KuCoin Ventures Weekly Report: Warsh Tightening Signals, Renewed ETF Inflows and RWA Narratives Reshape Crypto Markets

Data Source: DeFillama

This cycle does not simply replicate the Pump.fun-style Meme issuance trajectory. Combined with the intrinsic characteristics of the Robinhood Chain, the core of this new narrative stems from the recombination of Real-World Assets and crypto-native mechanisms.

In the past, "stocks on-chain" primarily focused on the holding and trading of the assets themselves post-issuance. However, the new experiments on the Robinhood Chain are beginning to explore the next step: once these assets are on-chain, why should crypto users trade or hold them, and how can stock token assets be integrated into DeFi to become part of the DeFi money legos.

Pons serves as a relatively typical case. As a Pump.fun-like launchpad infrastructure, early Pons still adopted the familiar Bonding Curve + AMM issuance mechanism, where new tokens enter a permanently locked Uniswap v4 liquidity pool upon reaching a threshold. Its recently introduced mechanics, however, begin to allow new tokens to be paired directly with Robinhood Stock Tokens such as NVDA, GME, and AAPL. Certain mechanisms can also distribute trading fees to holders in the form of supported RWAs, stablecoins, or ETH. Concurrently, the Pons Treasury has started providing liquidity for on-chain RWAs, summarizing its positioning as "the home of memestocks." Currently, Meme markets using the NVDA Stock Token as the quote asset are directly visible on the Pons platform.