Long launched LongX on Robinhood Chain on Sept. 1, with NVDA 3x Long, or NVDAx3L, as the first product. The token packages a 3x leveraged Nvidia position on Lighter into an ERC-20 asset and went live together with the first demo trading pair, DEMOTHREE/NVDAx3L.
By press time, DEMOTHREE had reached a peak market capitalization of $6 million, with trading volume at about $3.2 million. On the same day, according to GMGN market data, AI, short for Artificial Inu and the first NVDA-paired meme token on Long, kept climbing and at one point reached roughly $213 million in market capitalization.
How LongX is structured
NVDAx3L is issued by a LongX vault contract, and minting is open to anyone. Users who deposit funds can mint shares at the prevailing net asset value, while the underlying position is held and rebalanced collectively by the protocol on Lighter.
Its NAV is calculated in real time after Lighter submits state proofs to Robinhood Chain in batches. Secondary-market trades are executed at market prices, while primary-market minting and redemption happen at NAV. That means the two paths can diverge, though in theory arbitrage should close the gap.
Long said fees generated through NVDAx3L liquidity provision, minting, and trading-pair activity will "flow back to AI." The team also described the expansion as "highly experimental," adding that only the official demo pair is protected at this stage.
AI’s rise far outpaced Nvidia shares
Foresight News said it had previously covered the early version of the stock-paired meme model in July. At that point, AI, the leading token on Long, had a market capitalization of about $14 million.
Over the same period, NVDA rose from $208.76 to about $220.78, a gain of roughly 6%. AI, by comparison, rose about 14-fold. As the report put it, the return was mainly driven by the meme side, where pricing formed independently under the influence of sentiment and other factors.
Uniswap data showed that more than 9,000 shares worth of tokenized NVDA had been locked in the pool, equal to about 17% of Robinhood’s circulating tokenized NVDA supply. AI Community Vault had also accumulated about $190,000 in NVDA tokens. Around 8.4 million AI had been permanently burned, and another 8.4 million had been locked into the vault.
RobinVista had already launched a similar product
LongX was not the first product on Robinhood Chain to turn an NVDA leveraged position into a token. RobinVista had introduced NVDA2L, a 2x leveraged version, as early as July 24, though that platform did not include a meme issuance mechanism tied to it.
After LongX went live on Sept. 1, RobinVista wrote publicly in its comment section that the concept "feels like outright copying." It later posted separately on X, changed tone, thanked Long for "bringing attention," and rolled out a test meme token paired with NVDA2L.
Competition is growing, but Long’s edge is tied to Community Mode
AI is the largest token by market value in the stock-paired meme niche, but it is neither the only format nor the largest token on Robinhood Chain overall.
According to GMGN data, CashCat, an early breakout token on Robinhood Chain, reached roughly $257 million in market capitalization at its peak. PONS, the token of the independent launch platform Pons, reached about $497 million.
The report points to Long’s position in this niche becoming more stable for a specific reason: Community Mode. On Aug. 4, Pons launched V2 and integrated Uniswap V4, allowing new tokens to pair with tokenized stocks such as NVDA, AAPL, and HOOD after graduation. Bankr, while supporting pairings for more than 90 stock and ETF tokens over the same period, did not have a mechanism similar to Community Vault that linked fees and token burns to a single token.
Community Mode is an option Long offers to all issuers. Fees come from Uniswap V4 Hook settings on Long trading pools, not from adding an extra buy-sell tax inside the token contract itself, and the fee rate varies by pool.
When the mode is enabled, the fee recipient switches from a personal wallet to an official vault contract. Stock tokens collected on the buy side and meme tokens collected on the sell side are automatically directed into the vault in proportion, and users can also deposit assets actively.
- For stock-token fees generated on the buy side, 80% goes to the vault and 20% still goes to the original recipient. The report says only the protocol can adjust that parameter.
- For meme-token fees generated on the sell side, half is burned and half is locked in the vault. The burned portion is permanently removed from total supply.
The portion locked in the vault, including stock tokens left from the buy side and meme tokens locked from the sell side, is currently static. Deposits and burns have already been automated. Long has also written into its roadmap that vault assets could be used for liquidity addition, buybacks, and airdrops, but as of publication those functions had not gone live, and there was still no publicly verifiable contract code tied to them.
Other stock-paired meme tokens on the platform
Long platform data showed that BONER, paired with HIMS, had surpassed $60 million in market capitalization, making it the second-largest token on the platform. MOO, paired with Micron’s MU, and SPACEHOOD, paired with SpaceX SPCX, had both moved above $15 million and were competing for third place.
Among them, MOO has enabled Community Mode. Its vault has locked and burned about 9.3 million MOO each, while also locking about $27,400 in MU tokens.
Risks tied to stock-paired memes and leveraged versions
Foresight News said it had previously listed several risks in stock-paired meme tokens. In sharp sell-offs, stock tokens in the pool can be withdrawn in concentration, and larger positions may struggle to exit at the on-screen price because of slippage. If the stock token itself runs into problems, the risk can transmit back into the paired meme token. Pairing does not mean guarantee: there is no fixed redemption right and no shareholder rights. The stock market can be closed while onchain trading continues, creating price dislocations that may later be met by concentrated arbitrage once the market reopens.
Leveraged stock-paired memes add new risk items. NAV for NVDAx3L is settled through batch proofs, so there is lag. Under 3x leverage, the same decline in NVDA produces triple the impact on NVDAx3L holders. Long also called the product "highly experimental," and for now only the official demo trading pair is protected, while other self-created NVDAx3L pairs are not.
Foresight News ended the report with a risk reminder, stating that the market carries risk and the article does not constitute investment advice. Users should assess whether any opinion, view, or conclusion fits their own situation and bear responsibility for their own decisions.
