Pseudo-Demand?)
Boosting Robinhood Chain RWA Trading
For the Robinhood Chain ecosystem, the true significance of coin-equity paired meme coins lies in boosting the trading volume of the RWA (Real World Assets) sector and expanding the utility of stock tokens.
Robinhood Chain's initial primary vision was to become an RWA-focused chain, but meme trading unexpectedly exploded in popularity. Robinhood CEO Vlad Tenev stated in a recent interview that this was unforeseen by his team. What surprised him even more was that meme trading also drove demand for the trading and liquidity of related stock tokens.
According to Dune data, the current total circulating value of RWAs on Robinhood Chain is approximately $45.4 million, with 202 RWA assets. In terms of trading volume, aside from direct stock token trading, the trading volume of stock tokens facilitated by coin-equity paired meme coins accounts for about 34% of the total RWA trading volume, making it the second-largest contributor to RWA trading volume.
Robinhood Chain RWA Daily Trading Volume Composition
Given LONG's leading position in the coin-equity pairing launchpad space, this can largely be seen as the contribution of the LONG platform to Robinhood Chain's RWA trading volume. Specifically, as of now, the NVDA trading volume completed through LONG exceeds $94 million, accounting for over 53% of the total stock token trading volume on the LONG platform. According to LONG's official announcement, 23% of NVDA on Robinhood Chain is locked in the community treasury of the meme coin AI.
LONG Platform Stock Token Trading Volume and Platform Share
Meme trading stimulating stock token transactions is a development Robinhood hopes to see. Vlad Tenev even implicitly praised coin-equity paired memes in a recent interview, stating, "They've linked meme coins, mainstream cryptocurrencies, and stock tokens to create some unique products that we never anticipated doing ourselves. In all likelihood, we wouldn't have thought to do them."(Related reading:Robinhood CEO Interview: Meme Coin Explosion Was Unforeseen, My Investment Portfolio Is Quite Diverse)
Another important significance of coin-equity paired meme coins lies in broadening the utility of stock tokens, allowing users and entrepreneurs to see the innovative possibilities of traditional assets like stocks on-chain. Beyond meme coins, more mature and protocolized innovations involving stock tokens are certain to emerge in the future.
