Robinhood Chain Traders Pairs Tokenized Stocks with Memecoins

The Robinhood Chain has seen a surge in trading activity as traders pair tokenized stocks with memecoins. One example is the HIMS token, which tracks shares of telehealth company Hims & Hers on the New York Stock Exchange (NYSE). In a liquidity pool, traders can swap between the HIMS token and the BONER memecoin.

The pool contained 31,198 HIMS tokens, more than half of the total in circulation. This imbalance sent the HIMS token price to $132.64, nearly five times its NYSE closing price of $28.84. Research analyst Thomas Probst notes that a listed stock becomes a composable DeFi asset at an unprecedented scale.

This trend is part of the DeFi phenomenon, which has seen pioneers farm for yield and try new uses for tokenized stocks. Mike Dudas, co-founder of 6th Man Ventures, describes onchain finance as 'for the crazy ones', those who challenge traditional finance.