$PONS Yesterday, around 200,000 tokens were burned on-chain, bringing the cumulative burn rate from 32.03% to 32.05%. There’s still around $1.7 million left unused in the buyback pipeline, and burns are continuing. But protocol revenue is falling, so there will be less money available for buybacks going forward.
There’s no shortage of positive news: Coinbase announced it will list the token soon, Beta has transitioned to full service, and Bithumb and Upbit announced listings almost simultaneously. Under normal circumstances, that would be a significant string of catalysts, yet the price hasn’t followed suit.
The problem isn’t the news, but the platform’s own metrics. Trading volume, protocol revenue, and new token launches are all at record lows. It was easy to blame this on Robinhood Chain cooling off.
That explanation no longer holds up. On-chain DEXs are still doing around $1 billion in daily volume, while PONS has less than $60 million. The traffic is still on this chain; it’s just not staying on PONS.
So these things need to be viewed separately: exchange listings are a positive for distribution, and buybacks are positive for supply, but neither can replace trading activity and revenue. If volume keeps falling like this, a drop below 0.3 wouldn’t be surprising.
The data is more honest than announcements. People haven’t left this chain, but they may have stopped playing Meme here and gone back to Solana.
$PONS
There’s no shortage of positive news: Coinbase announced it will list the token soon, Beta has transitioned to full service, and Bithumb and Upbit announced listings almost simultaneously. Under normal circumstances, that would be a significant string of catalysts, yet the price hasn’t followed suit.
The problem isn’t the news, but the platform’s own metrics. Trading volume, protocol revenue, and new token launches are all at record lows. It was easy to blame this on Robinhood Chain cooling off.
That explanation no longer holds up. On-chain DEXs are still doing around $1 billion in daily volume, while PONS has less than $60 million. The traffic is still on this chain; it’s just not staying on PONS.
So these things need to be viewed separately: exchange listings are a positive for distribution, and buybacks are positive for supply, but neither can replace trading activity and revenue. If volume keeps falling like this, a drop below 0.3 wouldn’t be surprising.
The data is more honest than announcements. People haven’t left this chain, but they may have stopped playing Meme here and gone back to Solana.
$PONS