Noxa Halts Token Launches After Earning More Than $12 Million in Fees, Robinhood Chain Memecoin Market Enters Turmoil

Noxa, the largest launchpad on Robinhood Chain, has suddenly shut down its operations after generating nearly US$12 million in cumulative fees. The move has created widespread uncertainty across the network’s memecoin market.

Launchpad Shutdown Creates Uncertainty

On July 11, as trading volume for Robinhood Chain’s leading memecoin, CASHCAT, reached its peak, Noxa announced that it would no longer launch new tokens. Two days later, users discovered that the platform’s website was no longer accessible.

The Noxa team said the outage was caused by a Cloudflare-related issue. They later announced that the website would be redirected to Ethereum Name Service (ENS), while creators would still be able to withdraw their earnings.

On Tuesday night, Noxa also revealed that it would stop charging transaction fees. Instead, all transaction revenue would be sent directly to token creators.

The series of announcements, made within just a few days, left many users and creators confused. In about a week, Robinhood Chain’s largest token launchpad had completely ceased operations, despite previously driving most of the network’s token launches and activity.

CASHCAT Drops Sharply

CASHCAT, the memecoin that generated most of Noxa’s activity, fell more than 33% in just 24 hours.

Crypto trader 0xAvast, who reportedly rode the token’s market capitalization from around US$10,000 to a peak of US$230 million, dismissed the selloff as FUD (fear, uncertainty, and doubt). He argued that the price decline could be a buying opportunity. However, CASHCAT continued to lose value throughout the week.

Meanwhile, the market for tokenized real-world assets (RWAs)—Robinhood Chain’s original focus—remained much smaller. The combined market capitalization of RWAs on the network was only about US$12.66 million, far below CASHCAT’s peak valuation.

Crypto Community Divided

Noxa’s shutdown quickly sparked debate within the crypto community. Some market participants said the closure was necessary to reduce the number of low-quality tokens. Others argued that it was a major mistake that could hurt Robinhood Chain’s long-term appeal.

X user @zubic_eth summarized the mixed reactions by saying, “Half the timeline praised the decision because someone finally pushed back against spam tokens. The other half called it a massive mistake, arguing that Noxa shut down the network’s biggest growth engine while it was reportedly generating around US$3 million in fees per day.”

Robinhood Chain’s Future Under Scrutiny

Robinhood Chain was originally built to support the tokenization of real-world assets. However, the overwhelming dominance of memecoins like CASHCAT, compared with the network’s relatively small RWA ecosystem, has raised questions about the platform’s long-term direction and sustainability.