Back on @ponsdotfamily, we’ve watched a bunch of projects get rinsed off RHC over the last week, but if anything it’s reinforcing my view.

Pons is basically a leveraged bet on RH Chain throughput, more than just the biggest launchpad sitting on RHC.

And it’s worth factoring in that Circle’s Arc Public mainnet goes live in two days. Another fresh narrative could easily pull speculative liquidity away from RH, the same way SOL did last week.

That said, I doubt it reaches anything like RHC’s hype, most of what’s coming over there looks like launchpads remixing LONG, Stonk, or PONS with a new coat of paint.

Also keep in mind memecoin volume comes in waves, and it feels like we’re entering the second phase: utility-leaning launches on RHC through Pons. A ton of issuance still funnels through Pons, and it keeps cranking out the most “real” graduates.

That said, if daily protocol revenue slides to ~$200–300k and sticks, the multiple will re-rate up, the buyback bid gets thinner, and that likely bleeds through to $PONS too.

However, Pons is no longer only the RH version of Pump.

It is becoming the issuance venue for a hybrid product, meme + tokenized equity + Utilities, that other chains cannot copy without the same RWA stack.

https://x.com/Eli5defi/status/2099371614471422418