By Asher(@Asher_0210)
The enthusiasm of "P-leets" for Memecoins on Robinhood Chain remains high, and the platform token PONS of the token launch platform Pons has seen a new round of explosive growth. According to GMGN data, in just one week, PONS's market cap rose from $60 million to a peak of $400 million, currently retracing to around $300 million.
(When Odaily Planet Daily last introduced PONS, its market cap was only $40 million. Related content can be read here:Platform Token Surges 15x in Half a Month; Pons Tops Both Token Launching and Trading on Robinhood Chain)
The surge in PONS is closely tied to the rapid growth of Pons's token launch volume and trading share on Robinhood Chain. Dune data shows that on August 27th, Pons launched over 12,000 tokens in a single day, surpassing Flap again to take the top spot among token launch platforms on Robinhood Chain. Since then, Pons has consistently maintained the highest daily launch volume and gradually widened the gap with platforms like Flap. Yesterday, Pons launched over 22,000 tokens, accounting for 66% of Robinhood Chain's daily launch volume; the trading volume generated by newly launched tokens via Pons accounted for 78% of the chain's total daily new token trading volume.
The surging trading volume has also brought substantial platform revenue. DefiLlama data shows that Pons's revenue over the past 24 hours reached $930,000, surpassing Jupiter ($800,000) and Polymarket ($660,000), ranking seventh in protocol revenue rankings.
Pons's Positive Flywheel: More Launches, Higher Revenue, Stronger Buybacks
Trading fees are split 70% to creators and 30% to the platform
Pons is a token launch 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, with all operations completed via personal wallet signatures; Pons does not custody user assets.
Currently, the total supply of each new token on Pons is fixed at 1 billion tokens, with a creation cost of only 0.0005 ETH. The platform charges a 1% fee on transactions. Creators only need to fill in the token name, symbol, image, and social links to complete a launch.
Low barriers to entry only attract creators. What truly drew market attention to Pons is its fee distribution model. According to official documentation, for tokens launched via Pons's new contract, trading fees are distributed 70% to creators and 30% to the protocol. Furthermore, of the fees received by the protocol, 80% is used to repurchase and burn PONS from the market, with the remaining 20% used for infrastructure and team operations. On August 28th, the official update stated that 29% of PONS's total supply has already been burned.
Nearly $750,000 in buyback demand in the past 24 hours
Taking the past 24 hours of data as an example, DefiLlama data shows that users spent a total of $5.02 million in fees on the Pons platform. Most of this was allocated to token creators and other participants, with the final protocol revenue attributable to Pons being approximately $930,000. Based on the current 80% allocation ratio, about $740,000 of this would be used to repurchase and burn PONS from the market, with the remaining approximately $190,000 used for team operations.
Under this distribution mechanism, each transaction on Pons not only generates income for creators but also converts into buyback demand for PONS through the protocol's share. Thus, Pons has formed a mutually reinforcing cycle: higher creator shares lead to more new token launches on the platform; more new tokens lead to higher trading volume and fees; growth in protocol revenue, in turn, brings more PONS buybacks. After PONS rises, the platform gains more market attention, further attracting creators and traders.
How Much Longer Can PONS Keep Rising?
PONS's market cap has risen from under $40 million a month ago to around $300 million, a peak increase of nearly 10x. To judge whether PONS can continue to rise, and for how long, I would focus on the following three points:
First, observe how long the current Memecoin frenzy on Robinhood Chain can last. Over the past week, discussions around Memecoins on Robinhood Chain have noticeably heated up on X, leading to an increase in on-chain Memecoin trading volume, with Pons capturing more launch and trading demand. Once the discussion heat around Robinhood Chain cools down and "P-leets" shift to other ecosystems, PONS will not only lose external buy-side demand, but the buyback intensity may also weaken as protocol revenue declines.
Second, observe whether Pons can maintain its leading position among launch platforms. The sustained high heat on Robinhood Chain does not necessarily mean Pons will benefit. The key lies in which platform ultimately captures the incremental launch and trading demand. Previously, when Flap's daily launch volume exceeded Pons, PONS's market cap fluctuated between $30 million and $40 million. Compared to absolute launch numbers, it's more important to monitor whether Pons can maintain a high market share on Robinhood Chain.
Finally, for PONS's market cap to further rise to $500 million or $1 billion, it may require the emergence of truly breakout Memecoins. What Pons currently lacks are high-market-cap Memecoins that can consistently attract capital and discussion. If the platform can recently produce Memecoins that rapidly break through $50 million or even $100 million in market cap, the wealth effect on Pons will be further enhanced, and PONS may also usher in a new round of FOMO.
