After Noxa unexpectedly shut down, Robinhood entered the "hundred-team battle" phase of its launchpad. Nearly a week has passed, and the situation has become somewhat clearer, but significant uncertainty remains.

Pons: The current leader

Over the past two days of the weekend, Pons has taken the lead in both the number of newly launched tokens and daily trading volume. In particular, on daily trading volume, Pons has outpaced Noxa for two consecutive days, with an average daily volume of approximately $45 million over the two-day period.

Although Noxa no longer issues new tokens, early high-impact projects like $CASHCAT continue to contribute significant daily trading volume. Pons surpassing Noxa in daily volume means it is now not only the preferred platform for launching new tokens but also the top choice for active liquidity.

Yesterday, based on daily trading volume market share calculations, Pons achieved a market share of 52.1%.

This helped $PONS rebound from a market cap that once dropped to around $4 million and reach a new high of approximately $24 million. We can certainly say that, when comparing $PONS to $PUMP based on its revenue since inception and factoring in the already accumulated 20% token burn, $PONS’s recovery from $4 million is entirely reasonable.

But the logic can actually be simplified and made clearer. First, the market is betting on the massive vacuum left by Noxa’s exit in the launchpad space, and Pons has the strongest data. Second, there needs to be a catalyst event that leaves room for market speculation—and Pons leads here too, as bonkguy publicly bought in and even added to his position mid-way. Added to that, WLFI advisor @cryptogle has consistently been promoting $PONS, leading the market to imagine that Pons is backed by the Bonk camp.

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

Arrow: High control, does everything

The price of Arrow's token previously reached a market cap of $35 million, one reason being high control:

Another is that after the meme coin $CASHCAT emerged as the leader, people sought opportunities in the RWA space, and this project happens to focus on collateralized lending of U.S. stock tokens.

The launchpad business is so profitable that Arrow has also entered the space, shifting the narrative from previous token-collateralized lending on U.S. stocks to positioning itself as a fully-featured DeFi hub on Robinhood. In terms of attention, Pons relies on Bonk, while Arrow leverages the story of Ash Manicka, a former Robinhood employee, serving as a strategic advisor to the project.

The trading pair hasn't opened yet, but it will soon—please keep monitoring.

Stonkbroker: The platform hasn't even launched yet, but NFTs are already rising.

The project planned to launch NFTs even before going live on Robinhood’s mainnet, and during the testnet phase, the team had already built the launch platform.

The original idea was to use the royalty income generated by the project to purchase U.S. stock tokens on Robinhood and airdrop them to holders. This NFT integrates ERC-6551, meaning each NFT also functions as an Ethereum wallet, enabling direct airdrops to the NFT.

By utilizing ERC-6551 instead of merely tracking owner addresses, it offers significant versatility in gameplay. Although its platform hasn't officially launched yet, NFTs have already been traded up to nearly 2 ETH, and the token has surged to a peak market cap of over $15 million, making it one of the weekend's biggest crypto darlings.

This NFT has a total supply of 4,444. Seventy percent of future launchpad revenues will be used to purchase U.S. stock tokens on Robinhood, which will then be airdropped to NFT holders. However, holders must spend a portion of $STONKBROKER to activate their NFTs in order to qualify for dividends; the more $STONKBROKER spent, the higher the multiplier bonus on dividends received.

Each time ownership of the NFT transfers, the new holder must spend $STONKBROKER to activate dividends.

So this is essentially a meme coin flywheel. Holding the image is like being a shareholder in the platform, but to claim dividends, you must burn tokens. The more popular the platform becomes, the higher the dividends the NFT receives—and the more expensive the tokens needed to activate dividend rights become.

Currently, the platform hasn’t launched yet, but expectations have already been hype-driven to the max—likely due to the novelty of this model and strong interest from the NFT community. This platform isn’t just a launchpad; it will also include a swap function, lending services, and an AMM tailored to this NFT collection.

Bankr: Issue memes using U.S. stock tokens as pairs.

This is quite a clever approach—just a few hours ago, Bankr launched a new feature that allows trading pairs with over 90 tokenized U.S. stocks such as $TSLA, $AAPL, and $SPY, meaning the liquidity pools now contain stocks instead of ETH.

Previously, it wasn’t true that there were no similar玩法. For example, two months ago, a platform called alt.fun on HyperEVM gained popularity for a few days—it issued meme coins backed by contract positions, including those on U.S. stocks, and its top token reached a market cap of up to $9 million.

However, given that Robinhood’s CEO has repeatedly stated that their chain will focus on both RWA and meme projects, this type of scheme on this chain appears to have room for hype. Moreover, somewhat ironically, Bankr’s founder @0xDeployer himself launched $REAL, paired with NVIDIA stock, and has posted on X seeking a CTO team, emphasizing the need for truly experienced operators and offering suggestions:

If this $REAL gains traction, Bankr might use this clever approach to overtake competitors, and meme trading pairs involving U.S. stocks could briefly become popular.

Conclusion

The underlying assets directly related to each platform (excluding $REAL) already have market caps exceeding tens of millions of dollars. Before the outcome of this competition is settled, placing large bets carries significant risk. At this stage, the best strategy is to closely monitor each platform— the more intensely they compete, the more opportunities will arise.