# Robinhood Chain — X 热门讨论 (2026-09-20 15:35 UTC)
## @ThePumponomics (Pumponomics) · 09-20 13:30 · ♥74 ↻20 💬28 hold coupons, earn pons.
$COUPONS went live on robinhood chain a few days ago. 3% tax on every buy and sell, 100% of it swapped to $PONS and paid out to holders. no creator cut, no skim. hold 10,000+ coupons and you get paid.
i think it's the first reflection token on hood chain that pays out rewards in pons.
why pons?
robinhood chain had a huge initial surge and has cooled off over the last month, but vlad and team have shown they clearly care about this chain succeeding, and they're very smart operators.
pons is the premier launchpad on the chain and the metrics speak for themselves. if you're going to collect rewards, why not collect them in the asset with a real shot at multi billions on a new chain backed by robinhood?
the stonk/knots comparison:
stonk is the sol launchpad and knots is the reflection token that pays holders in it. i have a lot of respect for stonk and what they've built.
but there was a gap in the market. pons should have a "knots" too. by the stonk/knots ratio, that's roughly 10% of pons market cap. coupons is at $1M right now. interesting upside potential...
and the upside here is arguably better than knots. 20% of coupons supply is already burned and 5% is locked, and none of it earns rewards, so every payout is split across fewer coins. that means holders get a much bigger cut of every payout.
the teams plan is to keep burning tokens as mcap hits milestones, up to 50%. at 50% burned, every coupon gets DOUBLE the slice it would in a token with nothing burned. knots and zcat don't have that (i hold a lot of both of those and love them too).
i think that's an important point to restate. this is a rewards token on steroids.
payouts go out every few hours, whenever enough pons has pooled up in the dividend wallet. every one is a plain pons transfer you can watch on chain.
one more thing:
coupons isn't fully tradable on fomo yet. they're working on integrating evm tax tokens on their backend.
i think that's bullish. the friction means the people buying right now actually want to be here, and they're buying while even though there is extra friction. when fomo integration lands and it's fully tradable there, i'd expect the floodgates to open.
can buy on any dex right now: uniswap, metamask, phantom, etc
CA: 0xf086C53f2780E601F0d005fABB3Ee5a220336062
nfa. https://x.com/ThePumponomics/status/2101665302765240774
## @xCryptoAlucard (Alucard) · 09-20 11:42 · ♥71 ↻8 💬21 20 GTD spots for @BrokeDealersHQ
We secured GTD spots for the community.
Broke Dealers is a 2,222-piece pixel art collection launching on Robinhood Chain. Every piece is an office worker having a bad quarter.
The name comes from “broker-dealer”. Take one letter out and the most institutional phrase in retail finance turns into the guy still holding the bag.
Rich in deals, broke in stocks.
Chain: Robinhood Chain Standard: ERC-721 + ERC-6551 Supply: 2,222 Mint Price: 0.001 ETH Mint Date: September 21, 1 PM UTC Marketplace: OpenSea Art: 8 layers, 62 traits
To enter: 1) Follow @BrokeDealersHQ and @HouseXYZ_ 2) Like + RT + comment on: https://t.co/lgx37ZBT9z 1 3)Join HOUSE Telegram: https://t.co/ZhUhtGShm0
10 GTD for the X community 10 GTD for the HOUSE Telegram community
Ends in 8 hours.
Good luck. > 引用 @BrokeDealersHQ: Feds hiked the rates.
The Broke Dealers don’t care, they’ve been broke in stocks.
More than a terminal. 2,222 broke dealers, dealing through every market cycle.
onchain on @RobinhoodCrypto , Very soon.
Deals innn… https://t.co/o4PAyowjyL https://x.com/xCryptoAlucard/status/2101638044767969315
## @launchpadmeme (Launchpad) · 09-20 11:37 · ♥62 ↻8 💬17 Things that were shipped last week: -Custom Tax -Holder rewards -Arc Chain Pad -Bitget Wallet Integration -Any wallet fee redirection (for Organisations and donation causes) -LPAD multi chain->Robinhood mechanism
Things that LPAD will be shipping this week -Stocks on @base -Pairing with @MetaDAOProject projects -Integration with @near_intents -Launch2Win campaign with upto 10,000USD in launcher rewards
and many more. https://x.com/launchpadmeme/status/2101636745393516657
## @100y_eth (100y) · 09-20 11:02 · ♥62 ↻5 💬10 A lot of people are misreading the SEC’s new Innovation Exemption for tokenized stocks.
The market seems to be treating this as a blanket green light for anything related to “tokenized equities.”
It isn’t. The SEC’s exemption is much narrower.
The framework allows
- qualifying Tokenized Securities Venues (TSVs) to facilitate trading of tokenized NMS stocks through permissioned AMMs without registering as traditional exchanges.
- Certain liquidity providers can also receive conditional relief from dealer registration.
But the key is what actually counts as a “tokenized NMS stock.” The SEC basically recognizes two relevant models:
1. Issuer-native tokenization
- The company itself, or someone acting on its behalf, tokenizes the actual stock. - Think of a transfer agent recording the actual shares onchain. - The token Itself is the security, not a wrapper that merely tracks it.
2. Third-party custodial tokenization
- A third party holds the underlying stock within the traditional securities system and tokenizes the investor’s ownership interest / security entitlement. - Again, the important part is that the token holder must receive the same rights and privileges as a holder of the equivalent traditional stock. - That explicitly includes things like dividends and voting rights.
What does NOT qualify? → Synthetic exposure.
If a third party issues its own note, derivative, tracker certificate, security-based swap, etc. whose value simply tracks AAPL or NVDA, that instrument is not a “tokenized NMS stock” under this exemption.
This distinction matters because the market reaction has been much broader than the actual SEC framework. Anything vaguely connected to tokenized stocks or onchain trading got bid.
$BP, $ONDO, $HYPE, $LIT and other adjacent names were swept into the narrative, even though their exposure to the exemption is very different.
$ONDO at least has a legitimate connection: Ondo has been moving toward custodial tokenization structures where underlying securities remain within regulated custody while corresponding onchain tokens represent rights tied to those securities.
But HYPE or LIT equity perps? Those are derivatives. They are not what the SEC just exempted.
And this brings us to Backpack.
$BP rallied hard as the market started viewing Backpack as one of the obvious winners from tokenized U.S. equities.
The common thesis seems to be:
“Backpack tokens are redeemable 1:1 for real shares, therefore they are real-equity tokens, therefore the SEC exemption directly benefits Backpack.”
That skips an important legal distinction. Backpack itself describes the two forms very clearly:
Traditional Backpack securities: → UCC Article 8 security entitlement
Backpack tokens on Solana: → “Tokenized claim” → Claim on an SPV holding the underlying assets
Those are NOT the same legal instrument. When you withdraw a traditional Backpack stock position onchain, you are not simply moving the existing Article 8 security entitlement onto Solana.
The security entitlement is converted into a different tokenized instrument.
That token can later be redeemed 1:1 through Backpack Securities and converted back into the corresponding traditional security entitlement.
This is actually a meaningful improvement over many existing stock-token structures.
xStocks, for example, are bearer debt instruments / tracker certificates backed 1:1 by underlying shares.
Robinhood’s Classic Stock Tokens are derivatives against Robinhood Europe and explicitly do not give holders ownership rights in the underlying stock.
Backpack goes further because its token can be redeemed 1:1 into an actual traditional share position / security entitlement.
But redeemability ≠ the token itself being the underlying equity.
And that distinction matters for the SEC exemption. The SEC does not merely require 1:1 backing or 1:1 redemption.
A tokenized NMS stock traded under the exemption must provide the holder the same rights and privileges as the corresponding traditional stock, including voting rights.
Backpack’s current documentation describes the Solana token as a “tokenized claim” designed to maintain economic equivalence with the underlying security.
It does not describe that token itself as an Article 8 security entitlement or as carrying the full shareholder rights required by the SEC framework.
So I would not classify Backpack’s current stock token structure as a direct beneficiary of the Innovation Exemption.
Could Backpack build a compliant structure around the exemption later? Absolutely. But that is different from saying its existing tokens already fit it.
The infrastructure that is much more directly aligned with what the SEC just described looks more like:
- @SuperstateInc: issuer-native shares recorded onchain through a registered transfer-agent model. - @Securitize: issuer-sponsored tokenized shares and transfer-agent infrastructure. - @Figure: blockchain-native registered public equity. - @The_DTCC: tokenization of DTC-custodied securities with identical legal and ownership rights. - @DinariGlobal: custodial tokenized equities designed to preserve the rights of the underlying securities. - @Ondo: moving toward custodial tokenization models tied more directly to securities held inside the regulated custody chain.
I’m writing this because I’ve seen a lot of confusion in the community about what the exemption actually covers and which existing products legally fit that definition today.
Either way, the SEC’s latest announcement is undeniably a major positive for the tokenized equity ecosystem as a whole. https://x.com/100y_eth/status/2101627953121817088
## @muarmemuar (muar) · 09-20 10:00 · ♥61 ↻0 💬15 又来跟各位中国朋友打个招呼。我是 Muar，之后会不定期发中文内容。我挺喜欢中国，也喜欢跟这边的人交流。
先简单晒一下自己做过的一些 call，方便你们判断这个号值不值得看。
三月的时候我写过，Polymarket 上 Variational 500M FDV 的 Yes 盘基本就是白送。后来这笔大概 4 倍： https://t.co/EJawgBjd9F Robinhood Chain 上 meme 还没全面起势之前，我做了 UNI 和 ARB 的多单，当时也写过为什么这么做。这两笔加起来大概赚了 9 万人民币： https://t.co/K5d5AV546g
$LIT 还在 1.6B FDV 的时候，我给过 5B 的目标，后来差不多 3 倍： https://t.co/RhPNuwwd8D 七月初写过，AI 股票该空、crypto 该多。结果在这里： https://t.co/RRNZ81MJfr
StonkFun 生态还没被 Traction 起来的时候，我就说过值得看一眼。后面那些币大概走出了 3 到 7 倍： https://t.co/EejLNLzUeo TreadFi 还是早期的时候我也推过。我一个朋友在上面赚了大约 60 万人民币，后来因为这个 call 分给了我 3.2 万： https://t.co/TU7SDIW8MB
我还写过哪些 perp DEX 我会直接 skip。后面其中一部分关停了，有的被盗了。这个 call 其实帮不少人省了时间和钱： https://t.co/W4DTf1Idf6 Variational 还没被全网喊起来的时候，我就是比较早开始推这个 perp DEX 的 KOL 之一。现在我在上面大概有 6000 多积分。
我不觉得自己是什么 alpha caller，主要就是想认识一下各位。中国这边的 KOL 我一直看得挺有意思。 眼下我更盯那些还没有积分计划、用户注意力也还没过来的 perp DEX。我比较确定的一点是：Variational 空投落地之后，圈子会把目光转到这批盘上。这条建议最好先存一下。
原因很简单。一旦积分计划上线，积分本身就会被定价、被炒，用户会涌进来，supply 会被空投农民摊薄，后面再农就难了。没有积分计划的时候，没什么可炒的，也没多少人盯着，但这段早期交易往往会被追溯计入。 Hyperliquid 在 5800 万积分里，给了大约 1.1 万名早期用户 450 万积分，占总量 7.7%。积分计划上线前 9 个月的交易都被算进去了。
RiseX 在 1200 万积分里，给了不到 4000 名早期用户 160 万积分，占总量 13.3%。上线前 3 个月的交易被计入。 Variational 在 950 万积分里，给了不到 9000 名早期用户 300 万积分，占总量 31%。上线前 11 个月的交易被计入。
据我了解，下面这几个 perp DEX 大概会拿出总积分供给的 15%–20% 分给早期用户。这个比例很关键。积分计划大概率会在十月到十一月上线。
@QFEX
我挺确定，Variational 一 TGE，CT 就会涌到 QFEX，然后开始叫它 “Variational 2.0”。理由无非是 RWA 叙事，再加上团队背景。
QFEX 今年早些时候融了 950 万刀。有意思的是，创始人是在剑桥认识的，后来一起把 QFEX 做起来。Variational 也差不多：创始人在哥伦比亚大学认识，然后再把项目做出来。
你们可以记一下：后面会有人把 QFEX 叫成 “Variational 2.0”。但两边的成交模型完全不是一回事。Variational 是 RFQ，QFEX 是 CLOB。
邀请码（交易手续费 9 折）： 7G6HRJ7K, XQTE418N, PGW3SKPV, 3M40WQQF, 6YFDESMD, 13FC90CV, AZWKB0PK, W35DAFQJ, J4MBY5B2, W5DVVZ15, 6Z0H1JM5, 2PVKPAJ3, NEVHBQ6B, 08NQGJSC, 585PS49A, AMHVE8K5, V8DYFG1V, SPEETBWS, MX44PVAN
@TxFlow_L1
BloFin 创始人现在也进 perp DEX 了，做的就是 TxFlow。BloFin 本身已经是一家比较成熟的 CEX。
这其实成了 CEX 的一条常规路径：Bybit 有 Apex，Binance 有 Aster，BloFin 则是一边做自己的链，一边做 TxFlow 这个 perp DEX。
用码 MUAR，手续费打 95 折。
@get_truenorth
这是我看得比较顺眼的项目之一，perp DEX 叙事叠 AI。
他们已经拿了 300 万刀 pre-seed。其中一个创始人以前做过 WOO X，那是很早期的一批永续合约交易所，所以团队其实懂交易员要什么。另一个创始人之前在中国两家头部 AI 芯片公司待过。 我觉得这套班底，是有机会用 AI 把 perp DEX 往前推一截的。
TrueNorth 给自己的定位是 AI-native 的 agentic brokerage，基本上就是第一家 “agentic broker”。它提供个性化的 AI 交易 agent，能帮忙做盘面分析、下单执行、风控，以及交易后的复盘。
等他们把还没发币的 perp DEX 接进去之后，理论上可以用 AI agent 在多个协议上自动跑 delta-neutral，同时被动农好几个盘的积分。
用码 MUAR，手续费 9 折，积分再加 15% boost。
@entropyIO
这是做 Hyperliquid HIP-3 上 RWA 的 perp DEX，刚刚拿了 Ribbit Capital 4500 万刀。
Ribbit 就是早年投 Coinbase、Robinhood 的那家。现在他们把注押到 perp DEX 上了：之前投过 Lighter，现在是 Entropy。
对我来说，听到这些已经够了，早期就该开始在这个盘上做交易。
手续费 12.5% off 的码：muarych
趁现在还早。再晚一点积分会更难农，潜在利润也会被摊薄。 > 引用 @muarmemuar: 今年让我觉得最惊喜的一个发现，就是中国 KOL 的 Crypto Twitter。
和英文圈的 KOL 相比，无论是 Alpha 的数量还是信息的实用程度，真的完全不是一个量级。
中文 Crypto Twitter 里的人说话特别直接，愿意把 Alpha 原原本本地分享出来，不搞那些模棱两可的暗示，也不藏着掖着。
我现在唯一不知道的是，怎么调算法才能让我的 Twitter 里超过 50% 的 Crypto 内容都变成中文 😂
顺便介绍一下，我叫 Muar，主要写 Perp DEX 相关内容。很高兴认识这里的中国朋友！ https://x.com/muarmemuar/status/2101612486189330631