感謝昨天 @lesliewins_ 的時間，後續還會有更多有關 Robinhood 生態的訪談，大家可以期待下 RH 生態，我的做法很簡單，就是押注 Hooks + Agents，等 RH 第二波起來： 1. 關注兩大龍頭 robinhood:0x39dbed3a2bd333467115de45665cc57f813c4571 robinhood:0x2e8c31162b855a2ffa90f6f8634643ad6f111e18，相當於 RH blue chips，特別關注 @ponsdotfamily 的交易量、手續費、燃燒回購，這一點 @MEADGod 前幾天已給大家一個說法，就看後續落地能力；$AI 雖非 @longdotxyz 的平台幣，但基本上就是很好的 proxy 了，買入 $AI 的創作者費用 80% 累積 $NVDA，賣出的話就是 50% 銷毀與 50% 鎖定，幣股玩法爐火純青 2. Agentic finance 看 $PRIORS $BUN @priors_trade 押的是 AI 的 credit & financing，他讓有人提供資金擔保的 agent 借 USDG，並把借還款紀錄累積成可驗證的信用評分；若 agents 開始持續接案、付費、營運，這些紀錄就有反覆使用的價值 現有基本借貸費用分配為出借者 50%、擔保者 25%、協議準備金 25%；要漲到 $50M+ 還需要質押席位與收入回流機制真正更廣大使用，部分新機制仍待外部審計 $BUN 最有力的理由是 @Moshdottrade 首發代表幣，以及把早期大額持幣轉成受限交易庫存的設計，Mosh 讓募資者賺創作者費用，agents 在金庫限制內管理代幣，降低早期參與者直接拿幣砸盤的誘因；若這種發行方式成功，BUN 有機會承接品牌與社群溢價；不過費用分給募資者，不等於分給 BUN 持幣者；金庫能賣幣，agents 也不保證護盤 3. Hook 看 $HOOKR 看好 HOOKR @Hookrfun 是因為他能替不同項目提供交易規則的功能，並從被採用的功能收費，它把防狙擊、動態費率、自動銷毀、LP 獎勵、套利收益回收做成可組合模組，讓發幣平台與資金池直接使用；官方列出的多數附加費用由協議抽取 20%，套利回收收益抽取 10%，協議所得用於金庫執行回購銷毀，成長關鍵是有多少活躍資金池採用 4. Inference 看 $ORBIO 他解決 agents 每天都要付的帳單：模型推論與工具費用，他提供統一 API、折價 AI 額度與 agent 發行平台，將項目交易費的一部分轉成 ORBIO 質押及可用額度；採用增加有機會同時帶動質押需求與服務使用

一堆傻逼玩果蝇 伪装神经系统做成的引擎 玩过家家游戏 包装的高科技技术 发的无用代币 0 代币经济学 果蝇的东西确实挺有趣的 但是发成代币就完全是为了rug 准备的 套娃映射 没有meme coin有趣 也没有真正的代币经济 鼓吹这个在arc链的 不是蠢就是坏

Hot take and many won’t like it but besides a cex listing pump, pons is now the least likely to me for any kind of explosive growth amongst the bigger RH coin. Trenches are drying out, the interesting AI launches will all be on Orbio and that will take a lot of market share, I think people underestimate how that will look like when quality agents start churning in the next few weeks. The main RWA launches on the pther hand are on Long eco under AI’s umbrella plus other chains putting pressure, annualized revenue was based on those euphoric first few weeks and the chart looks like this. Dunno man.

since robinhood:0x07ebb29a38fbcb41563817e5e19f2cec619c90d2 launched, one self-funded 8 eth bundle has paid its funder 76.65 eth back (958% recovery, basically 9.58x) in 29 days. that 'bundle' is the first product of @Moshdottrade, and it's worth tracing all the way down because every other mosh launch now runs on the same pipes mosh sits on top of a launchpad (right now pons on robinhood chain) and does 3 things: 1. raises capital for a token's opening buy 2. executes the launch in one sequence so nobody can frontrun it 3. locks the bought supply in vaults where AI agents manage the market for the life of the token. funders of that opening buy get the fee stream. robinhood:0x07ebb29a38fbcb41563817e5e19f2cec619c90d2 is the first token through it 1. wtf is a mosh bundle? a bundle is a small raise that funds the initial buy of a new token > deployer sets up the raise, whitelist optional (controls who funds and how much) > funders put in eth > part of the raise buys the bonding curve at launch > the rest stays in the vault as agent trading cash > funders receive creator fees pro-rata to what they put in so a bundle is not a presale. funders never get tokens to dump. they get a claim on fees, and the tokens stay locked 2. the launch tx purchase, graduate, add liquidity, all in sequence in one execution. no gap for a sniper to sit in every pons launch also opens with a buy tax starting at 99% that decays to 0% over 5 seconds. that tax is not burned. it goes into the same fee pool and splits the same way as trading fees. per the team, that tax alone covered bun's full 8 eth bundle inside the first minute 3. bun's bundle, the actual numbers > 8 eth raised from 1 backer (team self-funded, not crowdfunded) > 4.24 eth bought the curve → 714.3m BUN at launch, ~71% of supply > 3.76 eth stayed in the vault as trading cash > 0% creator fee, no team allocation > 79.9 eth earned in trading fees total, 76.7 eth already paid to backers, 3.24 eth pending > 29 days since the first trade current supply split, straight off the bundle page: > 71.13% held across the swarm's 3 agents > 8.2% in the pons locker > ~20.67% real float founder states only one wallet holds more than 0.5% of supply. so fdv overstates what can actually trade by roughly 5x 4. the swarm the agents are built by @uv (uv labs) on their own harness > place offchain bids and asks that fire when a uniswap tick is crossed > size, spread and skew set by volume, volatility, inventory and distance from mid > mandate on bun: accumulate bun while quoting both sides > strategy started in simulation, now tuned live on production data > the llm layer only runs on markets with real volume, to keep cost down at thousands of launches per day one example trade from the founder: bought 1.22m BUN for 2.4 eth, sold 1.26m BUN for 4.2 eth. sold more tokens than it bought and still netted 1.8 eth range liquidity management was added after launch, both at the launch tx and ongoing. roadmap from inside the vault: otc purchases, community nft mints for inventory, perps 5. guardrails > every agent action capped per period > one absolute ceiling, one % of inventory ceiling > agents cannot withdraw founder's line: "agents can't withdraw, agents can't rug." also stated plainly: agents don't paint charts, don't wash trade, don't guarantee outcomes 6. the fee waterfall this is the part that matters > every pons pool trade pays a 1% base fee > pons keeps 30% of the base fee > 0.70% left > each mosh launch can add a creator fee, slider from 0% up to pons' 10% cap > pons takes no cut of the creator fee > bundle fee income = 0.70% + creator fee > mosh takes 20%, funders take 80% > mosh also takes a one-time 5% launch fee so at 0% creator fee: 0.70% x 0.8 = 0.56%, funders earn $0.56 per $100 traded breakeven for funders, measured in pons pool volume vs bundle size: > 0% creator fee > ~179x > 0.5% creator fee > ~104x > 1% creator fee > ~74x only pons pool volume counts. cex volume and other pools pay nothing into this bun check: at 0% creator fee, 179x the 8 eth bundle is breakeven. 29 days in, the bundle's already at 958% recovery, 9.58x the raise, well past that line. 7. platform revenue > revenue: $405k all time, up from $259.6k a week ago > swarm aum: $51.7m, up from $19m a week ago > swarm agents platform wide: 42, up from 27 a week ago > total fdv launched: $73.2m up from $27m a week ago > launchpad volume: $41.2m all time, $12.2m of that in the last 7d that's roughly 2.7x revenue growth and 1.6x the agent count in a single week. bun is still the bundle with the longest track record, but the platform's now running well past a one-token test 8. the ALF next piece is the agentic liquid fund. founder: "revenues flow into the mosh ALF which buys back and trades BUN and other mosh tokens" > platform revenue from every mosh launch → ALF > ALF buys back and trades a basket of mosh tokens, bun included > acts like a cash-rich trader entering markets fresh this feature is currently "under development." so this is the only route where other launches feed bun directly. 9. $AUR, the variant bun's dragon companion, launched through mosh but paired against tokenised gold ($GLD) instead of eth. live numbers today: > 4.7 GLD raised from 1 backer, 8 days since first trade > ~50 GLD earned in fees, but 0 GLD actually paid out to backers, all of it still pending collection > recovery shows as 1061%, but that's the accrued figure against unpaid fees, not cash backers have received > swarm holds 29.7% of AUR supply 10. the backdrop > pons took 92% of robinhood chain launchpad fees over 30 days ($147m of $159m, as of sep 24) > pons v2 daily revenue peaked at ~$2m on sep 5, up from ~$10k/day early august > 7d average since sits ~28% of that peak so the base layer is cooling. mosh's pitch to pons is a longer fee tail per launch instead of burst and die. founder wants mosh to become pons' own standard 11. bullish one self-funded bundle, 8 eth in, 9.58x out in 29 days, with ~79% of supply sitting in vaults that can't withdraw. the fee mechanism is public and transparent on the bundle page itself im bullish because bun's return came from launch tax plus 0.56% of volume with a 0% creator fee, the worst setting on the slider, and it's still at 9.58x. every launch that follows sends platform revenue into an ALF that's meant to buy bun back, once it ships what im watching is the ALF actually going live, and for aur's swarm to kick in. robinhood:0x07ebb29a38fbcb41563817e5e19f2cec619c90d2

dot还是挺强的 astra做这些事情非常慢，dot早就扒出来了 astra还在慢吞吞。。