Robinhood Chain’s Top Launchpad Kills Its Own Fee Model After $12M Run

Noxa, the largest token launchpad on Robinhood Chain, has stopped operating after generating nearly $12 million in fees, abruptly halting new launches and redirecting all future revenue to creators instead of keeping it for itself.

A Rapid Shutdown

According to DefiLlama data, Noxa earned an estimated $12 million in cumulative fees before pulling back.

On July 11, right as the chain’s breakout memecoin CASHCAT was hitting peak trading volume, Noxa announced it would stop accepting new token launches, citing concerns over low-quality tokens flooding the platform. Two days later its website went offline, which the team attributed to a Cloudflare issue. By July 14, Noxa said its domain would redirect to ENS services and that creator earnings would remain withdrawable. Late Tuesday, the platform announced it would stop collecting fees entirely, sending 100% of transaction revenue to creators going forward.

Community Reaction Splits

The move divided crypto social media, with some praising Noxa for pushing back against low-quality token spam, while others argued the platform gave up a lucrative business generating an estimated $3 million a day.

CASHCAT Slides as Sentiment Sours

CASHCAT has dropped more than 33% in 24 hours following the shutdown. Trader 0xAvast, who says he turned an early position into seven figures as the token rose from a $10,000 market cap to $230 million, called the Noxa situation irrelevant noise and framed the drop as a buying opportunity, though the token has kept falling since. Meanwhile, tokenized real-world assets, the use case Robinhood originally built the chain for, currently sit at just $12.66 million in combined market cap, far below CASHCAT’s peak value last week.