Author | Asher(@Asher_ 0210)
After NOXA stopped issuing new tokens, Flap was the first to capture the token issuance traffic on Robinhood Chain. On July 14, Flap created over 11,000 tokens in a single day, accounting for more than 35% of the chain's daily issuance volume. Bankr, Klik, and trench.today also captured a portion of the traffic.
Two weeks later, this chaotic battle has produced a clearer outcome.
Dune data shows that on July 15, Pons issued over 15,000 tokens in a single day, rising to the top position among Robinhood Chain token issuance platforms for the first time. Since then, Pons has consistently maintained the highest daily issuance volume and gradually widened the gap with platforms like Flap.
In addition to daily issuance volume, the trading volume of tokens within the Pons platform also began to grow rapidly from mid-July. On July 18, Pons' daily trading volume reached $40.7 million, surpassing NOXA's $37.4 million for the first time, and it has remained in the top spot since. To date, the cumulative trading volume on the Pons platform has exceeded $1.5 billion.
On July 26, Pons accounted for 77.1% of the total trading volume among Robinhood Chain token issuance platforms, while NOXA, in second place, accounted for only 6.6%. Pons is no longer just the platform with the highest issuance volume; it also dominates the vast majority of trading volume on Robinhood Chain token issuance platforms.
From Flap initially capturing the demand after NOXA's exit to Pons overtaking others in both issuance and trading volume, a new leader has emerged among Robinhood Chain's token issuance platforms.
No Bonding Curve, No Migration: Pons Minimizes the Token Issuance Process
Pons is a token issuance and trading platform specifically built around Robinhood Chain, operated by Pons Labs and is not an official Robinhood product. Users can create and trade tokens within the platform. All operations are completed through personal wallet signatures, and Pons does not custody user assets.
Currently, the total supply of each new token on Pons is fixed at 1 billion, with a creation cost of only 0.0005 ETH. The platform charges a 1% fee on trades. Creators only need to fill in the token name, code, image, and social links to complete the issuance.
Unlike the common bonding curve models on Pump.fun or Four.meme, the current version of Pons deploys the token contract and the Uniswap V3 liquidity pool in a single transaction, with liquidity locked immediately. After the token goes live, it directly trades with WETH without waiting for the bonding curve to sell out or requiring a subsequent migration to an external DEX.
Once the paired WETH in the trading pool reaches the default amount of 4.2 ETH, the token is marked as "graduated," but the original trading pool remains unchanged, and users continue buying and selling within the same pool. Pons also sets a protection period for the first two blocks after a new token launches, limiting the purchase volume and holding ratio of individual wallets to reduce the risk of concentrated buying by a few addresses during the opening phase.
Pons' mechanism doesn't involve much complex innovation; its advantage lies in its simplicity. Creators don't need to prepare initial liquidity or consider post-bonding curve migration, while traders can complete token discovery, buying, and selling all within the same platform.
In the early stages of Robinhood Chain's launch, what many projects and traders sought was low cost, fast issuance, and instant trading. By compressing the path from token creation to open trading into a single on-chain transaction, Pons laid the groundwork for rapidly attracting issuers, bots, and short-term capital.
PONS Soars Over 15-Fold, Driving Platform Heat
Beyond product and data growth, the sharp surge of its platform token, PONS, may have been the key driving force behind Pons' ability to widen the gap with other platforms in a short time.
According to GMGN data, on July 16, PONS' market cap was less than $5 million. It then rapidly climbed, briefly exceeding $67 million at its peak, representing a surge of over 15-fold during that period. The price has since retraced somewhat, with the current market cap around $40 million.
Currently, for tokens issued through Pons' new contract, trading fees are distributed between the creator and the protocol at a 70%/30% ratio (the old contract used a 90%/10% split). Of the fees earned by the protocol, 80% is used for market buybacks and burning of PONS tokens, while the remaining 20% goes toward infrastructure and team operations. On July 28, the official announcement stated that 22% of the total supply of PONS tokens had been burned.
Compared to issuing tens of thousands of new tokens daily, PONS serves as a unified, easily identifiable asset for the market to trade the Pons narrative. As the PONS price continued to rise, more capital began focusing on the underlying issuance platform and entered Pons to seek new projects. The growth in platform trading volume, in turn, generated more fees and buyback funds, further strengthening PONS' price performance.
For Pons, PONS is not just a platform token; it has also become a crucial entry point for attracting new capital and users.
From Meme to RWA: The Positioning Upgrade of Pons V2
What truly distinguishes Robinhood Chain from other public chains is its stock tokens and on-chain finance. Pons' upcoming V2, currently in development, is also extending in this direction. According to official disclosures, the platform will in the future support payment of trading fees to token creators and CTO operators in ETH, USDG, or RWA assets.
Pons initially gained a large user base and trading volume through the meme tokens issued on its platform. V2 aims to connect this issuance mechanism with Robinhood Chain's stablecoins and RWA assets. For Pons, this signals an evolution in its positioning from a mere token issuance platform to one encompassing a broader range of asset types and revenue settlement scenarios.
