Leading Robinhood Chain launchpad Noxa halts operations, roiling memecoin economy

The memecoin economy on the Ethereum Layer 2 Robinhood Chain has begun to collapse after its leading token launchpad, Noxa, abruptly ceased operations, CoinDesk reported. According to the report, Noxa suddenly announced on July 11 that it would stop issuing new tokens, and its website became inaccessible two days later. The Noxa team subsequently stated that its old domain would redirect to the Ethereum Name Service (ENS) and that it would support profit withdrawals for creators. The team also announced a new policy, waiving all platform fees and giving 100% of fee revenue to creators. The move comes after Noxa had accumulated $12 million in fee revenue, driven by the recent success of memecoins like CASHCAT. Some critics have pointed out that the platform was effectively killing a golden goose, as it had been earning an average of $3 million per day.