PONS, the platform token of Robinhood Chain launchpad Pons, has entered the top 100 cryptocurrencies by market capitalization. CoinGecko currently ranks it No. 94. The token was priced at $0.888 at the time cited in the report, up 25.41% over 24 hours and 365.07% over the past seven days. Its all-time high of $0.8979 was recorded at 8:23 p.m. Taiwan time.
Market cap figures differ across data platforms
Market cap readings for PONS vary sharply depending on the platform. GMGN data showed the token briefly exceeding $910 million before pulling back to $855 million. At the same time, CoinGecko and DexScreener both showed figures around $630 million.
The gap comes from the supply figure used in the calculation rather than the token price itself.
288 million tokens have been burned
PONS launched with an original supply of 1 billion tokens. According to the report, the platform uses about 80% of protocol revenue to buy back PONS on the open market and send those tokens to a burn address. So far, about 288 million tokens have been burned, close to 29% of the original supply, leaving about 712 million tokens.
CoinGecko and DexScreener use the post-burn supply of 712 million tokens, which puts market capitalization at roughly $630 million. If the original 1 billion token supply is used at the same price, the figure would land between about $850 million and $900 million. The higher GMGN reading corresponds to that method.
The report says neither approach is necessarily wrong. They reflect different supply baselines, and the discrepancy is a direct result of the burn mechanism.
Under either method, PONS still qualifies for the top 100. The market cap threshold for No. 100 on CoinGecko was about $553 million, according to the report.
Volume and liquidity
PONS recorded $206 million in trading volume over the past 24 hours. On DexScreener, the deepest pool was the PONS/WETH pair on Uniswap, with about $6.58 million in liquidity. Four other pools had liquidity ranging from $770,000 to $4.68 million.
The token is fully circulating, with circulating supply equal to total supply and no locked tokens awaiting release.
Pons is being compared with Pump.fun on Robinhood Chain
Pons is a non-custodial token launchpad on Robinhood Chain. Users can deploy a fixed-supply token and its trading pool in a single transaction. New tokens trade against WETH and "graduate" after reaching a set WETH threshold.
The report says a V2 upgrade completed in July changed the launch process so that new tokens first move along a bonding curve, then graduate into a permanently locked Uniswap V4 liquidity pool.
Fees are split between the token creator and the protocol, and most of the protocol share goes into automatic buybacks. That structure has led the community to compare Pons with a Robinhood Chain version of Pump.fun.
Revenue multiple and earlier coverage
Blockworks Research data from late August showed PONS trading at an FDV-to-revenue multiple of 0.7x, the lowest among comparable launch platforms.
BlockTempo reported on Sept. 1 that PONS generated $4.22 million in daily fees, surpassing Pump.fun. From then to now, the token has climbed 365% over seven days, while the burn mechanism has removed close to 30% of supply.
Why market cap numbers vary
The report’s answer is straightforward: platforms are using different supply assumptions. CoinGecko and DexScreener calculate market cap using the post-burn supply of 712 million tokens, resulting in a figure near $630 million. Using the original 1 billion supply at the same price would push the number into the $850 million to $900 million range.
How the platform works
Pons operates as a non-custodial launchpad on Robinhood Chain. A single transaction can deploy a fixed-supply token and its trading pool. New tokens trade against WETH and, after hitting a threshold, move into a locked Uniswap V4 pool. About 80% of protocol revenue is used to buy back and burn PONS.