A token launchpad called Pons just generated $5.95 million in fees in a single day on Robinhood Chain, the brokerage’s Ethereum Layer-2 network. The protocol sitting on top of the chain is now producing more fee revenue than the chain itself.
Pons, which launched alongside Robinhood Chain on July 1, 2026, has quickly become the dominant force on the network. It accounts for somewhere between 50% and 80% of all activity on the chain, depending on the day. Cumulative fees have blown past $56 million in roughly two months of operation.
The numbers behind the surge
The $5.95 million record came on September 1, following a $5.34 million day on August 30. Over the trailing 30-day window, Pons racked up approximately $40.84 million in total fees.
Pons frequently captures more than 59% of all new token launches and trading volume on Robinhood Chain. The fee structure is a 1% trading fee on every transaction, split 70/30. Creators pocket the larger share, while the remaining 30% flows to the protocol itself, funding buybacks and burns of the native PONS token.
That burn mechanism has been aggressive. Roughly 27% to 29% of the total PONS supply has already been permanently removed from circulation since launch. The token has recently traded around $0.50, with its market cap hovering somewhere in the $150 million to $300 million range.
From RWA ambitions to memecoin reality
Robinhood Chain originally positioned itself around real-world asset tokenization. Pons turned the chain into a memecoin factory. The platform’s launchpad model, turbocharged by the recent Pons V2 upgrade, introduced bonding curves that funnel into locked Uniswap v4 liquidity positions. Users create tokens, trading begins immediately on a bonding curve, and once certain thresholds are hit, liquidity gets permanently locked on Uniswap v4.
The permanent liquidity locking addresses one of the chronic problems with token launchpads, where creators can pull liquidity and leave buyers holding worthless tokens.
Gas fees and growing pains
Pons’ dominance is creating real consequences for the broader Robinhood Chain ecosystem. Gas fees on the network surged to a record $3.75 million in a single day in early September, driven largely by Pons-related activity.
Competition is also worth watching. Lower-fee alternatives exist across the crypto landscape, and launchpad protocols on other chains are eager to attract the same crowd of memecoin traders. The 1% fee that powers Pons’ impressive revenue numbers is also a tax on every trade.
The PONS token’s deflationary mechanics add another layer of complexity. With nearly a third of supply already burned, continued trading activity could create meaningful supply pressure. But deflationary models only work when demand persists. If trading volumes on the launchpad cool off, the burns slow down too.