A little over a week ago, I published a fairly in-depth analysis of $STONKBROKER when the project was sitting around a $16M market cap At the time, what impressed me most was the narrative, the flywheel, and the direction the team was building toward. But I also made it clear that most of the thesis was still theoretical, and the market would need time to see whether the team could actually deliver on what they promised Now, just over a week later, quite a lot has changed. I think it's a good time to revisit the original thesis and see how much of it has actually been validated 1. The flywheel is no longer just a theory This is by far the biggest change since my original post Last time, I spent a lot of time explaining the ecosystem's flywheel : AMM generates fees => fees are used to buy tokenized stocks => stocks are distributed to Broker NFTs => Broker NFTs become more valuable => demand for NFTs increases => demand for $STONKBROKER grows Back then, it was still just a design on paper Now it's different According to the latest on-chain data, the protocol has already distributed over $211,000 worth of tokenized stocks (AAPL, NVDA, AMZN, GOOG, SpaceX,....) to activated Broker NFTs On top of that, there are hundreds of Clock Ins happening every day, meaning revenue continues flowing to NFT holders That matters Crypto is full of protocols that talk about revenue sharing, but very few actually generate meaningful revenue STONKBROKER has started proving that its model works The flywheel is no longer a "what if" At least today, it's already running 2. Tokenomics have exceeded my expectations In my previous article, one of the concerns I mentioned was the relatively large total supply. I wanted to see how the team would deal with long-term supply pressure So far, I see this as a positive Around 14.7% of the total supply was burned within the first week, and the team has continued burning millions more tokens since then More importantly, this isn't a one-time event Every time a Broker NFT is activated, 66,666 $STONKBROKER is permanently burned Additional burns also come from protocol fees As a result, circulating supply is shrinking much faster than I originally expected 3. The NFTs have proven real demand One thing I liked from the beginning was the project's use of ERC-6551 But at the time, it wasn't clear whether users would actually care Now it seems they do More than 1,670 Broker NFTs have already been activated Secondary NFT trading volume has surpassed $1 million The floor price also climbed from roughly 0.5 ETH to nearly 3.9 ETH in just over a week To me, this suggests that Broker NFTs are being valued as yield-generating assets rather than just another PFP collection I think this is one of the strongest signals across the entire ecosystem 4. The team continues to execute on schedule One thing I've always appreciated about the founder is that they spend far more time talking about products than token price That hasn't changed After launching the NFT Marketplace and AMM, the team is now rolling out the Stonk Exchange Launchpad according to the roadmap Future phases, including vDEX and Options, remain on track as well Over the past week, I haven't really seen the team farming engagement by posting charts every day Instead, they've consistently shared product updates, protocol metrics, and development progress That's still my favorite type of founder in crypto 5. Attention has grown significantly Compared to when I published my original research, STONKBROKER has gained noticeably more attention The project has been listed on CoinGecko More builders across the Robinhood Chain ecosystem are talking about it The community is also actively pushing for additional exchange listings What I like is that most of the attention is still coming from builders and people genuinely researching Robinhood Chain It hasn't reached the stage where every major CT account is shilling it From my experience, that's usually when a narrative still has room to grow, assuming the team continues executing well 6. The risks haven't disappeared Even though my conviction is much stronger today, I still hold many of the same concerns I mentioned before. First, the project is still very early A large portion of today's valuation is still based on expectations for future products rather than long-term proven revenue Second, I still haven't seen a comprehensive public audit For a protocol involving revenue sharing, ERC-6551, and multiple interconnected smart contracts, that's something I'd still like to see Finally, the flywheel remains highly dependent on volume If the AMM or Launchpad fails to sustain strong activity, value flowing back into the ecosystem will naturally slow down as well 7. My perspective has changed too When I wrote my first article, the biggest question was "Can this flywheel actually work?" Today, I think that question has largely been answered The question I'm asking now is "How far can this flywheel scale?" Those are two completely different conversations If the team can continue driving meaningful volume through the Launchpad, vDEX, and future products, the amount of value flowing back into the ecosystem could become much larger than it is today To me, that's what will ultimately determine whether STONKBROKER deserves significantly higher valuations going forward 8. Final thoughts When I first covered $STONKBROKER, it was trading around a $16M market cap Just over a week later, the project has already reached an ATH of roughly $37M That's a substantial move But what impresses me more than the price isn't the chart itself It's the fact that many of the things I liked about the project from day one are now being backed by real products, real on-chain data, and consistent execution That doesn't mean this is a risk-free investment After such a strong run, the market will naturally expect even more from upcoming products like the Launchpad, vDEX, and Options. The team now needs to prove that the flywheel can continue scaling over the long term rather than simply working well during its initial phase Personally, I still believe $STONKBROKER is one of the strongest builder-driven projects on Robinhood Chain today My thesis hasn't changed If Tokenized Stocks and RWA become one of the defining narratives of Robinhood Chain, I'd still rather be positioned alongside the teams that started building early than wait until the market has already priced everything in 0xe934e36A439C94017B64a3FecE66AF12099aBF50