Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web3_golem)
Today, another major meme coin has emerged on Robinhood Chain. The meme token AI saw its market cap peak at $100 million, surging nearly 10x over the past week.
Clearly, this meme coin isn't a typical pump-and-dump scheme but has undergone a period of operation and community development. AI is the leading meme coin in the current "token-stock pairing" sector. It is paired with the NVIDIA stock token (NVDA) on Robinhood Chain. Over the past month of community growth, it has established an AI community treasury, which uses creator fees and 50% of transaction fees to buy back and burn the token supply. 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 launch platform, LONG. In its early stages, LONG even airdropped NVDA stock tokens to AI holders. LONG is a meme coin launch platform within the Robinhood Chain ecosystem. With its innovative "token-stock pairing" meme issuance model, LONG has become a top meme launch platform on Robinhood Chain.
According to Dune data, although the daily new tokens on LONG lag significantly behind platforms like Flap and Pons, the total daily trading volume of meme coins launched on LONG ranks third on Robinhood Chain, trailing only Pons and noxa, and surpassing platforms like Uniswap's 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
Token-Stock Pairing: Changing the Unit of Account for Meme Coins
The so-called "token-stock pairing" model means that when users issue a meme coin, they can autonomously choose a specific stock token as the unit of account and the paired trading asset. The other side of the meme coin's liquidity pool is no longer native blockchain assets like SOL, BNB, or ETH, but tokenized stocks on Robinhood Chain, such as NVDA, TSLA, AAPL, SPCX, MSFT, TSM, etc.
While it may seem like just a change in the paired asset for the liquidity pool and the on-chain unit of account, the impact is significant. The relative price of the 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 buy. This means the meme coin's price is influenced not only by market sentiment but also by the price fluctuations of the traditional stock market, directly bridging the "dimensional wall" between the meme coin market and the stock market.
Therefore, buying a token-stock paired meme coin is essentially a double bet: wagering that the meme coin will outperform the stock, while also betting on the dollar price movement of that stock. There is no 1:1 redemption relationship between the meme coin and the anchored stock token. The stock token merely serves as the quote asset in the liquidity pool, not as collateral for the meme coin. The token-stock pairing does not provide any value backing for the issued meme coin.
In actual trading, users still use ETH to buy and sell token-stock paired meme coins on the front end of meme trading platforms. However, on the backend, the ETH is first converted into the stock token, which then enters the token-stock pool to be exchanged for the meme coin. Simultaneously, the fees creators receive are not in ETH but in the underlying anchored stock token. If one views stocks like NVDA or SPCX as more valuable than cryptocurrencies like ETH, then in a sense, token-stock paired meme coins are also helping communities accumulate value investments.
Recently, LONG also announced the upcoming launch of LongX, which will support users issuing tokens using leveraged stock tokens as the underlying asset. Users won't need to actively manage perpetual positions; they 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 token-stock pairing, this model of packaging leveraged stock assets into tokens is not LONG's innovation. A similar model was introduced in May by alt.fun, a meme launch platform on the Hyperliquid ecosystem, but that platform has since lost its heat and users. (Related reading:Meme Wrapped Contracts: Is alt.fun True Innovation or Pseudo-Demand?)
Boosting RWA Trading on Robinhood Chain
For the Robinhood Chain ecosystem, the true significance of token-stock 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 took off. In a recent interview, Robinhood CEO Vlad Tenev stated this was unforeseen by their team. What surprised him even more was that meme trading also stimulated demand for 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, besides direct stock token trading, the stock token trading volume driven by token-stock paired meme coins accounts for about 34% of total RWA trading, making it the second-largest contributor to RWA trading volume.
Composition of Robinhood Chain RWA Daily Trading Volume
Given LONG's leading position in the token-stock pairing Launchpad sector, this essentially reflects LONG platform's contribution to Robinhood Chain's RWA trading volume. Specifically, as of now, 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 meme coin AI.
LONG Platform Stock Token Trading Volume and Platform Share
Meme trading driving stock token transactions is a development Robinhood welcomes. Vlad Tenev even implicitly praised token-stock paired memes in a recent interview, stating, "They've connected meme coins, major cryptocurrencies, and stock tokens to create some unique products we never anticipated would be built. It's unlikely we would have thought to build them ourselves." (Related reading:Robinhood CEO Interview: Meme Coin Boom Was Unexpected, My Portfolio Is Quite Diverse)
Another significant meaning of token-stock paired meme coins is expanding the utility of stock tokens, showing users and entrepreneurs the innovative possibilities for traditional assets like stocks on-chain. Beyond meme coins, more mature and protocolized innovations involving stock tokens are certain to emerge in the future.
