Pons Is Out-Earning Pump.fun Almost Three To One

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Pons took $4.89 million in launchpad fees on Monday. Pump.fun took $1.72 million.

Pons runs on one chain only, and that chain now settles more decentralized exchange volume than Ethereum. Robinhood Chain recorded $1.49 billion over 24 hours, second among all networks behind Solana and up 131% in a week. Launchpads deployed there took about 70% of every launchpad fee paid across crypto on Monday. Robinhood keeps none of it. Its cut is gas, $2.13 million in a day.

Robinhood pitched the network as infrastructure for real-world assets. The tokenized stocks on it are now mostly collateral for memecoin pairs, and over the weekend those pairs set the price of the wrapper: a token called BONER absorbed 53% of the tokenized Hims & Hers float, and with the NYSE shut the stock token printed $132.64 against an equity that closed Friday at $28.84. One firm is allowed to mint more. It did, on Monday, and the gap closed.

Robinhood Chain DEX Volume Hits $1.49 Billion As Pons Takes Two-Thirds Of Launchpad Fees

Robinhood Chain settled $1.49 billion of DEX volume over 24 hours, behind Solana's $2.5 billion and ahead of Ethereum at $1.3 billion, DefiLlama data shows. Volume is up 131% over seven days and 517% over 30 days. Pons, the launchpad native to the chain, collected $4.89 million in fees on Monday against pump.fun's $1.72 million, or 63.9% of everything paid to launchpads that day. The chain passed Ethereum on daily app revenue on Aug. 29 and has stayed ahead. Uniswap V4's deployment there handles 51% of the protocol's volume across every chain it runs on.

	TICKER	VALUE	24H
	Robinhood Chain DEX Volume Hits $1.49 Billion As Pons Takes Two-Thirds Of Launchpad Fees Robinhood Chain settled more decentralized exchange volume over the past 24 hours than Ethereum, BNB Chain and Base, ranking second among all networks behind Solana, as the launchpads running on it took close to 70% of the fees paid to launchpads across crypto. thedefiant.io

Why this matters: Robinhood earns gas, $2.13 million a day, while applications on its chain earned $14.3 million in 24 hours. The company built the road and the launchpads are collecting the toll.

TOKENS

A Memecoin Called BONER Has Cornered Half the Tokenized Hims & Hers Float

The BONER/HIMS pool on Robinhood Chain holds 31,198 of the 58,714 tokenized Hims & Hers shares in existence, 53% of the supply. Only BBVI, the single authorized participant, can mint more, so every purchase of the memecoin pulled stock tokens into the pool and left the HIMS stablecoin pairs thin. With the NYSE closed on Sunday night, $39,000 of buying took the token to $132.64 against an equity that closed Friday at $28.84. BBVI issued about 4,000 new tokens on Monday and the price came back to $30.10.

Why this matters: Robinhood's stock tokens track their equity only while one firm chooses to expand the float. Ondo's wrapper for the same stock, eighteen times larger, held $29.44 throughout.

HACKS

Cronos Restarts Chain by Rolling State Back to Before the Tectonic Exploit

Cronos validators restarted the chain from block 90,896,189, four seconds before the attacker deployed the contract that drained Tectonic. The rollback discarded 10,961 blocks, one hour and 54 minutes of everyone's transactions. PeckShield tracked about $74 million across three addresses; onchain investigator MASTR put gross outflow near $119.5 million once a contract deployed 12 days earlier is counted, with $32.6 million of bad debt left inside the protocol. The $6.29 million already bridged to Ethereum is beyond the rollback's reach. CRO fell 7.9% to $0.05548.

Why this matters: A validator set that can rewind two hours of finalized state to undo a lending exploit has answered a question about Cronos that no documentation does.

SECURITY

Fogo Mainnet Has Been Stopped For 46 Hours With No Restart Timeline

Fogo has produced no block since Saturday afternoon, after validators halted the network following the theft of 400 million FOGO from the Fogo Foundation, 10.3% of circulating supply. The Foundation's Aug. 29 halt notice is still its most recent statement: no cause, no addresses, no restart date. DefiLlama has read the chain's TVL at exactly $987,291 for three days, with $719,195 stuck in the lender Pyron. KuCoin has deposits and withdrawals disabled. An impersonator account is circulating a compensation vote that does not exist.

Why this matters: Fogo sells 40-millisecond blocks on a validator set a seven-member council approves. Two days of silence from that council is what the design costs when it goes wrong.

DEFI

Bloomberg: Hyperliquid in Advanced Talks With Kraken Parent on US Perpetuals Push

Hyperliquid Labs is in advanced talks with Payward, Kraken's parent, about routing US traders into perpetual futures through Bitnomial, Bloomberg reported Monday, citing people not authorized to discuss it. Payward agreed in April to buy Bitnomial for its exchange, clearinghouse and brokerage licenses, and the CFTC designated it a contract market in 2020. Kraken said in May it would list CFTC-regulated perps on Bitnomial and trade them through Kraken Pro. Both companies declined to comment, and any deal needs regulatory sign-off.

Why this matters: Hyperliquid geo-blocks US users today. A CFTC-regulated venue carrying its markets would put the largest perps exchange in DeFi in front of them.