Robinhood designed its new Layer 2 (L2) network to host tokenized stocks and DeFi. But users had other plans. Since launching on July 1, 2026, Robinhood Chain has instead been dominated by meme coin traffic.
At the center of the frenzy is Pons, a launchpad platform operating similarly to Solana’s Pump.fun. The platform’s native token, PONS, began trading in mid-July at fractions of a cent. By early September, its price reached $0.49 - an 18,000% surge from its all-time low. PONS has now officially flipped CashCat to become the largest token on Robinhood Chain by market capitalization.
Burning Supply from Within
Valuation figures for PONS move rapidly due to thin on-chain liquidity. DefiLlama data puts its market cap at $392 million, while OpenSea reports $576 million.
Roughly 80% of all Pons revenue is allocated to an automated buyback-and-burn mechanism. Out of a total supply of 1 billion tokens, the system has burned 288 million tokens, or 29% of the initial supply. The remaining circulating supply currently stands at 712 million.
On September 3, Pons generated $5.95 million in daily fees. That figure ranked it fourth among all crypto protocols tracked by DefiLlama, surpassing the fees generated by the Robinhood Chain network itself.
Fending Off Zero-Fee Competition
Pons’ dominant position was briefly threatened in early August. Uniswap rolled out a rival launchpad dubbed Pools.trade, slashing transaction fees to zero. The new platform attracted users and captured half the trading volume. PONS’ price promptly plunged to $0.016 before rebounding to recover its value.
PONS’ market reach has expanded beyond Uniswap’s decentralized exchange on Robinhood Chain. The token is now listed on centralized exchanges MEXC, Gate.io, and KuCoin. Its futures markets are also active on Hyperliquid, Bybit, and Aster.
The next catalyst arrived on September 2 when Binance Wallet added PONS to its Alpha tier alongside the FLORK token. PONS responded to the update by setting a new all-time high.
A Detour from the Original Blueprint
The reality on Robinhood Chain has deviated from its original blueprint. However, Robinhood management chose to embrace the momentum from its users. Robinhood CEO Vlad Tenev revealed that the network’s ecosystem will eventually include stock airdrops for meme coin holders.
Joke assets could ultimately serve as a gateway to traditional financial instruments. Sourced from Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
