StonkBroker is undoubtedly the Robinhood of the Metaverse, bro.

The flagship of the Robinhood Chain, which has always been undisputed, is $CASHCAT. But if we talk about the most exaggerated price movement coin, this title is still up for grabs.

$STONKBROKER, in just 14 days, has shown a price trend resembling a "Pixiu." Just yesterday, the coin briefly surpassed a $1 billion market cap, hitting an all-time high, skyrocketing 9x since BlockBeats first mentioned the project in an article.

Its NFT series saw the floor price surge to over 13 ETH (approximately $25,000) at one point, and it currently remains at 12.93 ETH. In terms of individual NFT prices, this series has surpassed BAYC, with its total market cap also exceeding $1 billion, overtaking the likes of Pudgy Penguins and Milady, among other top-tier NFTs.

Due to its impressive market cap and price performance, many players have already dubbed StonkBroker as the second flagship of the Robinhood Chain. However, I believe the underlying rationale behind it might not be as robust.

The success of the Tokenomics Wheel, but can it be considered genuine business revenue?

According to defillama's data, over the past 7 days, StonkBroker's revenue ranks third, just behind Uniswap and Pons, and sometimes even surpassing Pons in daily revenue figures.

However, if we delve into StonkBroker's revenue composition, we find that this revenue is entirely concentrated on "NFT AMM Trading Fees" and "Broker Activation Fees."

The "NFT AMM Trading Fees" represent the revenue generated by each NFT on StonkBroker corresponding to 666,666 $STONKBROKER tokens. StonkBroker provides an NFT AMM for this token swap, charging a 10% ETH fee for each token swap. Of this fee, 7% is used to purchase tokenized US stocks on the Robinhood Chain and airdrop them to activated StonkBroker NFT holders, 2.5% goes to the protocol treasury, and 0.5% is used for buyback and burn.

This part of the revenue largely comes from arbitrage opportunities between tokens, provided by arbitrageurs to NFT holders and project teams. Particularly since the project's inception, the token has experienced a unilateral bullish trend, attracting significant attention to the project. The better the price surge, the higher the attention, leading to more arbitrageurs and greater arbitrage opportunities, which is the logic behind this part of the revenue flywheel.

“Broker Activation Fee,” this part of the revenue comes from new buyers of NFTs. If you want to receive the aforementioned tokenized stock airdrop, you need to “activate” the NFT by spending STONKBROKER tokens to qualify for a dividend. The minimum amount to spend is 66,666 tokens, while the maximum is 1,666,666; the more you spend, the higher the dividend multiplier. 50% of the “activation fee” will be burned, while the other 50% will belong to the protocol.

After activation, you can choose up to 3 types of tokenized stocks as your airdrop reward, and you can also choose the proportion of each coin or directly select the reward as ETH and $STONKBROKER. However, if the NFT is transferred on the secondary market, the new holder must reactivate the NFT.

According to the official website's data, so far, all StonkBroker NFT holders have received a total airdrop distribution worth over $620,000. However, as the token prices have surged to a very high level, the daily number of new NFT activations has decreased significantly:

It cannot be denied that this gameplay is not innovative technically; for example, the NFTs themselves use ERC-6551, with each NFT linked to a wallet, and airdrops go directly to the wallet. However, in practice, although the StonkBroker project has many features to offer, such as NFT lending, Launchpad, stock lottery blind boxes, etc., almost all of its revenue so far has come from this token's price surge.

NFT players are certainly no strangers to this gameplay essence, fundamentally a form of staking, followed by a dual token surge that leaves everyone amazed. Compared to other Robinhood on-chain Launchpads or similar projects, especially considering that the previous surge in Pons' token price was due to winning a share of the Robinhood on-chain Launchpad, everyone speculates based on market share and revenue, but this project can be said to have achieved nothing so far, and the Launchpad has not officially launched to generate revenue.

However, as its price has risen, there is a lot of attention on what new project it will launch, and if the new project performs well, it will further drive the price of its main asset. Additionally, with the presence of NFTs, the memory of the "golden shovel" play, where various projects airdrop tokens to holders of the main asset, easily resurfaces.

The Verdict on Dragon II May Be Premature

After carefully analyzing StonkBroker's revenue composition, I am not suggesting that it is merely a meme coin Ponzi scheme. On the contrary, if the price has surged based solely on the meme coin aspect, and the narrative that has yet to materialize is being believed, it at least indicates two things:

- The orchestrators behind the scenes are quite powerful

- Regardless of future developments, at least for now, community engagement is strong

However, it may be too early to come to a definitive conclusion at this stage. Their Launchpad is soon going to launch a meme coin called $CLOCKIN organized by community members, as "Clock in" is the official term for NFT holders to claim airdrop rewards. This token has garnered significant attention, with rumors circulating that joining a paid insider Telegram group can provide early access to the contract address.

It is important to note that while projects like Mancer and Yard are already listed under the Launchpad's Special Projects section, these are not necessarily indicative that StonkBroker's platform is fully operational. These projects have actually been released through the NFT Automated Market Maker (AMM) that the project had undertaken before, resembling a cross-chain meme coin launchpad. A common approach is to exchange coins for NFTs as part of the initial NFT sale.

For example, Yard has included all NFTs in a pool without a whitelist, where those interested in an NFT must buy tokens from the market. However, on StonkBroker's official platform, the description still hints at the familiar token launchpad structure with a bonding curve, which has not yet been opened.

Nevertheless, projects like Mancer and Yard have already benefited from the strong performance of StonkBroker's main asset, gaining increased attention and market interest. However, the success of $CLOCKIN will significantly impact the performance of the main asset moving forward, with the outcome still uncertain.

As these planned developments gradually unfold, it will ultimately come down to the ability of the market players to generate wealth or compete for market share. If these expectations are not met, the asset's performance may suffer.

Of course, most importantly, the thinking behind the funding remains unknown.

Regarding the search for the Dragon on the Robinhood chain, there are finally two perspectives:

- As the first proprietary asset to be listed on Robinhood, the ultimate question is how high $CASHCAT can go. If $CASHCAT cannot even reach the height that $WIF reached on Solana at that time, it is more of a conspiracy gamble than a quest for the Dragon.

- If you are still optimistic about StonkBroker, you may want to wait until the derivative underlying assets are released before making any decisions. No matter how good the "golden shovel" is, it will eventually decline along with continuous splits. When we are already clear that we need to search downwards for new wealth-building small-cap assets to provide impetus, we must carefully consider the risks and odds.