i've seen the concern that
$pons doesn't have the big mkt cap runners that long has, and i understand why people care about that. a few coins doing well gives people a reason to come back, attracts capital and makes the whole ecosystem more interesting to trade. i'd obviously like to see more of that on pons too.
but i think people are taking that observation and making an assumption about revenues which the numbers don't support. if ur assessing a launchpad by the handful of coins u recognise on the timeline, you're missing a lot of the activity it actually gets paid on.
yday, 7 september, 27,609 tokens were launched through the pons v2 factory. that's an onchain count of new launches in one day. at the 0.0005 ETH launch fee, that works out to 13.8 ETH in launch fees alone, before anyone starts trading any of them.
the more interesting number is that trading across pons v2's bonding curves came to $144.1m that day. over the seven days from 1-7 september they did $975.7m. this is defillama's curve-only volume, it excludes trading in the graduated uniswap v4 pools, so there's almost a billion dollars of weekly turnover happening before we even get to the coins people are looking at on dex screener.
this is why the distinction matters. a coin can get bought, sold, bought again and eventually go nowhere, and the platform has still earned fees on that activity. its final mkt cap doesn't tell u how much volume went through it along the way, and that volume doesn't require an equivalent amount of fresh capital because the same money can trade multiple times.
under the normal 1% base trading fee and 30% protocol share, $1m of trading generates $10k in base fees, of which $3k goes to pons. that's just the arithmetic of those terms, actual launches can have different fee settings and extra taxes, but the point is that the protocol gets paid on buys and sells while the coin is still on the curve. it doesn't need to graduate, let alone become a $100m coin, to contribute revenue.
once a coin does graduate, trading continues in a locked uniswap v4 pool and pons continues earning its share of the fees there too. so there are three sources to look at: the fee to launch, trading on the curve, and trading after graduation. the optional creator tax goes to the creator, it isn't all revenue for pons.
and this is where people also need to be careful with the headline numbers. across v1 and v2, defillama recorded $8.55m in total fees on 7 september, but $1.47m in protocol revenue. the latter is the relevant number for this argument. calling the whole $8.55m pons revenue would overstate it massively.
over 1-7 september, protocol revenue was $10.26m, compared with $3.84m over 25-31 august, an increase of 167.4%. that's about $1.47m a day across a full week. yday was actually down about 8% on the previous day, so i'm not suggesting every number is going up in a straight line, but the weekly comparison gives a much better picture than whether a particular meme is holding its highs.
the 80% allocation of protocol revenue to
$PONS buybacks and burns is why i care about this as a holder. applying that allocation to the last week's revenue gives roughly $8.2m, although revenue earned and buybacks actually executed aren't the same thing and shouldn't be presented as if they are.
none of this means runners don't matter or that this level of activity lasts forever. if people keep losing money and stop coming back, or if long consistently attracts the traders and launches that pons is losing, that is a real problem.
but for me the way to assess that is to follow activity, protocol revenue and actual buybacks over time. the claim that pons needs a handful of huge mkt cap coins to generate meaningful revenue is difficult to reconcile with 27,609 launches in a day, $975.7m of weekly curve volume and $10.26m of weekly protocol revenue. i'd welcome more runners, but i don't need to wait for one to understand where the money is coming from.