PONS passes Hyperliquid's 24-hour fees; 29.1% of supply burned
Protocol revenue hits $833K in 24h on $154M annualized; market share back to 93%
OSF's protocol revenue tracker mid-stream — $833K in 24-hour platform fees.
Even after the 10X market-cap run, PONS trades at roughly a 2X multiple versus Pump.fun's 4X — the same valuation gap that got OSF in at a $6M market cap. Seven-day revenue momentum versus the prior seven days shows fees running 6X week-on-week, and 24-hour market share is back to 93% (86% over seven days) after losing ground to Stonkbroker days ago. He remains 'in two minds' on profit-taking but says he will not sell the whole position, keeping 'a large position through potentially the cycle.'
OSF argues the tokenized-stock RWA narrative is 'massive' next to Pump.fun's memes, and it is now feeding PONS volume directly: AMC-tokenized-Cinema demand pushed on-chain AMC to roughly 10X its real stock price over the thin-LP weekend, generating another $11M of 24-hour volume. Premiums collapsed back toward flat when markets reopened — AMC now sits at a 1.3% discount, HYMNS at a 1.8% premium — and he calls the arb the 'math-question' chart: two green daily candles on the CINEMA/AMC pair while the dollar price is down 56%.
His concrete idea into the Labor Day weekend: buy tokenized stocks (or the underlying stock pairs) on Friday at flat premiums, because a thin-LP three-day holiday weekend can run the on-chain price up 'five to 10X' on retail demand while the real stock can't drop 90%. He is small in it now ('I own very smalls'), not wanting to deviate from the core PONS position, and just built a pro dashboard that lists every tokenized stock on Robinhood with its live premium/discount.
A warning about the Robinhood-chain copycats trading on narrative: coins doing ~$2K in revenue since inception, 0.01% of supply burned and 150X multiples are being pushed hard as 'the Uniswap of Robinhood' with zero cash-flow analysis. His advice: the valuation math is simple division — run the numbers yourself or paste them into ChatGPT/Claude — and know whether you own a fundamentally sound trade or just a narrative trade. 'These can be good trades... but you need to be aware of what you own.'
Asked about other revenue-generating coins, he flagged STONK on Solana as the closest peer — smaller revenues, 60% of fees buy-and-burn versus PONS's 80% — and said he likes it but favors the Robinhood chain over Solana, with no reason to diversify into a less attractive competitor. He also noted he has never made money on full Ponzi-style DeFi (NetNet question), avoids it, and hasn't yet looked at other meme pairs like PONZI.finance.
On scalping PONS shorts: funding hit 311% annualized earlier (now ~89% after OI dropped from 40 — someone got liquidated), and he says when funding pushes back toward that 300% level, it could be a 'nice 10-15%' scalp on the short side, though he's only monitoring it. On Hyperliquid's listing dynamics: the usual short-perps/sell-spot dump never materialized; instead everyone is levered long, and a $1.3M short's liquidation is ~100% away.
He is 'very bullish' on Q4 for markets and crypto: if Bitcoin gets back toward $90K-$100K and alts re-rate, PONS — which he now calls a front-runner for the trade that outperforms BTC — can be 'much, much bigger.' Tokenized stocks and RWA are the strongest narrative for the cycle and Robinhood Chain is the perfect venue; September desk activity, earnings season and TradFi participation are all listed as positive volume catalysts for PONS fees.