The launchpad that fueled Robinhood Chain's memecoin boom just gave away all its revenue

• Noxa generated nearly $12 million in cumulative fees before abruptly halting token launches on July 11 and going dark two days later.
• CASHCAT, the memecoin that drove the majority of that activity, is down more than 33% in 24 hours. Prominent trader 0xAvast, who claims to have ridden the token from a $10,000 market cap to $230 million, called the selloff "irrelevant FUD."
• Tokenized real-world assets — the use case Robinhood actually built the chain for — account for just $12.66 million in market cap on the network. At its peak, CASHCAT alone was worth 12 times that figure.

Noxa, the largest token launchpad on Robinhood Chain, stopped operating after earning an estimated $12 million in fees, according to DefiLlama, in the past week, citing concerns about low-quality tokens flooding the platform.

The shutdown unfolded in a matter of days. On July 11, just as CASHCAT, the chain's breakout memecoin, was hitting peak trading volume, Noxa said it would stop accepting new token launches.

Two days later, the platform's website went dark. The team blamed a Cloudflare issue. On July 14, it said the domain would redirect to ENS services and creator earnings would be available for withdrawal. Late Tuesday night, Noxa posted that the platform would no longer collect fees, redirecting 100% of transaction revenue to creators instead.

The decision divided Crypto Twitter.

"Half the timeline called it based because someone finally pushed back against the spam," wrote @zubic_eth in a widely shared post summarizing the situation. "The other half called it a generational fumble and said they killed the golden goose while making $3 million a day."

CASHCAT has dropped more than 33% in 24 hours. Prominent trader 0xAvast, who claims to have turned a small early position into seven figures riding the token from a $10,000 market cap to $230 million, posted on Wednesday that the current price represented a buying opportunity and that the Noxa situation was "irrelevant FUD." The token has continued to fall since.

Tokenized real-world assets, the use case Robinhood actually built the chain for, currently sit at roughly $12.66 million in market cap. At its peak last week, CASHCAT alone was worth 12 times that figure.

Read more: Robinhood rolls out public blockchain as it expands deeper into crypto

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