Pons is the dominant token launchpad on Robinhood Chain, and PONS is its native token. It trades near 46 cents for a circulating market capitalisation around 328 million dollars. The business is unusually legible for something seven weeks old. Lifetime fees are roughly 46 million dollars, more than 25 million has been paid to token creators, and on August 30 applications on Robinhood Chain out-earned Ethereum in daily fees with Pons providing about 35% of the total. Supply is fixed at one billion with roughly 29% burned and no vesting or unlock schedule. On a 30-day run-rate the token trades at about 5.3 times annualised protocol revenue, roughly one turn above the multiple analysts cite for its nearest peer. The question is not whether the revenue is real. It is how much of it survives the launch cycle that produced it.

Tag: Crypto Market

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