Meme/stock trading pairs are essentially on-chain fixed-income-like derivatives, and could be considered a form of RWA. However, the same stock can have countless meme trading pairs, making it difficult for any single asset or narrative to develop a stable consensus. Looking ahead, event-driven opportunities based on public-company news, management actions, or even a specific meme/stock on-chain RWA derivative that a company recommends for purchase within a compliant framework could potentially be the catalyst that allows this sector to break out and take Meme RWA to the next level. So far, it appears that Robinhood Chain’s latest attempt has achieved meaningful liquidity. However, aside from the tokens launched by the two leading token-launch platforms, the meme/stock RWA category itself has yet to produce any truly compelling or standout assets. Ultimately, I believe the eternal state of this narrative should be a two-way flywheel: on-chain liquidity feeding back into tokenized stocks, while the traffic and user base generated by tokenized stocks, in turn, supports native on-chain trading and liquidity across the broader crypto ecosystem. @vladtenev @RobinhoodCrypto @RobinhoodApp Meme/stock交易对本质上是链上固收类衍生品。可以算是一种RWA. 但同一个stock可以有无数个meme的交易对，很难形成某一种固定的共识。未来基于事件型的上市公司新闻热点，或者管理层的行为，亦或是公司在合规的范围内推荐购买的某一个meme/stock的链上RWA衍生品可能是这个个赛道能走出来带动meme RWA进阶到下一个level的机会。目前看来RH链这一次尝试是有流动性的，但除了头部的两个发币平台的代币，meme/stock这类rwa产品并没有走出具体好的标的。 链上流动性来反哺tokenised stocks，或者tokenised stocks 的流量来支持币圈原生态链上交易，应该是这个叙事的终极状态。