Talking about Pons @ponsdotfamily Its biggest risk isn’t the technology, nor how long Vlad’s attention can last. It’s that the entire economic system is too centered around PONS. Pons’ product isn’t bad. No migration, automatic liquidity locking, creators get 70% of transaction fees, and the protocol gets 30%. Of the protocol’s revenue, 80% is used to buy back and burn PONS. This design is very comfortable for PONS holders. But for the entire ecosystem, it might not be a good thing. Because every time a hot project emerges, every time transaction volume increases, it ultimately helps PONS capture value. Projects are fighting hard on the frontlines. Whales spend money, control the market, operate, find KOLs, and engage communities. Meanwhile, PONS sits in the back, automatically taking a share of the spoils. What’s more troublesome is that PONS competes with projects on the platform for the same pool of funds and attention. When people realize that buying PONS is equivalent to buying the entire launch platform, why would they take the risk to research the 800th new token below? The result might be: PONS gets stronger and stronger. The projects below start to look more like consumables. This is equally unattractive to strong whales. Whales are willing to help platforms create leading projects because they can gain bigger token profits, exposure benefits, and long-term interests. But if they work hard to create a big project, and the biggest long-term beneficiary ends up being the platform token, whales are likely to just take a quick shot and won’t stay to build the ecosystem. So the launch platform wars on Robinhood aren’t just about whose platform token performs better. The platform that truly wins must first fatten up a group of whales, project teams, and KOLs—let these people make money, then bring back funds and traffic repeatedly. Platform tokens can collect taxes. But they can’t turn every project into a worker for the platform token. This is also Pons’ biggest contradiction: PONS might win the platform token war, but Pons might not win the launch platform war. Not fud, just personal opinion. Everyone dyor.