PONS fee capture has climbed from the 900Ks to $1.2M per day — a 30-40% jump — with 24,000 launches in 24 hours holding launch market share near 97% while every competitor sits under 300 launches. Volume now runs about $104M across exchanges (excluding Perch), roughly $50M of it on-chain swap pools, plus $83M on Hyperliquid perps alone and another ~$40-50M on Bybit — versus $2-3M a day a few weeks ago. The revenue multiple is still 1.4x, and OSF says he will only start trimming if it heads toward 2x; his play is to hold for the day PONS lists on Coinbase or Binance and does a billion-plus in volume, and sell into that risk transfer. He says buybacks are now automated and decentralized — a steady TWAP that runs forever.
Robinhood stock jumped 15% on the day, good for +33% in a month and +58% in six months, and OSF reads the move as the market finally linking the stock to the on-chain revenue the ecosystem generates. He argues that linkage pushes Vlad's team to keep pouring effort in — a self-reinforcing loop for every Robinhood-chain token. HIMS, by contrast, is down 11% in five days, which he says is the only thing holding the BONER pair back.
OSF calls BONER (the HIMS pair) his front-runner meme-stock pick and the funniest meme in the space — 12K holders in five days, and he notes HIMS trades at 132 on-chain versus 29 on the NYSE. He owns CamelToe (LULU, reporting earnings today) and Sailor Moon (MSTR, up 13% yet the coin barely moved), and argues a long weekend with no new stock minting leaves thin LPs ripe for squeezes. His bigger thesis: a Bloomberg-terminal top-story on these tokenized-stock manias is inevitable this month, and that mindshare event re-rates the whole complex.
OSF bought a Binance-chain mascot coin launched on Flap (incubated by EZ Labs, owned by Binance) whose 3% buy/sell fees route to CZ's Giggle Academy kids' charity. The tell: the official Giggle account has quote-tweeted the coin's account multiple times, and roughly $700K in generated fees has already been donated — closing in on $1M, which he thinks could draw a CZ post. At a $12M market cap with no usual-suspect KOLs holding (only Moneylord, who flagged the Giggle Academy tweet puzzle), he sees a possible 3-5x toward the 50-100 range recent Binance coins like Nuuly and Mars Coin hit. Giggle's own market cap is now $37M, his benchmark for the trade.
OSF walked through an IMD mechanism he initially had Claude explain to him: when a dump pushes a trading pool over its inventory cap, the pool trims the excess off the top — burning most of it, with a cut to stakers — instead of letting supply pile up and tank the price. He frames it as the project owning its own trading pool with a fixed LP that acts as a standing buy wall below market. He holds a small early position, wishes it were bigger after reading the mechanics, and shared the contract address on stream as one to watch.
OSF closed with Bitcoin still ripping at 81.3K and said a straight shot toward 100K would send the on-chain complex 'absolutely mental.' He flagged ETH as the alt trigger he is watching — a move to 3-4K (one smart contact he trusts calls 8-10K this cycle) would lift everything denominated in ETH, REX included. He has no Solana exposure and keeps calling it a market he avoids.