Guide
Farming Robinhood Chain With Revert Finance
$BONER, a memecoin, pushed the tokenized $HIMS from around $29 to $132 over the weekend!
Even more interestingly, the actual $HIMS stock itself barely moved.
So now you’ve got tokenized $HIMS trading 4x above the real thing. The Arb bots are hammering the pool trying to close that gap, degens keep buying against them, and every one of those swaps pays a fee to whoever’s providing the liquidity.
When there’s that many trades going on, somebody’s getting paid.
And they’re doing it without needing to call the top, hold either token, or even care where $HIMS price ended up.
Interested in getting a piece?
Revert Finance currently shows LPs around stocks like RBLX/USDG and HOOD/USDG, alongside all the usual high-volatility crypto pools.
Some of the top positions have completely ridiculous displayed APRs. There’s a WETH/FOMO position showing 87K%+ APR right now.
Obviously I wouldn’t underwrite anything based on a number like that. A concentrated LP can show an insane APR after a short burst of volume and look completely different tomorrow.
Instead of looking at the pool APR and jumping in, you can open the actual LP positions and see their range, age, PnL, ROI, fee APR and liquidity.
So my process is basically:
Find a stock pool getting real volume
→ Check existing LPs on Revert
→ Compare different fee tiers/ranges
→ Look at how long the position has actually been earning
→ Then decide if the fees are worth the LP risk
I’d rather LP a stock w/ $USDG pair than blindly copy the highest-APR meme LP.
You still get exposure to the volume being created around the meme/stock trade, without choosing to become exit liquidity for a random meme.
One catch though…
The $HIMS move above is the reminder that a tokenized stock isn’t actually the stock. When CT decides to run it, it decouples from the real ticker and your “safe” stock LP gets run over like any other pair.
You’re not taking stock risk. You’re taking stock risk plus whatever CT decides to do with it.
Revert and Krystal both handle the management side after that: moving ranges, collecting/compounding fees, automations, and PnL tracking.
Everyone is staring at the token doing 10x and overlooking who’s collecting fees from all of them.
LPing can be worth it if Robinhood Chain keeps going in this direction.
Analysis
Are The Launchpads Mispriced?
Pump.fun was the undisputed king of memecoins.
But last week, a two-month-old launchpad earned $10,697,287 in revenue. Pump.fun only earned $5,730,839. Almost 2x.
What happened? With Robinhood Chain, the memecoin meta shifted. Pump wasn’t there, and they lost out on RH users.
Now, it’s all about pairing memes against stocks. And $PUMP was late here as well.
Long.xyz (& Bankr) started the trend. Pons, being the default launchpad on Robinhood, was the big winner. Other projects are winning on other chains. StonkFun on Solana is one. Flap is a multichain project. $STONK printed a fresh all-time high of $0.2501 yesterday. Afaik, Flap doesn’t have a token yet.
I decided to use Claude to analyze the top 3 players with tokens to see if there’s any opportunity in the infra space.
The challengers are out-earning the incumbent
Revenue over the last 7 days (via @DefiLlama):
- Pons: $10,697,287
- Pump.fun: $5,730,839
That’s 1.87x PUMP’s revenue, or 87% more.
If we move to total fees, the gap gets silly. Pons pushed $59,424,295 through its contracts last week. Pump.fun did $7,523,533. Nearly 8x.
Now the part that actually moves the market: buybacks. Last 7 days:
- Pons: $7,023,462
- Pump.fun: $4,256,729
- StonkFun: $2,746,628
Pons is out-buying the incumbent by 65%, on a market cap a quarter the size.
Pump.fun still wins on 30 days ($35,359,612 vs $17,824,855) and all time. Pump.fun has done $1,117,446,705 in lifetime revenue against Pons at $23,862,334. That’s 47x. It has bought back $354M of its own token over its life. Pons has bought back $10.8M.
TLDR; PUMP has the Lindy effect. But others are catching up.
The Buyback Difference
If we look at annualized buyback spend divided by market cap, there’s huge difference b/w PUMP & challengers.
On the last 7 days:
- PONS: 91.8%
- STONK: 83.2%
- PUMP: 13.4%
At PONS’s current pace, it buys back its entire market cap in about 13 months. Pump.fun needs about 7 and a half years.
But if we stretch to a 30-day window, the big differences narrow sharply: PONS 24.6%, STONK 23.2%, PUMP 19.2%. Both windows are real. But the direction is the same either way.
Same story on revenue multiples. PONS trades at 0.72x annualized 7-day revenue. Pump.fun trades at 5.56x on circulating supply, and 11.18x on total outstanding supply.
Why two numbers for PUMP? Pons and StonkFun burned enough supply that their market cap already counts every token in existence. Pump.fun still has 33% of its supply vesting out to June 2029, so the outstanding-supply number is the fairer one for it.
Trade Ideas
With the recent pullback in market, buying PONS spot and waiting for the Robinhood meta to fire back up is an option.
This research specifically is pointing to a two-legged pair trade tho: long PONS and short PUMP. It could theoretically protect against the memecoin meta itself going down.
I haven’t pulled the trigger yet tho. Here are some counter-arguments:
1. Meta could unwind. I don’t expect it to. I feel this is a local pullback. But it could. And when it happens, the higher beta leg often falls harder, and being right about fundamentals doesn’t save you.
2. My strongest number is also my flimsiest. PONS at 0.72x annualizes a single week of revenue from a protocol that’s only eight weeks old. Stretch to 30 days, and it’s 1.84x. Still cheaper than PUMP, but 2.5x less cheap.
3. Technical maturity. PUMP owns both the bonding curve and DEXes. Others don’t have their own DEXes. Also, technical maturity from being live for a long time deserves a premium in this era of hacking.
4. Funding. Perps can bleed longs faster in this environment. Aka, the market can stay irrational longer than I can stay solvent.
5. Previous examples. There have been projects that out-earned PUMP. LetsBONK and even Noxa are examples. But PUMP always eventually came back.
PUMP is attempting that now. Yesterday, they entered the stock<>meme meta by enabling memes to be paired with any token, including stocks.
Till now, they haven’t been successful.
- 28 stock-paired pools were created in the hour before the X announcement. It’s probably not organic launches.
- But there were only 9 in the 14 hours since the announcement.
So, as of writing (Sept 10th), they weren’t successful in breaking into the meta.
(They did attract 21 pools that were paired with PUMP, but that’s sorta orthogonal.)
I do think this move from Pump.fun makes STONK less attractive than PONS.
TLDR
PONS is cheaper than Pump.fun on recent metrics.
What I’m watching is
- Will PUMP be successful in vamping the stock<>meme narrative volume away from PONS?
- Whether Meme volume on Robinhood and PONS’s fees hold through this drawdown.
Those will decide if I pull the trigger or not.
None of these are recommendations to buy or sell. I’m sharing my personal research and the trends I’m monitoring. All figures are as of September 10, 2026, roughly 10:52 UTC, and launchpad numbers move fast enough that they’ll be stale by the time you finish reading. Verify anything you’re about to size.
🚀 DeFi Catalysts
Ethereum‘s 2027 Hegotá upgrade will let users pay gas in stablecoins through EIP-8141.
PONS says Uniswap Labs took a long-term position in the token. It is framed as a tool for long-term alignment.
Pendle shipped an SDK for Boros, alongside an API, contract Router access, a CLI, and delegated agent wallets. Boros is becoming an algo-tradeable venue.
PayBox added Jupiter as a trading plugin, bringing Solana routing and pricing into Claude, ChatGPT, and Grok conversations.
Mantle became a Global Dollar Network partner, adding Paxos-issued USDG to its stablecoin stack.
Polymarket launched perpetual futures with up to 20x leverage across crypto, stocks, and commodities.
StonkFun moved new deployments onto Raydium LaunchLab. The switch cuts deployment costs, reduces sniper risk, and keeps liquidity compounding after bonding.
Superform is live on Robinhood Chain, opening its app to 170+ tokenized stocks and the chain’s memecoin markets.
Zest Protocol launched Levered Bitcoin Staking on Stacks. The vault loops stBTC into more staking exposure without manual borrowing or rebalancing.
Venus launched Liquidity Hub on BNB Chain. Deposit one asset, receive one hub token, and let governance-set strategies allocate across supported Venus markets.
Strata launched senior and junior tranches for Black Opal’s LiquidStone II fund, which finances short-dated, FX-hedged Brazilian credit-card receivables.
Kamino opened a ZEC-backed USDC market on Solana, curated by Allez Labs. It is isolated, so ZEC collateral risk stays contained to its own market.
USD.AI funded a $54.4M Hydra Host facility for 1,040 NVIDIA B300 GPUs. The funds are released from escrow only after deployment verification.
🆕 New Launches
Arc will open public mainnet on September 16, moving from a private network with 100+ ecosystem and institutional builders.
TradeXYZ deployed its HIP-4 DEX on Hyperliquid. Another venue is entering the chain’s crowded perps arena.
Bulk Trade opened an invite-only mainnet for its Solana perps venue. Early access runs through codes and rewards referral volume with AURA points.
Four.meme launched 4Stock on BNB Chain with tokens backed 1:1 by their underlying stocks. Once the matching bStock exists, users can convert 4Stock into it 1:1.
📰 Industry News
AMC CEO Adam Aron and Robinhood get into a public X dispute over Robinhood’s tokenized AMC stock.
Trump threatened to stop trading with countries where the US runs a deficit unless the Fed cuts rates.
HYPE entered a US crypto index ETF for the first time at a 3.4% weighting. It gives institutional buyers one more route to own Hyperliquid exposure.
Robinhood struck a prediction-markets deal with Crypto.com, adding event contracts through OG.com and taking minority stakes in both companies.
Etherscan launched Flow, a visual map for tracing transactions through addresses and contracts. Every hop pulls from live onchain data.
DeFi Development Corp launched CHAD, a SOL-backed digital credit instrument with Fundstrat’s Tom Lee participating.
Kraken parent Payward pushed its IPO to Q2 2027 at the earliest, according to CoinDesk.
🚨 Rekt Report
Notional Finance‘s escrow contract lost $1.7M in DAI and USDC. The exploiter swapped the haul into 689.2 ETH and sent it to Tornado Cash.
ChatGPT phishing? A crypto investor reported losing $2.1M after following a phishing link surfaced in a ChatGPT response.
Liquid Network lost roughly 4,000 BTC, about $320M, after attackers exploited its transaction-validation software to create unbacked L-BTC.
📉 Down Bad
Robinhood Chain stopped producing blocks for more than 14 minutes on September 4, missing roughly 8,400 blocks at its 0.1-second cadence.
Ledger faces a $500M class action over its 2023 data breaches. The lead plaintiff says scammers posing as Ledger staff stole nearly $2M in crypto.
Harmony is winding down its mainnet and migrating ONE to Ethereum after seven years. Users need to exit smart contracts before the September 10 deadline.
Router Protocol is winding down after four years. It plans to burn 303M ROUTE and start delisting the token from centralized exchanges before its September 30 shutdown.
🐦⬛ X Hits
- Solid list of 15 projects on Robinhood.
- How they made $10M+ running an equity perps arbitrage bot.
- Advantage of a stablecoin-first neobank vs distribution first neobank.
- Everyone will trade. The TAM for crypto is much larger.
- Tokenized equities on Solana.
😂 Meme
Until next time,
Edgy
Today’s email was written by Edgy and Yayya.
DISCLAIMER: I’m NOT a financial advisor. This content is for education and information purposes only. Crypto and DeFi are risky and speculative. Please do your research before investing.
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