Let me address what I believe is the fundamental issue.Based on the information available to me, the current transaction tax is 1.7%, with 50% going to the creator and 50% to the platform. At the most basic level, this already gives creators a substantial amount in fees. I am not happy with that structure either, but I will set that aside for now.The more serious issue is what happens when a developer launches a token and that token becomes popular. The developer continues to earn fees indefinitely, even if they are no longer actively contributing to the project. Furthermore, those fees are paid in the token itself rather than in ETH or USDG. This naturally creates a continuous stream of potential sell pressure, as the developer has to sell those tokens to realize the fee revenue. So my question is simple: Who exactly is this system designed to benefit?The transaction tax is already higher than on competing platforms. On top of that, developers can abandon their tokens, continue collecting fees, and sell those tokens into the market. In the end, the users trading on the platform and the token holders are the ones who bear the full cost of this structure.

Robinhood Chain Recap: June–July Since mid-June, I’ve been following Robinhood’s official testnet, and there have honestly been a lot of ups and downs. At the time, I got access to the official RPC through Popdev and started researching and trading memes being created on Robinhood Chain before the ecosystem became widely known. In the beginning, I bought several tokens, including Democratize, CashCat, and Marian, while researching their narratives and the people connected to them. I also looked into various narratives, including the political and business connections between Robinhood and Trump, as well as the direction in which Robinhood might expand the chain going forward. As time passed, I compared the growth speed of each community and the potential for their narratives to expand. Among them, I concluded that CashCat had the strongest narrative. Based on how quickly the community was forming, how widely the narrative was spreading, and its symbolic connection to Robinhood, I gradually increased my CashCat position until I held roughly 1.7% of the total supply. After mainnet launched, the market cap fell from around 10M to 2M. During that period, I continued buying and selling across roughly four wallets while maintaining a total position of around 1.5% to 1.7%. At the time, I thought that if no additional catalyst appeared, I might have to exit somewhere around the 10M to 20M range. Still, I decided to remain patient and wait as long as possible. Then Robinhood’s CEO followed CashCat, followed by several people around him, and that marked the beginning of the real Robinhood Chain season. I started gradually taking profits from around a 100M market cap, and by the time it reached approximately 220M, I had taken profit on most of my position, leaving only around 0.45% of the supply. Then an unexpected variable appeared. Noxa’s website suddenly went offline. At first, I assumed it was simply maintenance or a temporary issue. However, contrary to expectations, Noxa announced that it was effectively ending active operations and would continue only in an archived form. It also announced that it would give creators 100% of the fees instead of retaining its previous share. On the surface, this could be viewed as a positive development because more revenue would go directly to creators. Personally, however, I could not interpret it as bullish. A platform generating a significant amount of fee revenue suddenly switched to archive mode, while it also became clear that the fee structure could be changed by the operator at any time. There was also no sufficient explanation regarding the website shutdown or the decision to stop active operations. In the end, I did not think the core issue was simply how much of the fees would go to creators. Personally, I felt that Noxa’s response had seriously damaged the basis of trust I had in the platform and its operations. When an unexpected variable appears in a trade and I cannot properly understand the situation, I tend to reduce risk first. Based on that decision, I sold the rest of my CashCat position at around a 170M to 180M market cap. After that, I also closed all of my Noxa-related positions, including 4663 and TERENCE. One of the main narratives behind 4663 was that it had been created by a Noxa developer and had frequently been promoted by Noxa. However, once Noxa had effectively ended active platform operations, I did not believe that narrative could continue in a healthy or sustainable way. For that reason, I closed every position connected to Noxa. Some people have said that I sold 4663 near the top, but in reality, I exited at around a 2.5M to 3M market cap. I believed that the risk of the narrative being damaged was greater than the possibility of further upside. After reassessing Robinhood Chain, it increasingly seemed to me that Robinhood’s CEO and other key figures were shifting their attention away from memes and toward RWAs, bonds, and tokenized stocks. For now, I have only placed a few small speculative positions related to those narratives and am watching how things develop. My approximate overall profits were: CashCat: around $2M to $2.1M in total profit Other tokens: around $50K to $100K in profit (including 4663, 530A, and several others) The biggest lesson I took from trading on Robinhood Chain was that deeply understanding a narrative and having the patience to wait is far more important than simply buying before everyone else. At the same time, no matter how strong a token or its community may appear, if trust in the underlying platform and infrastructure collapses, the entire thesis needs to be reconsidered. I was also reminded once again that when circumstances change, your judgment must change with them. When an unexpected variable appears and I cannot fully understand the situation, reducing risk is better than continuing to force a hopeful interpretation. I’ll probably be traveling on Monday, so I may not be able to trade much for a while. Until then, I’ll likely trade on Base for a bit.

@inbetweeners93 Personally, I think the buying pressure has started to break down, and it would take some kind of new catalyst to reverse the trend. But I have no idea what that catalyst could be, so I don’t plan on entering a position for now.

Personally, I’m not a fan of trading too frequently on the HOOD chain. I recommend carefully choosing two or three narratives you genuinely believe in, holding onto them with conviction, and adjusting your positions as you observe the community’s activity and overall market conditions. Going forward, we will likely see more LARP accounts coming over from Solana and BSC, encouraging newcomers to trade and using their liquidity for their own benefit. If you trade solely because “the price is going up” or “volume is coming in,” your own trading style and principles will gradually begin to fade. Before buying an asset, ask yourself why you should own it and what narrative and evidence support your decision. I recommend building as many solid reasons as possible before making a trade. Have a great day, everyone.

Don’t focus on buying before everyone else. Instead, focus on understanding the narrative more deeply than others. Look for catalysts that are likely to capture people’s attention, and think about what they might mean to Robinhood’s CEO or to Robinhood as a company. Also, research who created the project and keep adding to your thesis by asking yourself, “Why should I buy this?” That is the kind of approach I recommend when trading. Of course, this is not the only correct way. Everyone has their own trading style, and if you continue building your own edge and refining it over time, I believe good results will eventually follow.

My trading history, excluding my private wallets, is fully available on my GMGN portfolio. I would prefer not to receive questions about which coins I bought or sold. Repeatedly answering the same questions has become mentally and physically exhausting. Please refer to GMGN for my trading history. As for questions related to narratives, I will do my best to explain what I know within the limits of my understanding. I also have no intention of using Telegram or X to run a business, promote products, or accept paid advertisements. Going forward, I plan to casually document the emotions and thoughts I experience as a degen, along with content related to my actual trades. Wallet 1: Wallet 2: