On July 11, when Launchpad Noxa—Robinhood’s largest Launchpad—announced on its official X account that it would temporarily shut down its new token launch feature due to problems such as routing distractions and an influx of low-quality new coins, and said it would look for solutions to the issues affecting the on-chain environment and player experience, players generally applauded.

At this point, only 3 days had passed since $CASHCAT took off. Robinhood was the liquidity hotspot across the entire on-chain market, and Noxa had already earned more than $6.5 million in fees. In players’ eyes, when Noxa—at the very moment it could make the most money—temporarily stops launching new tokens, it’s not only beneficial for concentrating attention and liquidity on older tokens that have already launched and are running on the platform, but it also finally “summons a savior from the heavens”: a launchpad with an overwhelming liquidity advantage is willing to proactively look for solutions to the hostile PvP environment on-chain.

But the facts proved there was no savior from the heavens—only what made sense. The bonanza Noxa didn’t want was bound to be weird. On July 13, Noxa’s page became inaccessible. At that time, Noxa’s response was that it was Cloudflare’s issue, which prevented the domain from being accessed.

On July 14, it again emphasized that the page would be redirected to an ENS service, and that creators’ income would soon be withdrawable.

Ultimately, in a tweet posted at 11:37 last night, Noxa said it did not want its launchpad to become a tool for creating a massive amount of junk new tokens. To avoid OG tokens being drowned by all kinds of ill-intentioned new launches, it decided to continue banning new token launches. Meanwhile, the platform would no longer collect any fees as revenue; all trading fees would be 100% distributed to creators.

In reality, it’s “runaway”—but without running off with the cash, it’s at least found a relatively decent excuse to exit.

Why “ran away”?

Many players don’t understand: after barely succeeding at starting up, it’s still a money-printing machine that earns tens of millions of dollars per week. The good times were just beginning—how could they just stop doing it?

Many players speculate that there was “a power struggle within the team.” They believe the operator who controls the platform’s domain and social accounts is not the same person as the developer responsible for contract development and implementing specific functions, and that the income wallet is controlled by the operator. When platform revenue surged, the developer demanded a cut, but the operator refused. From the start of the ban on new token launches, the two sides fell into disputes over revenue sharing—only the operator was still trying to put on a happy face on social media.

This explanation sounds relatively reasonable—“we can share hardships, but we can’t share wealth.” In Noxa’s Telegram group chat, all pinned messages come from AmunPhantom and Crypto Safe. Based on the message history, Crypto Safe’s messages had already been pinned back in January 2025. The two have their feelings for each other, but the bonanza arrived way too fast.

But these are only speculations; there’s a lack of direct evidence to prove any conflict between the two, and even it can’t be shown that the platform contract deployment address and the platform income address are controlled by two different parties.

After Noxa’s official account announced it was done last night, Crypto Safe’s claim in his own Telegram channel was that he was too tired and left Noxa. AmunPhantom remained silent; his last appearance in Telegram was last Saturday.

Crypto Safe also cited a tweet from the $MARIAN project team. Roughly, it suggested that Noxa faced serious legal challenges, possibly related to copyright disputes with Robinhood, because a large number of tokens came from content related to the Robinhood brand. Since their previous main site had been heavily complained about, they had no choice but to move the pages to IPFS, so creator income could still be claimed.

So if you’re willing to believe that Crypto Safe’s reposting is basically equal to an “official statement,” then the reason for not continuing likely isn’t about any love-hate conflict over interests. It’s more that if they kept going, they would have to continue investing in scaling and dealing with potential massive legal risks.

Personally, I’m more inclined to think that what they earned over these days was already enough—and not everyone has to make it all the way into a pump.fun. At least at this stage, it’s hard to say there are potential massive legal risks. After all, in the demo video recently posted by Robinhood Crypto’s X account, many meme coins are shown. For Robinhood to care about this issue is a stretch.

Panic sells off—when a whale falls, all things give life

Yesterday, quite a few new launchpads had already attracted players’ attention. Stopping new token launches for 3 consecutive days during the busiest time is just too strange. Pons and Kilk were two launchpads that saw lots of discussion yesterday. And from yesterday’s data, Pons performed extremely well—its daily trading volume ranked only behind Noxa.

Besides the fact that behind Pons is a developer with a Chillhouse avatar (meaning it can get more recognition from the Solana trench), the vibe is also very similar to early Kintara (building trust through rapid iteration, and also contrasting sharply with Noxa’s multi-day silence). Most importantly, the platform’s revenue is used to buy back $PONS. By yesterday noon, 12.8% of the total supply had already been destroyed.

But back to the essence: yesterday, nobody believed that if Noxa resumed operations, any launchpad could pose a threat to it. Therefore, buying $PONS with a market cap of around $1 million at yesterday noon was essentially betting that Noxa would really shut down. After Noxa confirmed it would stop operating, the position of “launchpad #1” was immediately vacated—causing $PONS ’s fundamentals to flip directly, with its market cap now reaching $10 million.

There’s another thing everyone doesn’t understand: if Noxa shut down, why did some coins drop so badly? First, I don’t think it’s a potential security issue. We already knew Noxa’s contract wasn’t open-sourced, and that didn’t stop $CASHCAT from becoming a coin with a market cap of over $100 million. Also, when the news first came out, $CASHCAT ’s price action on panic selling only formed a long lower wick—it had support. As for why it couldn’t rebound to above a $200 million market cap next, I lean toward the idea that the adjustment process simply wasn’t finished.

More importantly, the reasons are: first, the market is still bearish on Noxa’s shutdown, especially on tokens where the CTO role exists but creator income hasn’t been transferred yet, or where the transfer status is unclear. Players rush out and stampede to escape. Because Noxa hasn’t stated what it will do with the creator-income transfer from CTO going forward. If the CTO stops working as well, the probability that a token gets killed directly due to this incident increases dramatically.

Let’s look at two examples. First is $GME. After the news came out, it dropped from a low of $2.36 million market cap to $0.57 million. After the CTO team came out and announced everything was normal—operations would continue and buybacks would be maintained—then it rebounded as high as $1.8 million market cap.

Another example is $4663. This coin was essentially continually “fed” on the record by Noxa. Plus, two days ago on $CASHCAT , a lot of Korean users who had made a lot of money shouted trades in Yeon’s Telegram channel, pushing it to a peak market cap of around $8 million. Now, $4663 is left with less than $0.8 million market cap.

The simple reason $GME has more “breath” than $4663 is: for $GME , which has a CTO and a narrative, people expect someone will still keep working on it. And just like Robinhood once ruined the GME行情, now the on-chain $GME has met a similar moment—also coming from Noxa shutting its doors.

This kind of story only exists if someone is still operating it. So while it’s also affected by sentiment and drops, it can’t be said to be totally dead. The odds of a revival are still not small. This applies to all older Noxa coins that still have operating teams. Some players even believe that in the future, old Noxa coins will become “artifacts” in Robinhood history—and that they likely won’t be seen again after this. That possibility may become a unique narrative angle.

But $4663 faces total failure of the original logic. Noxa is gone—and so is the Korean big boss that backed it. The sources that previously brought attention were big and strong, but now they suddenly disappear. The gap is just too large. While it can’t be said to be completely dead, people will intensify pessimism right now. At least in today’s broad market perception, the sentiment that this coin is not good in the short term is very heavy—so it falls even harder.

When a whale falls, all things give life. From the analysis above, our conclusion is that panic is too severe in the short term. A launchpad not operating doesn’t mean much by itself. It also gives us three angles worth watching closely:

• Watch the data from new launchpads, and go mine in the new launchpads.

• Watch Noxa’s older blue-chips. There’s a real possibility that after the panic, people will pick them up and trade them—some tokens may hardly be affected at all, so they deserve more attention. But you must judge the stability of $CASHCAT : if the Noxa leader can’t hold steady, nothing else will be easy.

• Watch tokens that didn’t come from launchpads. This requires some more specific perspectives. For example, since $MARIAN is the first coin deployed on the Robinhood chain, yesterday it had already dropped from $3.7 million down to $1 million and was almost getting wrecked—but people quickly realized that wasn’t a coin launched by Noxa... So it was immediately corrected, pulling back from a $1 million market cap to nearly $10 million. Another example is $ARROW: although the product hasn’t come out yet, it’s also because the team deployed it without using the launchpad. In the past two days, it has risen by more than double at its peak

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