Two weeks into the launch of Robinhood Chain, fueled by meme coins, it has surged in popularity far beyond expectations — the first week saw DEX trading volume surpassing $31 billion, propelling it into the top five blockchains by DEX trading volume. On July 11, the daily Meme DEX trading volume on Robinhood Chain briefly spiked to $13 billion, surpassing the long-standing meme leader Solana (around $11 billion).
The meme frenzy extended to a wave of "launchpads," with the most dramatic scene unfolding on this chain being the hottest meme launchpad, NOXA — which quickly shut down its core function right after raking in hefty fees. According to Onchain Lens, the protocol earned approximately $7.66 million in fees within the week prior to the suspension within the Robinhood ecosystem, peaking at $2.33 million in a single day (July 11), four times that of Pump.fun (around $575,000) on the same day. Robinhood Chain's top meme, "CASHCAT," also originated from NOXA, with its market capitalization hitting a peak of over $2 billion on July 11.
However, on July 11, NOXA suddenly paused its new token launch feature, citing ongoing user feedback regarding issues like new coin flooding and copycat coins, and the team's discovery of bots creating and replicating new tokens in large numbers per hour. Subsequently, its website domain was briefly inaccessible due to issues with Cloudflare, among others, with the team stating they were in the process of migrating the interface to an ENS domain and expected a swift recovery.
It wasn't until the evening of July 14 that NOXA rolled out a new interface, with the team stating that they "will keep new token issuance turned off, which is the only solution to prevent dilution of the core token." According to NOXA, the market's inundation with tokens from "vampire attacks" and endless new coin spam has exceeded the initial capacity of its infrastructure. The new interface retains only three functions: viewing a snapshot of historical token issuances, viewing self-issued tokens and associated fees, and claiming remaining creator fees, with the official stance being that 100% of transaction fees will be directed to creators.
This maneuver has also stirred up questioning within the community. Some believe that the shutdown of new coin issuance, bringing the interface and domain back under team-controlled new sites, along with a fee adjustment, poses a risk of a "soft rug pull." The team, however, interprets this fee adjustment as being "100% creator-owned," while maintaining historical query and creator fee claim functionalities. On the flip side, token holders' assets now heavily rely on an unsecure-audited new interface's ability to sustain operation, warranting further observation.
Following this announcement, Meme tokens issued through NOXA experienced a general decline. Among them, CASHCAT dropped by approximately 16% in 1 hour, with a market capitalization falling to $163 million; JUGGERNAUT plummeted by over 18% in 1 hour, with a market capitalization dropping to $11.7 million.
NOXA Launchpad Leader Position Vacant After Pause
The so-called "launchpad" is a coin-launching tool—where the average person can mint a meme without writing a single line of code, simply by uploading an image and choosing a name, and then earn a percentage of each transaction thereafter.
NOXA adopts a direct issuance model: the token is initially launched on Uniswap V3, allowing for instant trading with permanent liquidity locking, without the need to follow the model of platforms like Pump.fun, which require initial progress on an internal exchange before "graduating" to a DEX.
NOXA's dominance on the Robinhood Chain is to a large extent attributed to its "first-mover advantage"—the team selectively targets new chains that have just launched or are not yet officially launched, having previously established a presence on multiple chains such as MonadMegaETH, Merlin, and DeBank's DBK Chain, with early support for Robinhood Chain. They have also launched CASHCAT, the flagship of the Meme coins. At its peak, CASHCAT's market capitalization exceeded $200 million on July 11, with a weekly surge of over 4000%, reaching $188 million at the time of writing.
According to Dune Analytics data, there are over a dozen platforms participating in daily coin launches on the Robinhood Chain—besides NOXA, other platforms include Bags, Flap, Clanker, Doppler, Trench, Bow, and more. NOXA held absolute dominance in early July, but following the launch suspension, there is currently no clear "successor."
On the other hand, Uniswap Takes "Auction" On-Chain
However, it is worth noting that on July 13, Uniswap officially introduced its own "Auction Coin Offering" (CCA) mechanism to the Robinhood Chain. The battle for the Robinhood Chain launchpad has entered a new phase.
The CCA brought by Uniswap, known as Continuous Clearing Auctions, takes a pricing approach that is quite different from the "instant swap" method.
Users only need to provide two values when participating: a budget (how much they are willing to spend) and a maximum acceptable price. The protocol does not slam this money into a single block all at once, but gradually spreads it across multiple remaining blocks in the auction at the issuance pace, automatically executing trades (this is called "Continuous Clearing" — segmented, continuous settlement). It settles block by block, determining a "uniform price" dynamically for each block, with all participants in the same block buying at this price; those bidding higher than the clearing price receive the full amount, those bidding exactly at the price may receive a partial fill, and those bidding lower do not receive any in that round. With ongoing demand accumulation, the clearing price adjusts smoothly block by block, rather than being skyrocketed or plunged in the opening moment.
The entire process has also been fully coded: the initiator fills in parameters on the Uniswap website, and a factory contract deploys a 10 billion supply ERC-20 token; after the auction ends, the raised funds are automatically injected into a Uniswap v4 trading pool, with the fee tier of the pool set by the initiator when creating the pool (options include 0.01%, 0.05%, 0.3%, 1%, and custom rates, collecting a fixed percentage of each transaction in that pool). Under the standard configuration, the LP position representing liquidity in this pool (an NFT) is locked in a smart contract, with the developer relinquishing control, and earnings coming from the transaction fees of this pool.
In the CCA mechanism on the Robinhood Chain, the Meme released is currently led by UNICORN, with a peak market cap of $2.13 million, and as of the time of writing, it is at $685,000. Previously, the token's name appeared in Uniswap's official whitepaper (note that the demo document indicated Unichain rather than Robinhood Chain).
Another Meme, TRASH, had previously reached a peak market cap of $2.2 million and has since dropped to around $350,000 at the time of writing. This Meme incorporates the narrative of "selling the trash from Taylor Swift's wedding" into its story, with Uniswap founder Hayden Adams once retweeting a post asking, "How much money could be made if this transaction were tokenized into RWA."
There are also mixed opinions in the community about whether the CCA mechanism is suitable for Meme coins. Although the issuer initially does not pre-allocate tokens to themselves, any unsold portion in the auction will be returned to their possession, potentially allowing the issuer to accumulate a significant amount of chips. This "anti-snipe, pro-fairness" auction mechanism may not actually align with the emotional and rapid rotation nature of Meme coins. If you want to find a new gem in Uniswap auctions, you need to personally assess the issuer's holdings and selling situation.
First, Use Meme to Get the Chain Running, Then Gradually Introduce RWA
For ordinary users participating in the new listing, there are several points worth remembering: CCA auctions can significantly reduce the risk of being sandwiched at the market open, but currently, the target assets have very small market capitalization and thin liquidity; platforms that offer instant trading are popular and allow quick entry, but they also come with sniper attacks and dumping risks.
For Robinhood itself, the game is actually already half won: regardless of which coin issuance mechanism wins, the path of "First, Use Meme to Get the Chain Running, Then Gradually Introduce RWA" is being validated by the market. Whether the chain built for stocks will eventually be filled with tokenized stocks remains to be seen after this wave of speculative frenzy subsides.
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