TLDR
PONS runs ~78% of all token launches on Robinhood Chain, 2 weeks after the previous incumbent NOXA walked away.
The protocol is doing $170-180k/day in ETH revenue with ~24 cents of every fee dollar buying and burning PONS, and there’s no VC / team allocation or unlock overhang – mcap = FDV. It trades at ~0.62x annualized revenue while Pump.fun sits at ~3x and the peer board median is ~18x, so the market is pricing this revenue to die. If Robinhood Chain keeps growing PONS is the most direct way to express it – at current pace the protocol earns back its entire mcap in ~7 months.
Main risks: 2 weeks of data, memecoin volume can vanish as fast as it arrived, and the buyback is still team-discretionary. Let’s dive in to the details below.
The NOXA Handover
PONS is a launchpad on Robinhood Chain, 14 days old and already running ~78% of every token launched on the chain. The short version of how: NOXA – the incumbent that spent early July out-earning Pump.fun on protocol fees – stopped accepting launches on July 11, went dark by the 13th and zeroed its own fees on the 14th after pulling roughly $12M out in 2 weeks.
No rug / drained liquidity, rather just a team that walked away at the peak of the mania for the protocol. PONS was sitting there with a live product and absorbed the entire v
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