Uniswap Labs has purchased a stake in PONS as part of a longer-term partnership, sending the token to a new all-time high of $0.75.
The move comes as the Pons team reported rising activity on the platform, with more than 63% of Robinhood Chain launchpad volume passing through the protocol over the past 24 hours.
Uniswap Labs Confirms the Purchase
Pons announced the purchase on September 4, saying the deal would deepen its partnership with Uniswap and give the two projects “long-term alignment.” However, the post did not disclose how much PONS Uniswap Labs purchased or the value of the transaction.
Still, the market reaction was immediate. At the time of writing, PONS was trading at $0.71, up 40.2% in the last 24 hours and more than 507% in the last week, per CoinGecko. It touched as high as $0.75 earlier in the day, a new price record, before easing back, so the current price sits close to 4% below that peak.
Volume climbed too, with $151.8 million changing hands in the past day, a 9% jump from the session before. And if you look at longer timeframes, the numbers get harder to ignore. PONS is up more than 1,769% in the last 14 days and over 2,713% for the month, a run that traces back to a low of $0.0033 in mid-July, and it’s also up close to 25% on its pairing with Bitcoin.
A Token Built Around Burning Its Own Supply
Pons has leaned on deflationary mechanics since it launched. The project says 29.34% of the total PONS supply has been burned to date, with 80% of protocol fees going toward buying back and burning more tokens on an ongoing basis.
The team has also been adding tokenized stock pairs to its platform, including UPS, Snap, Lululemon, Figma, Moderna, Pfizer, Rivian, Marvell, and Johnson & Johnson in the past day alone. Trading followed. More than 63% of all volume on Robinhood Chain’s launchpad flowed through its platform in a single 24-hour stretch, a day that saw $400 million in volume overall.
Uniswap’s PONS purchase came the same week its own token, UNI, was climbing. As CryptoPotato reported earlier, UNI gained as much as 32% over seven days, and it has since gone even higher, changing hands at just under $6.40 as of this writing, a jump of over 60% in the last 30 days.
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