HTX Research has released a report on stock-linked memecoins, a new asset class emerging on the Robinhood Chain. These memecoins are directly tied to traditional stocks, acting as a second-order exposure to equity prices. They combine stock price discovery with crypto attention and AMM liquidity, creating a unique market structure. Robinhood Chain's infrastructure, including its retail brand and integrated AMM, is well-suited for this experiment. The report highlights how multi-hop routing can generate fees for various liquidity pools. Liquidity providers are effectively toll collectors during attention spikes, but high fees do not guarantee high net returns due to inherent risks. The report debunks the allure of 100,000% APY, explaining it can be an illusion caused by short observation windows and accounting methods. A more robust metric, the fee-coverage multiple, is proposed to assess market making profitability. The durability of stock-linked memecoins hinges on four critical conditions, including user onchain migration and stability of stock-token pricing. If these conditions are met, they could represent the "internetization" of equities. Otherwise, the current interest may be a temporary phenomenon driven by subsidies and transient attention. The report emphasizes focusing on who bears risk and controls parameters rather than headline APY figures. HTX Research will continue to analyze these evolving ecosystems.