A chain built for stock tokens got about 646,000 memecoins first, while identifiable Robinhood app users made only 1–2% of trades. The two-curves framework explains why, what the first settlers left behind, and why weekly unique buyers of the NVIDIA token are the signal to watch.

Five technical switches held by a handful of players — Uniswap's hook router access, Robinhood Wallet routing, sequencing rules, stock token issuer powers and trading terminals — can reshuffle Robinhood Chain's launchpad market faster than any product launch.