By:angelilu, Foresight News
Two weeks after its launch, Robinhood Chain has generated far more heat than expected, driven by Meme coins—its first-week DEX trading volume exceeded $3.1 billion, propelling it into the top five blockchains by DEX trading volume. On July 11th, Robinhood Chain's daily Meme DEX trading volume even briefly surged to $1.3 billion, surpassing the usual Meme leader Solana (approximately $1.1 billion).
The Meme frenzy has spread to a batch of "launchpads," with the most dramatic scene being NOXA, the hottest Meme launchpad on this chain—having just made a fortune from fees, it abruptly shut down its core functionality. According to Onchain Lens, the protocol earned approximately $7.66 million in fees within the Robinhood ecosystem in the week before pausing, peaking at a single-day high of $2.33 million on July 11th, four times that of Pump.fun (approx. $575,000) on the same day. The chain's number one meme, "CASHCAT," also originated from it, with its market cap peaking above $200 million on July 11th.
However, on July 11th, NOXA suddenly suspended its new token launch function, citing user feedback about persistent issues with token spam and copycat coins, and the team discovering bots creating and replicating new tokens in large volumes hourly. Subsequently, its website domain also became temporarily inaccessible due to Cloudflare issues, with the team stating at the time that they were migrating the interface to an ENS domain and expected a swift recovery.
It wasn't until the evening of July 14th that NOXA launched a new interface. The team announced, "We will keep new token issuance closed, which is the only solution to prevent core token dilution." According to NOXA, the flood of "vampire attack" tokens and endless spam of new coins had exceeded the initial design capacity of its infrastructure. The new interface retains only three functions: viewing a snapshot of historically launched tokens, viewing one's own launched tokens and fees, and claiming remaining creator fees; simultaneously, the official redirected 100% of trading fees to creators.
This move has also sparked community skepticism. Some voices suggest that shutting down new token issuance, moving the interface and domain under the team's control to a new site, coupled with fee adjustments, poses a risk of a "soft rug pull." The official explained this fee adjustment as "100% to creators," while retaining historical query and creator fee claim functions. However, on the other hand, token holders' assets are now highly dependent on the continued operation of a new, unaudited interface, which remains to be seen.
Following this announcement, Meme tokens launched through NOXA experienced a broad decline. Among them, CASHCAT fell about 16% in one hour, with its market cap dropping to $163 million; JUGGERNAUT fell over 18% in one hour, with its market cap dropping to $11.7 million.
Launchpad Leadership Vacancy After NOXA's Pause
So-called "launchpads" are one-click token creation tools—allowing ordinary people to launch a Meme without writing a single line of code, simply by uploading an image and choosing a name, and then taking a cut from every subsequent trade.
NOXA employed a direct launch model: tokens were initially issued on Uniswap V3 and were instantly tradable, with liquidity permanently locked, unlike Pump.fun's model where tokens first run on an internal market to "graduate" before migrating to a DEX.
NOXA's dominance on Robinhood Chain was largely due to being "first to market"—the team specifically targeted newly launched or even pre-launch chains for early deployment, having previously launched on multiple chains like Monad, MegaETH, Merlin, and DeBank's DBK Chain, and also supported Robinhood Chain early. It successfully launched the Meme leader CASHCAT (Cash Cat), which reached a peak market cap exceeding $200 million on July 11th, surging over 4000% in a week, and stands at $188 million at the time of writing.
According to Dune data, over a dozen platforms participate in daily token launches on Robinhood Chain—besides NOXA, there are Bags, Flap, Clanker, Doppler, Trench, Bow, etc. NOXA held an absolute dominant position in early July, but since suspending launches, a clear "successor" has yet to emerge.
On the Other Hand, Uniswap Brings "Auctions" On-Chain
However, it's worth noting that on July 13th, Uniswap officially entered Robinhood Chain with its own "auction launch" mechanism, CCA. The battle for launchpad supremacy on Robinhood Chain has entered a new round.
This CCA brought by Uniswap, short for Continuous Clearing Auctions, takes a distinctly different pricing path from "instant execution."
Users participating only need to provide two values: a budget (how much they intend to spend) and an acceptable maximum price. The protocol doesn't dump this amount into a single block; instead, according to the issuance schedule, it automatically spreads the purchase across the remaining blocks of the auction for gradual execution (this is the "Continuous Clearing"—segmented, continuous settlement). It settles block by block (period by period), dynamically calculating a "uniform clearing price" for each block; all participants whose bids meet or exceed that price in that block buy at that price. Those with bids above the clearing price get their full allocation, those exactly at the price may get a partial fill, and those below do not transact in that round. As subsequent demand accumulates, the clearing price adjusts gradually block by block, rather than spiking or crashing in the opening moment.
The entire process is also completely codeless: initiators fill in parameters on the Uniswap web page, and a factory contract deploys an ERC-20 with a 1 billion supply; after the auction ends, the raised funds automatically inject into a Uniswap v4 trading pool. The pool's fee tier is set by the initiator when creating the pool (options include 0.01%, 0.05%, 0.3%, 1%, etc., or custom, charging a fixed percentage per trade in that pool). In the standard configuration, the LP position (an NFT) representing this pool's liquidity is locked into a vesting contract, with developers relinquishing control, and revenue coming from trading fees generated by this pool.
Among Memes launched via the CCA mechanism on Robinhood Chain, UNICORN currently has the highest market cap, having reached a peak of $2.13 million and standing at $685,000 at the time of writing. This token name previously appeared in Uniswap's official presentation materials (note: the demo file indicated Unichain, not Robinhood Chain).
Another Meme, TRASH, reached a peak market cap of $2.2 million, but has fallen to approximately $350,000 at the time of writing. This Meme incorporates the narrative of "Taylor Swift's wedding trash being collected and sold," and Uniswap founder Hayden Adams once retweeted a post asking, "How much money could be made if this transaction were tokenized as an RWA?"
Foresight News reminds readers that this article does not constitute investment advice. Meme coins often lack practical utility and experience high price volatility; invest with caution.
There are also reservations within the community about whether the CCA mechanism suits Memes. Although issuers don't pre-allocate tokens to themselves initially, unsold portions during the auction are returned to them, meaning issuers could still accumulate significant holdings. This "anti-sniping, fairness-focused" auction might not actually fit Memes, which thrive on sentiment and rapid rotation. Those looking for new "projects" in Uniswap auctions need to scrutinize the issuer's holdings and sell-off situation.
First Run the Chain with Memes, Then Gradually Introduce RWAs
For ordinary users participating in new launches, a few points are worth remembering: CCA auctions significantly reduce the risk of being front-run at launch, but current targets have very small market caps and thin liquidity; instant-execution platforms have high heat and fast entry, but carry equally high risks of sniping and dumping.
For Robinhood itself, this game is already half won: regardless of which launch mechanism prevails, the path of "first running the chain with Memes, then gradually introducing RWAs" is being validated by the market. Whether the chain built for stocks will ultimately be filled with tokenized stocks remains to be seen after this wave of speculative fervor subsides.
