Noxa, one of the largest token launch platforms on Robinhood Chain, stopped its operations after collecting approximately $12 million in fee income in a short time. The platform stopped accepting new token applications on July 11. Two days later, the website was closed.
Closing came in a few days
At the first stage, the Noxa team explained the access problem as a problem caused by Cloudflare. On July 14, it announced that the domain name would be redirected to ENS services and would be able to attract revenue from content creators. In the last statement shared on Tuesday night, it was stated that the platform will no longer charge fees and all transaction revenues will be transferred to content producers.
Noxa was at the center of the memecoin movement on Robinhood Chain. Robinhood Chain stands out as a blockchain network developed by Robinhood. Although the main use of the network is tokenized real-world assets, memecoin transactions have recently constituted the majority of transaction volume.
Noxa went invisible shortly after halting new token launches and then announced that it would leave transaction fees entirely to content creators.
CASHCAT lost sharp value
CASHCAT, the main driver of this activity, has fallen more than 33 percent in the last 24 hours. At its peak last week, the token reached a market value of $230 million. This rise created a structure that alone carries most of the total interest on the network.
0xAvast, one of the well-known traders in the market, argued that it did not care about the sharp withdrawal in CASHCAT and that the current levels presented a buying opportunity. 0xAvast claimed that it held a position in the token’s rise from a market value of $10,000 to $230 million. However, sales pressure continued after the post.
While 0xAvast argued that the developments around Noxa were not enough to explain the fear on the price, he stated that he saw the current levels as a buying opportunity.
The main use of the network has been overshadowed
The total market value of the tokenized real-world assets featured in Robinhood Chain’s founding purpose currently stands at approximately $12.66 million. On the other hand, the peak value reached by CASHCAT alone was 12 times this figure. This chart showed that speculative token interest on the network has far outstripped its core usage.
| Indicator | Data |
| Fee collected by Noxa | Approximately 12 million dollars |
| Date when new token launches stop | July 11 |
| 24 hour exchange of CASHCAT | More than 33 percent decline |
| RWA total market cap | $12.66 million |
Crypto commentator zubic_eth stated that the community was divided into two in his assessment, which was widely echoed on social media. While one side argued that a limit had finally been drawn against the flow of low-quality tokens, the other side claimed that the platform had weakened its strongest source of income with its own hand.
The closure of Noxa also revealed how narrow the memecoin economy on Robinhood Chain is based. The majority of activity on the network appeared to be centered around a single platform and a single token.
