A memecoin making app becomes crypto’s top fee generators as Robinhood Chain activity explodes

Pons, an app that lets anyone create and trade a token on Robinhood’s new blockchain, generated nearly $6 million in fees over the past 24 hours, vaulting it into the top tier of crypto’s fee-generating protocols as memecoin activity surged across the network.

Users paid about $5.95 million in fees through Pons over the past 24 hours, according to DefiLlama. That ranked Pons fourth by 24-hour fees among protocols tracked by the data provider, behind only Tether, Uniswap and Circle, and above Pump at $4.64 million.

Robinhood Chain itself took about $4 million and perpetuals trading powerhouse Hyperliquid about $2 million, the data shows.

The surge highlights an unexpected source of activity for Robinhood Chain. The network launched in July with tokenized stocks as a flagship product, but memecoins and other user-created tokens are now generating some of its heaviest usage and fee activity.

Nearly 25,000 new tokens were launched through Pons on Sept. 2, up almost 19% from Tuesday, while 24-hour trading volume reached $544 million. Since July, the platform has produced about 646,000 tokens from more than 167,000 unique creator addresses, data show.

Read More: Robinhood Chain beats Ethereum in daily revenue as memecoin trading takes over

Token factory

Pons is essentially a factory for creating a new token that becomes tradable within minutes. A user picks a name and symbol, creates the token through the app for a launch fee of about $1, and a market for buying and selling it opens on Robinhood Chain.

Pons then collects a cut of every trade, with portions going to the protocol and token creators, meaning the economics depend not only on the number of tokens launched but also on how much trading they generate afterward.

The project’s technical documents say it currently uses most of the protocol’s retained funds to buy its own $PONS token on the market and destroy it. This mechanism creates recurring buying demand for $PONS while reducing supply, likely contributing to the token’s 300% surge over the past week.

Onchain data show that about 293 million $PONS, or 29% of the original supply, have already been removed from circulation.

As such, what people are buying with that mechanism is mostly cartoons and trending memes as tokens.

The largest token native to Robinhood Chain is Cash Cat, worth about $254 million, followed by Goose Token at nearly $78 million and Chump Coin at about $30 million, CoinGecko data shows.