🚨 $PONS, the native token of the Pons launchpad on Robinhood Chain, has recently surged toward a $400M nominal market cap. While that valuation looks impressive, on-chain data suggests the token may now be facing a significant pullback risk. ⚠️

The key issue? The platform’s latest fee-model upgrade has changed where the revenue goes.

🔶 V2 dominates activity

V2 generated around 88.1% of protocol revenue over the past 24 hours, but its fees are used to purchase newly launched tokens rather than directly supporting $PONS.

🔷 V1 drives the $PONS buyback

V1 is the version that buys back and burns $PONS, with 80% of its fee revenue allocated to a dead address. However, V1 volume has now fallen to only a small fraction of the platform’s total activity.

🔥 The numbers tell the story:

Since 29 August 2026, V1 has burned only around 0.0368% of total $PONS supply.

Compare that with late July, when $PONS was around a $42M market cap and approximately 22% of the supply had already been bought back and burned through V1.

That aggressive buyback-and-burn mechanism was a major factor supporting the token’s previous rally. 📊

Now the situation is different:

💰 High platform revenue

📉 Much lower $PONS buyback activity

⚠️ Heavy dependence on launchpad trading volume

🔥 A significantly weaker burn mechanism

If launchpad activity slows down—or if V1’s share of fees declines further—the fundamental support underneath $PONS could weaken rapidly.

This doesn’t automatically mean $PONS must crash, but the $400M valuation deserves careful scrutiny if the mechanism that previously supported the token is no longer operating at the same scale.

Would you hold a launchpad token at this valuation, or wait for a deeper pullback? 👇

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