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A single platform now dominates Robinhood’s blockchain activity, and this dominance is the key thing to understand about its current state.
According to data from Dune Analytics, Pons.family processed nearly 1.7 million trades in a single day, while Robinhood Chain saw over 3 million transactions during the same period.
This means one platform for launching new meme coins accounted for over half of all activity on the blockchain network. Robinhood aims to be a broad financial service, not just focused on crypto.
Pons significantly outperformed its competitors in trading volume. It processed $116.8 million in launchpad token trades within a single day, more than ten times the amount of NOXA, the next leading platform which had $10.5 million. Pons accounted for nearly 80% of all tracked launchpad trading volume. Other platforms like bankr ($5.6 million), long.xyz ($3.9 million) and flap ($2.0 million) shared what little remained.
Pons Wins the Token-Creation Race Too
Pons also leads in new token creation. It produced 12,384 new tokens in a single day, significantly outpacing bankr, which created 1,840. In fact, Pons accounted for about 73% of all new tokens created on the blockchain that day.
While other projects are gaining traction, Pons Finance is significantly outpacing them. It has launched 1,519 tokens, followed by Flap with 459 and long.xyz with 317 – all others are far behind, with launches in the hundreds or less. Pons isn’t just leading the launchpad space; it’s dominating both the number of tokens launched and their trading volume, effectively becoming the central force in the category.
As I’ve been tracking the Robinhood Chain memecoin market, it’s become clear that PONS and NOXA are the dominant players. PONS currently leads with a market capitalization around $54 million, closely followed by NOXA’s CASHCAT at roughly $43 million. Interestingly, these two launchpads also boast the largest tokens overall, and PONS actually has three tokens – PONS, BRODIE, and YOLO – within the top seven by market cap. It really highlights their influence on the chain.
The Market Pons Inherited
Pons didn’t create this success out of nowhere. NOXA was the leading launchpad beforehand, handling about 75% of new projects on Robinhood Chain. However, it unexpectedly stopped launching new tokens on July 11th, after earning over $12 million in fees.
NOXA then changed its system so all trading fees went directly to the artists who created the tokens, while still allowing existing trades to finish. However, NOXA stopped supporting new projects. As a result, creators, automated traders, and regular users moved to the remaining platforms, primarily Pons and Flap. Within just a few days, Pons quickly became the dominant platform by capturing this increased activity.
This is a tough lesson for anyone relying heavily on pons. Robinhood Chain saw its popular launchpad quickly lose most of its activity, with users simply going elsewhere. The situation with NOXA shows what could easily happen to pons as well.
A Graduation Problem Beneath the Volume
While Robinhood Chain sees a high volume of new tokens launching daily – sometimes nearly 50,000 – very few actually gain significant traction. Data shows only about 19 meme coins on the chain have a market value exceeding $1 million. The ease and low cost of creating tokens means anyone can launch thousands, even without genuine interest from buyers.
Pons operates by releasing tokens in limited amounts, aiming for around 4.2 ETH raised before increasing trading availability. Importantly, it never holds users’ funds directly. This setup makes launching new tokens inexpensive and open to anyone, which explains the high number – now in the tens of thousands daily. However, a large number of launches doesn’t mean many successful projects; it simply shows how easily the system can create new tokens. A high rate of token creation isn’t an indicator of quality or long-term success.
Why 80% Concentration Is a Risk, Not a Trophy
Pons is preparing for a major technical overhaul while continuing to operate normally, which is crucial. They’re launching version 2 of their system using new technology like bonding curves and Uniswap V4, enabling payouts in Ethereum and trading pairs with tokenized assets. Although the upgrade was close, they were still having external experts check the code for security. Since its launch, Pons has also successfully defended against multiple cyberattacks and relied on partnerships to maintain a stable platform.
If a single platform handles around 80% of all new project launches on Robinhood Chain, any issues there become a major problem for the entire network. A technical glitch, security breach, or even a temporary shutdown of that platform – specifically, ‘pons’ – wouldn’t just affect that one service; it would essentially halt most of the speculative trading happening across Robinhood Chain.
Two factors are creating a sense of urgency. First, Robinhood is currently covering the transaction fees for new tokens on its platform, making it very cheap to create a large number of them. This benefit ends around the end of September, after which creating tokens will become more expensive. Second, a competitor, Memecoin.Fun, recently raised $3.5 million to build a similar launchpad, meaning Pons, the current leader, needs to protect its market position during this vulnerable period.
Speculation Still Dwarfs the Stated Mission
The rapid growth of Robinhood Chain’s launchpad highlights its main goal. This month, it topped the RWA.xyz leaderboard with 101 tokenized assets totaling $25.2 million in real-world value – a significant achievement for a network that’s only been around for under a month.
The pons.family trading group accounted for $116.8 million in memecoin trades within just one day, which is almost nine times higher than the total value ($13.5 million) of real-world asset (RWA) transactions across the entire network during that same period. While Robinhood’s tokenized equity business is developing and gaining traction, it’s currently overshadowed by the popularity of memecoins – and a large portion of this activity centers around one specific launchpad.
2026-07-27 11:20