PANews has published a column by contributor Haotian reflecting on what he called an “alienated” phase in the recent on-chain market, focusing on the diverging performance of three tokens: $PONS, Long ($AI), and $HOOKR.
$PONS: strong on ecosystem tailwinds, vulnerable early in a bull cycle
Haotian wrote that $PONS is a case of being “made by data and undone by data.” In his view, the project’s low-cost token issuance model, shaped by Pump-style launchpad traits, is better suited to the middle and later stages of a bull market, when the broader ecosystem can provide stronger support.
Early in a bull cycle, he said, liquidity can be too thin, and temporary capital withdrawals can weigh on buyback data, which then brings heavier selling pressure. He described $PONS as a leading launch platform that feeds on ecosystem dividends and said it could still lead the next phase of on-chain ecosystem expansion, though the volatility in that process may be difficult for many participants to endure.
Long ($AI): tokenized stock narrative still lacks enough support
On Long ($AI), the author described the project as a central pillar in the distribution story around tokenized stocks. He also said he favors Long’s meme-plus-stock-pairing narrative and the founder’s continued focus on stock distribution and deeper accumulation.
At the same time, the article argues that tokenized stocks currently represent only one quoted leg for Long. In practice, Haotian said, most market participation in Long is still driven by meme enthusiasm. That leaves the token exposed to the same dependence on ecosystem tailwinds seen in $PONS, and it can also be hit hard when liquidity dries up.
He added that, compared with the more direct buyback approach used by $PONS, Long’s use of stocks as a long-term LP behavior offers even weaker support. In the column, he said Long would need a strong boost from Robinhood Chain officials to break out of its current difficulty. He wrote that the narrative is sound, the direction is steady, and that Robinhood and Vlad Tenev have reason to give it focused support.
$HOOKR: an outlier rising during a downturn
$HOOKR was presented as the exception among the three. Haotian described it as an alternative that has moved higher even during a broader decline. He wrote that both RHC and Uniswap have continued to push the Hooks narrative, and that the weaknesses seen in PONS and Long are exactly where Hooks can matter.
According to the article, the core problem with assembly-line launchpads is that their rules are too limited. Buybacks alone are not enough, he argued, and he also noted criticism that PONS buybacks are not sufficiently programmatic or transparent.
Hooks as a rules framework
The column describes Hooks as a mechanism that can add a wider set of rules to token launch systems, including anti-sniping measures, dynamic fee structures, auto-burn functions, LP revenue sharing, and compliance-focused allowlists.
Haotian wrote that Hookr is a modular, programmable open market for Hooks, and that a number of projects have already integrated Hookr modules. He said these hooks are being added in batches to newer projects, giving them more technical structure instead of leaving them dependent only on narrative, concepts, or token-position control.
Author’s conclusion: the thesis still needs time
That is why, in his view, Hookr could become a leading force in the middle and later stages of a bull market. He wrote that a market led by Hookr and Nodar would be one marked by frequent appearances of strong developers, repeated innovation in rule combinations, and a larger number of quality projects.
Still, the article also says this is where Hookr’s weakness lies at the moment: the market needs more time to verify and advance that model.
What the market split reflects
Across the piece, Haotian ties the recent divergence in the on-chain market to two issues: insufficient liquidity and a narrow narrative base. Within that setting, $PONS, Long ($AI), and $HOOKR are portrayed as three different paths — one dependent on ecosystem dividends, one still lacking durable support, and one trying to build an edge through rule-based technical design.
PANews noted that the article reflects the views of a contributing columnist, does not represent the outlet’s position, and does not constitute investment advice.