Robinhood L2 Fomo平台链上交易生态与套利动态观察

Took a few days away this last week and of course it had to coincide with the mania happening on Robinhood’s flagship Ethereum L2 🙈

I spent too much time staring at @fomo (@Markets_xyz also deserves attention too but only supports HL trading so no RH tokens).

You will regret not downloading these apps to simply check out how seamless mobile trading can be. The next bull run happens here—trading more on mobile vs what some of us experienced with desktop browser apps for DeFi and CEXs.

I’ve also seen posts like @sjdedic’s hypothesizing “no one’s actually making money” and although I understand his point, one I made about Pump, my pushback is that i) fewer are realizing profits this early on RH and ii) the numbers likely reflect how few have the skill set to trade profitably, especially with only market swaps, in a world dominated by cabal insider trading (see what Frankdegods did with MEME 🤡).

My experience over just a few weeks was many tokens were running, it felt hard to keep up, but specifically those promoted by the biggest traders on Fomo run the hardest, and it is still hard to pick out runners without the endorsement of some CT trading god first. Basically anyone can buy/sell on the major L1s/L2s with Fomo but most are focused on micro-cap memecoins endorsed by big trading accounts.

Feels almost like 2017 all over again where everyone’s buying the same tokens. This time though you can see realtime trades from anyone you follow and get alerts, leading to super reflexive price action on small cap tokens that can run from sub-$1M to sometimes $100 to $200 million market caps. Totally ridiculous and it is a moment we are living through.

There is very little liq to sell into on RH tokens, most of the biggest holders have prisoners dilemma unless they’re outright crooks who farm and dump on their following but I have seen a lot more holding unrealized gains among the biggest accounts, in a few weeks.

It is too early to tell which RH tokens might be legit value accruing tokens to rise from this froth other than a few ($PONS) or clever memes tied to tokenized stocks (ie BONER = HIMS or AI = NVDA). There’s a whole meta playing out with memecoins tied to stocks and forcing some interesting arb dynamics between tokenized stocks on RH vs the real equities.

Is there cabal insider trading? Yes Is liquidity laughably thin? Of course Are many failing to take profits? Yup Will some roundtrip back to 0? Probably

But “is everyone losing?” Idk, it looks more normal to me than the Pump mania last cycle, or TRUMP/MELANIA trading where at least now we can see some real time trades from big holders (even though I’m sure some are selling in undisclosed wallets).

Best takeaway is RH Chain is proving what mega-fintechs can do to launch as their own Ethereum L2 and be a landlord vs a tenant of an alt-L1.

🔗 https://fomo.family/profile/DeFi_Dad?source=share_link&r=DeFi_Dad

Note: I am holding PONS, I have been trading it a short time, wish I just bought and simply held, but I could sell again if it’s grossly overvalued, don’t follow me on fomo for long term investing—I am public about what I long but private about the value of those holdings over years and my Fomo/Markets accounts will be for trading.