Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_ 0210)

The enthusiasm of "Little P" for meme coins on the Robinhood Chain is still rising, and the platform token PONS of the token issuance platform Pons has ushered in a new round of skyrocketing. According to GMGN data, in just one week, the market value of PONS rose from 60 million dollars to a peak of 400 million dollars, and has currently retraced to around 300 million dollars.

(In the previous article introducing PONS, its market value was only 40 million dollars; relevant content can be read: Platform token surges 15 times in half a month, Pons tops the dual crowns of issuance and trading on the Robinhood Chain)

The skyrocketing of PONS is inseparable from the rapid growth of token issuance and trading share by Pons on the Robinhood Chain. Dune data shows that on August 27, Pons issued more than 12,000 tokens in a single day, again surpassing Flap to rank first among the token issuance platforms on the Robinhood Chain. Since then, Pons has consistently maintained the highest daily token issuance and gradually widened the gap with platforms like Flap. Yesterday, Pons' platform token issuance exceeded 22,000, accounting for 66% of the daily token issuance on the Robinhood Chain; the trading volume generated by newly issued tokens from Pons accounted for 78% of the daily trading volume of new coins on the entire chain.

The soaring trading volume also brings considerable platform income. DefiLlama data shows that Pons’ revenue in the past 24 hours reached 930,000 dollars, surpassing Jupiter (800,000 dollars) and Polymarket (660,000 dollars), ranking seventh in protocol revenue.

Pons' positive flywheel: More token issuance, higher income, stronger buyback

Transaction fees are distributed between creators and the platform at a ratio of 7:3

Pons is a token issuance and trading platform specifically built around the Robinhood Chain, operated by Pons Labs and not an official product of Robinhood. Users can create and trade tokens within the platform, with all operations completed by personal wallet signatures; Pons does not hold user assets.

Currently, the total supply of each new token on Pons is fixed at 1 billion pieces, with a creation cost of only 0.0005 ETH, and the platform charges a 1% transaction fee. Creators only need to fill in the token name, code, image, and social links to complete the issuance.

The low threshold can attract creators, but what truly draws market attention to Pons is its fee distribution model. According to official documents, for tokens issued through Pons' new contract, transaction fees are distributed between creators and the protocol at 70% and 30%. Additionally, 80% of the fees obtained by the protocol are used to buy back PONS on the market and burn them, with the remaining 20% allocated for infrastructure and team operations. On August 28, the official update stated that 29% of the total supply of PONS has already been burned.

Nearly 750,000 dollars in buyback volume in the last 24 hours

Taking data from the last 24 hours as an example, DefiLlama data shows that the total fees spent by users on the Pons platform was 5.02 million dollars. Most of this is allocated to token creators and other participants, with the final protocol income attributed to Pons being about 930,000 dollars. According to the current 80% distribution ratio, about 740,000 dollars will be used to buy back PONS from the market and burn them, while approximately 190,000 dollars will be used for team operations.

Under this distribution mechanism, every transaction on Pons not only brings income to the creators but also converts into buyback volume of PONS through protocol sharing. Thus, Pons has formed a mutually reinforcing cycle: the higher the share for creators, the more new coins are issued by the platform; the more new coins there are, the higher the trading volume and transaction fees; as protocol revenue grows, more PONS buybacks will occur. After the PONS rises, the platform gains more market attention, further attracting creators and traders to enter.

How much longer can PONS rise?

The market value of PONS has risen from less than 40 million dollars a month ago to around 300 million dollars, with a peak increase of nearly 10 times. To determine whether PONS can continue to rise and how much longer, I will focus on the following three points:

First, observe how long this wave of meme popularity on the Robinhood Chain can last. In the past week, discussions around memes on the Robinhood Chain on X have noticeably intensified, and the on-chain meme trading volume has increased accordingly, with Pons taking on more issuance and trading demand. Once the discussion on the Robinhood Chain wanes, and "Little P" turns to other ecosystems, PONS will not only lose external buying pressure, but the buyback strength may also weaken as protocol revenue declines.

Second, watch whether Pons can maintain its leading position as a token issuance platform. The sustained popularity of the Robinhood Chain does not necessarily mean that Pons will benefit; it is crucial to see which platform the new issuance and trading demand ultimately flow to. Previously, when Flap issued more tokens than Pons in a single day, PONS' market value fluctuated between 30 million and 40 million dollars. More importantly than the absolute issuance number is whether Pons' share on the Robinhood Chain can remain high.

Finally, PONS' market value may further rise to 500 million dollars or 1 billion dollars, possibly needing to see a truly breakout meme coin. What Pons currently lacks is a high market cap meme coin that can continuously attract funding and discussions. If the platform can recently see a meme coin with a market cap rapidly reaching 50 million dollars or even 100 million dollars, the wealth effect of Pons will further enhance, and PONS may usher in a new wave of FOMO.

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