That makes sense.
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牛奔策略
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Is There Any Hope for My PONS Long Position?
I’ve been holding a long position, and so far there’s still no sign of a recovery.
PONS has fallen from its all-time high of around $0.97 to about $0.19, a drop of more than 80%. But the problem is that both the price and the business are declining—and the business is still deteriorating rapidly. Maybe my long position has a chance of recovering once the business stops falling.
1. PONS’s greatest source of value is still its buybacks
One of the main reasons I initially followed PONS was its real value capture: trading volume → fees → protocol revenue → PONS buybacks. To date, PONS has generated approximately $203 million in cumulative fees, around $36.75 million in cumulative protocol revenue, and roughly $23.91 million in cumulative returns for token holders. It’s not a project supported entirely by a narrative. But conversely, if its valuation is based on revenue and buybacks, then a decline in revenue means its valuation must be reassessed too.
PONS has fallen from its all-time high of around $0.97 to about $0.19, a drop of more than 80%. But the problem is that both the price and the business are declining—and the business is still deteriorating rapidly. Maybe my long position has a chance of recovering once the business stops falling.
1. PONS’s greatest source of value is still its buybacks
One of the main reasons I initially followed PONS was its real value capture: trading volume → fees → protocol revenue → PONS buybacks. To date, PONS has generated approximately $203 million in cumulative fees, around $36.75 million in cumulative protocol revenue, and roughly $23.91 million in cumulative returns for token holders. It’s not a project supported entirely by a narrative. But conversely, if its valuation is based on revenue and buybacks, then a decline in revenue means its valuation must be reassessed too.
