The meme cryptocurrency issuance platform on Robinhood Chain has seen a rapid rise recently. Its token, PONS, was quoted at around $0.5978 on Uniswap on September 3, representing a 31.82% increase in 24 hours. Compared to its low point of around $0.0033 on July 17, the cumulative gain has exceeded 180 times.

PONS rises to the top of the list in market value on the blockchain

As the early trading activity of Robinhood Chain increased, Pons quickly became the main token issuance portal on that chain. The platform allows users to directly create tokens; after setting a name, code, and image, they can be listed in the trading pool. The total supply of tokens is fixed at 1 billion. Reports indicate that the platform does not hold user funds; both token issuance and trading are completed through users' own wallets.

PONS surpassed CashCat in market value in late August, becoming the crypto asset with the highest market value on Robinhood Chain. CashCat was one of the meme coins that received considerable attention in the early stages of that blockchain. On September 2nd, Binance Wallet included PONS in the Alpha trading tiering, which further increased market attention.

Platform revenue drives the rebound of tokens

The revenue growth of the platform where Pons is located is an important backdrop for this round of increase. According to reports, Pons uses approximately 80% of the platform's revenue for automatic repurchase and destruction of PONS. In other words, the platform buys PONS on the public market using transaction fees and then destroys it in order to reduce the circulating supply.

Currently, out of the original 1 billion tokens, approximately 288 million have been destroyed, reducing the actual effective supply to around 712 million. This mechanism helped PONS to rebound from a low point after the competition intensified at the beginning of August.

Previously, Uniswap launched its own trading platform Pools.trade on Robinhood Chain, and quickly captured about half of the trading volume of that platform with zero transaction fees. Affected by this, PONS once fell to around $0.016, before rebounding in the second half of August and rising to a new high of nearly $0.49 in early September.

Single-day handling fees rank among the top in the industry

On September 3rd, the Pons platform's daily handling fee reached 5.95 million US dollars. According to the tracking criteria of DefiLlama, this level ranked fourth among all cryptocurrency protocols on that day, and at one point it even exceeded the daily income of Robinhood Chain itself.

Currently, in addition to the pool trading on Robinhood Chain at PONS, it has also appeared on platforms such as MEXC, Gate.io, KuCoin, and Binance Alpha. It has also been launched on the futures markets of Hyperliquid, Bybit, and Aster.

However, there are still significant differences in the market value of PONS as reported by different data platforms. According to reports, the market value of DefiLlama is approximately 392 million US dollars, while other tracking platforms estimate its value to be as high as 576 million US dollars. This also reflects that the current liquidity of this token on the blockchain is still relatively low, and its price fluctuates quite rapidly.