Yesterday at midnight, I woke up for some reason and, while scrolling through the news, saw that BONER was rising very sharply. Many overseas influencers were shouting about it, comparing it to GME and FARTCOIN. The most eye-catching word was: Short Squeeze.
At the time, I just thought the story was interesting.
After waking up properly this morning and thinking about it again, I realized I was asking the wrong question—no one knows how much more BONER can rise. What's worth pondering is the new structure emerging behind it: Stocks, Memes, and on-chain liquidity are truly combining for the first time.
1. Why Robinhood Chain?
Robinhood's DNA has always been stocks + retail investors + trading; it's not a crypto-native company. This origin determines its direction: if Coinbase, Solana, or another public chain makes stock tokens, it's the crypto world trying to move traditional finance on-chain. When Robinhood does it, the direction is the opposite—a brokerage with a massive stock user base is actively moving traditional finance onto the chain.
Robinhood already has about 28.5 million funded customers and platform assets of about $355 billion. It is a company that already possesses a huge financial user base, trading scenarios, and brand recognition. This company is building itself a new on-chain finance infrastructure—as I have emphasized many times, this bull market is a bull market for on-chain finance, nothing else!
Robinhood Chain's mainnet won't officially launch until July 1, 2026, but by the end of August, daily DEX trading volume had already hit a record of $989 million, with a TVL (Total Value Locked) of about $708 million and a stablecoin supply of about $770 million—a 47% month-on-month increase.
This chain is only two months old today. It is the fastest-growing chain in history, and a trend is emerging.
2. Why Put Stocks On-Chain?
Currently, Memes are the most prominent on Robinhood Chain, but the core assets are Stock Tokens—on-chain stocks.
Stocks on Robinhood aren't printed out of thin air. Official Stock Tokens are essentially tokenized debt certificates issued by Robinhood. Robinhood states that Stock Tokens are backed 1:1 by the corresponding underlying stocks, which are held by custodians.
But once stocks are on-chain, things start to change. Previously, one share of NVDA was just one share of NVDA. Once on-chain, one NVDA Token can be split into countless "fractional" trades, provide liquidity, serve as collateral, enter lending protocols, join other smart contracts, pair with Memes, and derive new leveraged products.
Stocks have transformed from an asset that can only be bought and sold into an asset that can be programmed.
3. Stocks On-Chain: Who Provides Liquidity? Who Trades?
Robinhood can put $1 billion worth of NVDA, HIMS, or SPCX on-chain, but "having assets" and "having a market" are two completely different things. Suppose a thousand types of stocks suddenly appear on-chain: why would users come? Who provides the first batch of liquidity? Who creates attention and community? Why would an ordinary crypto user suddenly trade HIMS?
Note that the liquidity mentioned here is different from traditional finance. On-chain liquidity refers to on-chain liquidity pools. On-chain stock trading differs from the order-matching of traditional market makers. As long as there is a pool on-chain, it's 24/7 and doesn't require someone on duty. This all requires liquidity pools, but who will build these various pools? Who gives "benefits" to those who build them?
Most importantly, will anyone come to trade?
This is where Memes come in.
Memes may be a natural tool for the cold start of on-chain stocks: Stocks provide what Memes lack most—real-world value anchors and stories; Memes provide what stocks lack most—attention, community, spread, and speculative liquidity.
The two sides complement each other perfectly—Memes on Robinhood are becoming something different from the past.
4. BONER: From Short Squeeze Narrative to Capital Consensus
Yesterday's BONER story is a sample.
It forms a trading pair with the on-chain HIMS Stock Token. The word "BONER" is very common in English slang, meaning an erection, similar to how Chinese people talk about a "pillar reaching the sky" in the stock market. Then HIMS happens to be a company that treats erectile dysfunction. They were cleverly linked together.
Driven by some overseas influencers, it rose crazily, hitting $70 million in one day. In this process, a Meme community that originally had nothing to do with HIMS suddenly developed an economic connection with a real-world stock:
- The more the MEME rises, the more people buy, and the more stocks are needed. The more people buy BONER, the more HIMS Tokens enter the liquidity pool.
- MEME starts to "short squeeze" the stock.
If the entire ecosystem generates more demand for HIMS Tokens, it stimulates the issuance of new HIMS Tokens on-chain—for example, if there aren't enough on-chain stocks when the US stock market is closed, and BONER rises, the stock might be pulled to 130+, needing to wait for the market to open to level out to the market price of 20+.
Of course, the so-called HIMS "short squeeze" is still very early in terms of actual scale—even the BONER community's own website states that the current scale of this liquidity pool is not enough to independently cause a short squeeze of real HIMS stocks. Whether Stock Tokens are newly issued because of BONER trading cannot be simply equated. So the current "short squeeze" is more of a Meme narrative; I don't think BONER or other MEMEs have the ability to squeeze Wall Street.
Its significance lies in being the first to successfully run the transmission path mentioned above: previously, if a Meme rose a hundredfold, it was just a Meme rising a hundredfold. Today, if a stock Meme becomes large enough, it can theoretically start to inversely affect the demand for the real asset it is paired with. Even if this force is only as large as a grain of sand today, the structure is already different.
According to Robinhood's 1:1 backing mechanism, new Stock Tokens correspond to demand for the underlying stock assets.
Thus, a path that didn't exist before has appeared: Meme attention → On-chain trading volume → Stock Token demand → Token issuance and liquidity → Theoretically connecting to the underlying real-world stock.
Some might ask: if I want to short squeeze or speculate on stocks, why would I play with MEMEs instead of buying stocks directly?
This involves another question: why do people play with MEMEs? If you don't understand, you can look back at my historical articles for many views on MEMEs.
Returning to the stock short squeeze, users simply choose which one to buy. But after some deliberation, I found it's not easy to start because short squeeze stories have natural flaws: first, they are not unique. Find a small-cap stock with a high short ratio, pair it with a Meme, and you can tell a short squeeze story. Stock A can play this way, and so can B and C. The Meme market fears this most: the same narrative copied a hundred times, and people don't know which one to buy. When capital is dispersed, no one rises. BONER's real advantage now isn't that "only it can short squeeze"; what it holds is something else: capital consensus. These past few days, it's clear that overseas Meme leaders are forming a collective force. A few large accounts discover a relatively natural story early, buy in first, and then spread it together, quickly concentrating liquidity and attention on one target.
The story itself is not unique, but consensus temporarily makes it unique.
How BONER moves next needs to be viewed dynamically, but it has already proven one thing: people are buying into this stock Meme gameplay.
5. LONG: The Organizational Layer of Stock Memes
A few days ago, I decisively gave the judgment of holding $PONS in the left hand and $牛来 in the right. For the former, it's the same logic as today's thinking on which stock-meme to trade: if I don't know which MEME to buy, I'll just buy the platform's token.
Is there such a platform on Robinhood Chain? Yes.
LONG is the most important issuance platform on Robinhood Chain, mainly issuing "Meme coins paired with stock tokens." Currently, these stock-paired Memes already account for about a quarter of the stock-related trading volume on Robinhood Chain.
But interestingly, LONG is not just a token issuance platform; it's something even more imaginative: the attention distribution layer + liquidity organization layer for Robinhood on-chain stocks.
Robinhood is responsible for moving stocks on-chain; LONG is solving the next problem—how these stock Tokens form communities, liquidity, and new trading demand.
In the short term, the loudest on-chain presence might be pure Meme issuance platforms like PONS, with countless MEMEs, massive fees, and buybacks, but the fear is the periodic cooling of MEMEs.
In the long run, LONG's model has more space. This gameplay will be more sustainable. The empowerment isn't as violent, but stocks, stock derivatives, leveraged products, and RWA are infinite games. As a platform connecting both ends, the imagination is huge.
Of course, I am still very bullish on $PONS in the short term. After all, with such high income and violent buybacks, plus 30% already burned, compared to PUMPFUN, it's still at a 80-90% discount—logically, PONS will surpass PUMPFUN because the capital, popularity, and the future of on-chain finance are all here. It's also worth mentioning that PONS V2 also supports stock-memes!
6. Another Platform Token: AI
After sorting through the above, I noticed AI. Full name Artificial Inu, paired with the on-chain NVDA Stock Token. Its origin is "NVIDIA + AI + Dog."
LONG has not issued a traditional platform token to date, but it is step-by-step placing AI at the core of the ecosystem.
On August 1, AI's market cap was only about $1.5 million; by August 30, it reached a high of $135 million, and the liquidity of the NVDA pool once exceeded $3.3 million—as the first layer of consensus for stock Memes, it has already completed its mission.
Moving forward, its uses are starting to layer:
First, paired assets. LONG later allowed new Tokens to form trading pairs directly with AI. Refer to ETH: countless new coins on Ethereum are paired with ETH. No smart contract stipulates that ETH must be used; it's just that everyone knows ETH has the best liquidity, and liquidity itself attracts liquidity. The more trading pairs like AGI/AI and XXX/AI there are, the more AI's role changes from a "traded coin" to a "base asset that must be held to participate in ecosystem liquidity." These two valuation logics are completely different.
Second, liquidity hub. As trading pairs increase, trading routes may start passing through AI, and it will gradually become an intermediary currency in the ecosystem.
Third, locking and burning. The LONG team recently disclosed that through Community Mode, AI trading pairs, and automatic burning mechanisms, nearly $3 million worth of AI has been locked or removed from circulation. Each new AI trading pair further locks or burns AI.
Fourth, capturing new business value. For example, LongX, which LONG and Lighter are working on: packaging leveraged positions in perpetual contracts into ERC-20 tokens that can be directly held and transferred. Put in 100 USDG, it establishes an underlying leveraged exposure of about 3x NVDA, and then gives you an on-chain "3X NVDA spot-like asset." You don't have to manage margins, funding rates, or liquidation lines yourself.
Traditional finance has long proven that humans like simple leveraged products: 3x long and 2x long products are bought year-round because ordinary users just want to press a button: "I want to 3x long NVIDIA."
LONG officials stated that LongX will continue to expand NVDA-related leveraged assets and let part of the value flow back to AI. If this path works, AI will capture more than just Meme trading.
Fifth, ecosystem reserve asset. This is the furthest layer: if more and more LONG products, AI trading pairs, stock Memes, and LongX products build liquidity around AI in the future, AI could gradually become the base asset for the entire LONG ecosystem.
I haven't seen LONG officially announce that "AI is the LONG Token," but there is a rule in the crypto world: what you do is more important than what you are called. ETH is valuable not because its name includes "platform token," but because the entire Ethereum world needs it.
LONG's products continue to be built around AI; whether there is official certification doesn't need much more explanation.
Intuition: Bullish on the second half of Robinhood's on-chain finance; the AI token will be very important.
7. SPACEHOOD: A Story Understood in Five Seconds
SPACEHOOD is a MEME paired with SPCX.
Similar to the nearly 100-million-cap BONER mentioned earlier, but its market cap is only just over 10 million. Although that coin performed very strongly yesterday because overseas KOLs banded together, I think from a long-term perspective, if a leader is to emerge among stock-memes, SPACEHOOD has a better chance.
The advantage is simple; any crypto user can understand it in five seconds: SpaceX, Musk, Meme, Robinhood, stocks on-chain—it has everything.
If stock Memes really develop, the easiest to spread will definitely be those companies that already carry huge cultural symbols in the real world. SpaceX clearly belongs to this category.
The mechanism is the same: the larger the scale of SPACEHOOD, the higher the demand for SPCX Tokens, which theoretically increases the liquidity and demand for SPCX on-chain. This Meme is no longer floating entirely in the air but starts to have a faint economic connection with a real-world company. Of course, this force is pitifully small now, as the daily trading volume of SPCX in reality is not in the same order of magnitude as a ten-million-dollar Meme. But if on-chain stocks here become more and more popular, capital will eventually concentrate on the leader.
What if this Musk Meme reaches billions or even tens of billions of dollars? By then, its rise and fall will directly affect SpaceX stock. Musk, as the person who understands MEMEs best and pays the most attention to SpaceX stock, should be our mysterious guest as token holders.
By the way, this token was the first one the founder of the LONG platform publicly bought!
8. Difference from Binance bStocks
Some might ask: Binance also has bStocks; what's special about Robinhood? Binance's bStocks are also 1:1 backed, can be traded 24/7, are self-custodied, and can enter BNB Chain's DeFi. Seven weeks after launch, the official bStocks scale has exceeded $500 million.
Actually, the key difference is no longer "whether stocks are tokenized," but the starting point of the two:
- Binance is still leaning towards the business of selling stocks.
Binance is more like the world's largest crypto trading venue, adding stocks as a new tradable category. Everyone can buy them directly on the Binance main site. This is Binance's advantage and strength, and it's growing very fast.
- Robinhood Chain's ambition is to rebuild an on-chain financial system directly around stocks.
Stocks aren't just for buying and selling; they can be AMM (Automated Market Maker) assets, collateral, enter lending, pair with Memes, enter perpetual contracts, become leveraged Tokens, and eventually enter the automated trading systems of AI Agents, finally becoming a building block for the entire DeFi world.
Robinhood's official positioning for the Chain is a financial public chain oriented towards Tokenized Real World Assets (RWA), and it has already laid out Stock Tokens, DEX, lending, Morpho, Lighter perpetuals, and AI Agents all on this line.
Both will make stock Tokens large.
But on Robinhood Chain, a crypto-native culture is growing: Stocks + Meme + DeFi.
And AI stands exactly at this intersection.
9. Stock-Memes are Just Beginning
As long as you jump in and feel it, you can see how hot it is on the RH chain. Memes bring attention to stocks, stocks bring real-world anchors to Memes, DeFi provides liquidity for both, and Robinhood provides users and underlying assets for all of this.
The highlight of financial innovation is often not how much the first batch of assets eventually rose, but that a market that didn't exist before was suddenly created. The current Robinhood Chain gives people a brand-new feeling of excitement.
Of course, it's all still very early. Early means imagination, but it also means a higher failure rate. Maintain dynamic observation.
Previously I said, $PONS in the left hand and $牛来 in the right; this remains unchanged, and I continue to be bullish.
Today I add: $AI in the left hand and $SPACEHOOD in the right.
Standing at the wind's eye, even pigs can fly—hold onto those targets that can be understood at a glance to fly the fastest.
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These on-chain holdings and subsequent changes are public on FOMO. I recommend everyone download and use it; it's very easy to use, allowing one-click buying of any token on any chain. At the same time, funds are safe, managed by US-compliant institutions; the project party cannot touch the money, and the money is in your own wallet.
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The above is purely personal research notes and holding records and does not constitute any investment advice. Crypto assets fluctuate violently; investment involves risk, and decisions should be made cautiously.
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