Interestingly, even in the current off-season, the burn rate for Pons over the past seven days is still higher than Pump: averaging 0.037% of the cap per day vs. 0.020%. Additionally, looking at the total burn ratio, Pons has burned over 32%, while Pump’s official cap offset is about 17%. Pons’ burn is roughly 1.9 times that of Pump. Pons has a cap of 1 billion, with a circulating market value of about $250 million and no major unlocks; Pump has a cap of 1 trillion, with about 40% circulating. The team and investors are still unlocking, and the 17% burned isn’t from circulation—it’s 17% of the cap. That said, Pump’s revenue is currently much higher than Pons. Pump’s 90-day annualized revenue is about $560 million, with half going to buybacks, and its real seven-day spending is roughly $1.18 million/day. Pons, based on burn market value, is around $170,000/day. Back in September, the monthly figures were closer, but launchpad fees have since dropped by an order of magnitude. If Robinhood can boost activity, Pons’ revenue could bounce back too, as it still holds the majority market share: as of October 5, Pons accounted for about 97% of Robinhood’s on-chain launchpad fees. If activity returns, buybacks will follow. The only uncertainty now is what Robinhood’s operational pace will be.