By relying on repurchase, PONS is only 0.9 times, why is HYPE worth 29 times? The market is beginning to use a similar approach to stock PE to value DeFi tokens with real income and repurchase mechanisms According to the calculation of the circulating market value divided by the annualized revenue of the agreement, the valuation corresponding to PONS's revenue in the past 7 days is only about 0.9 times, while HYPE has reached about 29.2 times Both sides are repurchasing tokens, but the valuations differ by more than 30 times But the PE here is not the traditional stock price to earnings ratio. It does not calculate profits, taxes, and shareholder equity, but is an annualized number calculated by dividing the current market value by the recent income. Therefore, what truly determines the valuation is not just how much money the agreement earns today, but how long the market believes this revenue can continue PONS repurchased approximately $7.93 million in the past 7 days and $8.98 million in the past 30 days, which means that approximately 88% of repurchases in the past month were concentrated in the last week This set of data may seem exaggerated, but it also indicates that PONS's current revenue is highly dependent on Robinhood Chain's recent surge in coin issuance and trading. Pons currently charges a 1% handling fee for each transaction, of which 30% belongs to the agreement, and approximately 80% of the agreement revenue is used for automatic repurchase and destruction of PONS As of early September, about 29% of PONS supply has been destroyed, but the problem with PONS is not that there are not enough repurchases, but that this round of revenue has not yet gone through the full cycle The 90 day gas subsidy provided by Robinhood Wallet will expire on September 29th. The first true test of this revenue model is how many users are willing to continue high-frequency trading after the subsidy ends So, 0.9 times does not necessarily mean that the market is miscalculating, it may also mean that the market is unwilling to treat the sudden surge in revenue in the past week as cash flow that can sustain the entire year HYPE is another situation Over the past 30 days, the Assistance Fund has actually purchased approximately 792300 HYPEs, averaging around 26400 per day Starting from May 2025, the fund has cumulatively purchased approximately 25.96 million HYPEs, with an average cost of approximately $40.98 and a cumulative investment of approximately $1.06 billion. Based on the current HYPE price of approximately $80.42, these positions are worth approximately $2.09 billion, with a floating profit of approximately $1.02 billion About 96% of Hyperliquid's transaction fee income was used to repurchase HYPE, with approximately $835.77 million in fees, which was converted into approximately $801.69 million in buying orders This link is already very clear: The transaction scale expands, the fee income increases, the Assistance Fund obtains more funds, and continues to buy HYPE from the market The 29 times valuation of HYPE is essentially a premium paid by the market for the sustainability of this revenue and repurchase chain, but 29 times does not mean there is no risk HYPE's valuation in the past 7 days was about 29.2 times, higher than the 24.5 times of the 30 day caliber, indicating that the repurchase speed in the past week was lower than the average level of the past month The market is willing to pay higher prices for certainty, provided that Hyperliquid's trading volume and fee income can continue to be maintained Therefore, for both repurchases, PONS and HYPE transactions are actually two completely different expectations 0.9 times PONS, betting on how long Robinhood Chain's Meme craze can last 29 times HYPE, betting on how long Hyperliquid's trading revenue can last PONS needs to prove that it's not a short-term carnival HYPE needs to prove that its certainty is worth 29 times the valuation HYPE Hyperliquid PONS Robinhood