- Robinhood Chain launched on July 1 for real-world assets, but its first week was dominated by memecoins totaling roughly $13 million.
- Memecoin launchpad NOXA collected over $12 million in fees in two weeks before shutting down, citing bot spam and a “liberated cat” token.
- Other launchpads like Vlad.fun and Pons faced internal integrity issues and security bugs, while hacked accounts and scams drained millions.
- Total value locked on the chain has climbed to nearly $200 million, but RWA infrastructure remains at a meager $13 million compared to memecoins.
Robinhood launched its new blockchain, Robinhood Chain, on July 1 at a London event, pitching it for tokenized stocks in over 120 countries. CEO Vlad Tenev told CNBC the next morning that the future of crypto lies in real-world assets, not memecoins.
However, within a week, memecoins accounted for roughly $13 million in trading volume. One memecoin, MIZUKARA, went to zero after $67 million in trading volume, according to data from GeckoTerminal.
The boom was fueled by NOXA, a launchpad responsible for over 60,000 tokens. NOXA collected more than $12 million in fees in two weeks, but then complained that bots were “spamming and copying new tokens every hour” and switched off its token deployer. Two days later, its website went dark, with NOXA blaming a Cloudflare issue and burning 40% of its own token supply.
Meanwhile, launchpad Vlad.fun paused after discovering “a serious internal integrity issue at launch involving members of our team.” Rival Pons spent an afternoon batting away reports of a front-end token-approval bug, insisting the damage was less than a dollar.
Hackers hijacked SpaceX-affiliated X accounts to shill a token called SCATMAN, which spiked to a $2 million market cap before the creators pulled liquidity. Another token named 1 rose on a rumor that a wallet linked to Tenev was buying, then collapsed 93% when traders realized it was a compromised demo address.
Despite the chaos, the chain’s total value locked has climbed to nearly $200 million, and daily DEX volume peaked near $880 million. Yet the RWA infrastructure it was built for remains at a meager $13 million, far below competing blockchains.
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