After Noxa's unexpected shutdown, Robinhood entered a phase of "Battle Royale" among launchpads. Nearly a week has passed, and the situation has become somewhat clearer, but there is still much uncertainty.

Pons: The Current Leader

Over the past weekend, Pons has taken the lead in both the number of new tokens launched daily and daily trading volume. Especially in terms of daily trading volume, Pons has surpassed Noxa for two consecutive days, with an average daily volume of approximately $45 million.

Although Noxa is no longer issuing new coins, early influential projects like $CASHCAT are still contributing significant daily trading volume. Pons's surpassing in daily volume means it is not only the preferred platform for launching new tokens but also the top choice for currently active liquidity.

Yesterday, based on intraday trading volume market share calculations, Pons's market share reached 52.1%.

This helped $PONS's price rebound from a market cap of around $4 million to a new high of approximately $24 million. Of course, we can say that based on Pons's revenue since its inception, annualized, and combined with the roughly 20% token burn rate, a horizontal comparison with $PUMP shows that $PONS's rebound from $4 million is reasonable.

But in fact, the logic can be simplified and made clearer. First, the market is betting on the huge gap left by Noxa's exit in the launchpad track, and Pons has the best data. Second, there needs to be an attention event that leaves room for market imagination. Pons is also leading in this regard because bonkguy openly bought in and even added to his position. Additionally, WLFI advisor @cryptogle has been shilling $PONS, leading the market to imagine that the "conspiracy" behind Pons is the Bonk gang.

Finally, Pons's lead does not mean it has secured final victory; many other platforms are eager to compete.

Arrow: High Control, Doing Everything

One reason Arrow's token price was able to surge to a market cap of $35 million is high control:

Another reason is that after the meme coin $CASHCAT became the leader, people started looking for opportunities in the RWA concept, and Arrow happened to be doing collateralized lending for US stock tokens.

The launchpad business is so profitable that Arrow also jumped in, upgrading its narrative from US stock token collateralized lending to a comprehensive DeFi hub on Robinhood. In terms of attention, Pons relies on the Bonk gang, while Arrow's narrative involves a former Robinhood employee, Ash Manicka, serving as a strategic advisor.

The platform hasn't officially launched yet, but it's coming soon. Keep an eye on it.

Stonkbroker: Platform Not Yet Open, NFT Rises First

This project planned to issue NFTs even before the Robinhood mainnet launch, and during the testnet phase, the team had already built a launchpad.

The initial idea was to use the royalty income generated by the project to buy US stock tokens on Robinhood and then airdrop them to holders. The implementation path involved the NFT combining ERC-6551, making each NFT also an Ethereum wallet that can directly receive airdrops.

Using ERC-6551 instead of just tracking holder addresses allows for more expandability in gameplay. Its platform hasn't officially launched yet, but the NFT has already been pumped to nearly 2 ETH, and the token has surged to a market cap of over $15 million, making it one of the big golden dogs of the weekend.

This NFT has a total supply of 4,444. In the future, 70% of the launchpad's revenue will be used to buy US stock tokens on Robinhood and then airdrop them to the NFT. However, holders need to consume some $STONKBROKER to activate the NFT in order to be eligible for dividends. The more they consume, the higher the dividend multiplier:

Each time the NFT ownership is transferred, the new holder must spend $STONKBROKER to activate it again to receive dividends.

So this is essentially a token-NFT flywheel. Holding the image is like being a shareholder of the platform, but to get dividend rights, you need to consume tokens. The more prosperous the platform, the more dividends the NFT receives, and the more expensive the tokens needed to activate dividend rights.

The current situation is that the platform hasn't launched yet, but everyone has already hyped up expectations. It's more likely because this gameplay is relatively novel, and the NFT player community is quite interested in this project. This platform is not just a launchpad; it will also include a Swap, as well as lending and AMM paired with this NFT series.

Bankr: Using US Stock Tokens as Pairs to Issue Meme Coins

This is indeed a clever approach. A few hours ago, Bankr launched a new feature that supports using over 90 tokenized US stocks such as $TSLA, $AAPL, and $SPY to pair with newly issued meme coins. That is, the pool is not in ETH but in stocks.

It's not that there haven't been similar approaches before. For example, two months ago, a platform called alt.fun on HyperEVM gained popularity for a few days. It used contract positions, including US stock targets, to issue meme coins, and the leading coin reached a market cap of $9 million at its peak.

But considering that Robinhood's CEO has repeatedly stated that their chain will focus on both RWA and meme coins, this kind of gameplay on this chain seems to have room for speculation. Moreover, quite dramatically, Bankr's founder @0xDeployer himself launched a coin called $REAL, paired with Nvidia stock. He also recruited a CTO team for this coin on X, stating that they need people who truly know how to operate and will provide suggestions:

If $REAL takes off, Bankr might overtake competitors through this clever approach, and in the short term, playing with these US stock trading pair memes could become popular.

Conclusion

The directly related targets of the platforms mentioned above (excluding $REAL) have already exceeded a market cap of tens of millions of dollars. Without the battle being settled, placing heavy bets carries relatively high risk. At this point, the best strategy is to keep an eye on each platform. The more fiercely they compete, the more opportunities there will be.