Income vs Buyback, which meme platform coins are worth investing in?

Original | Odaily Planet Daily (@OdailyChina)

In the past two weeks, meme stocks have taken over social media. Previously, Odaily Planet Daily had organized two popular meme collections based on specific hot targets (recommended readings at the end).

With the surge of meme stocks, the underlying issuance platforms are becoming more stable beneficiaries. Pons' revenue surpassed $10 million in the past 7 days; StonkFun's daily revenue once exceeded that of Pump.fun; Four.meme has also launched the 4Stock model, bringing popular US stocks that have not yet been covered by bStock into the BNB Chain...

Odaily Planet Daily has organized the issuance platforms supporting meme stocks within the three major ecosystems of Robinhood Chain, BNB Chain, and Solana, analyzing their token issuance models, revenue scales, and platform token value return mechanisms, in search of potential Alpha.

Robinhood Chain Ecosystem

Pons: Revenue reached $10.67 million in the past 7 days

Pons is a token issuance and trading platform operated by Pons Labs, where users can create and trade tokens with all operations completed through personal wallet signatures; Pons does not custody user assets. The platform has a native token, PONS, which according to GMGN data, has seen a recent surge in market capitalization, peaking at $990 million and currently falling back to $810 million.

The total supply for each new token on Pons is fixed at 1 billion, with a creation cost of just 0.0005 ETH, and the platform charges a 1% transaction fee. Creators can complete the issuance by simply filling out the token name, code, image, and social links. Dune data shows that Pons has issued between 15,000 to 30,000 tokens daily over the past week, making it the absolute leader in the Robinhood Chain token issuance platform.

Currently, for tokens issued via Pons' new contract, transaction fees are distributed 70% to creators and 30% to the protocol (the old contract had a distribution of 90% and 10%). Of the fees received by the protocol, 80% is used to buy back the platform token PONS from the market and burn it, with the remaining 20% going to infrastructure and team operations. Pons' revenue reached $10.67 million in the past 7 days, surpassing Pump.fun ($9.76 million) and Fomo ($8.91 million).

According to stateofblocks data, over the recent 7 days, more than 1.2 million PONS have been burned daily, worth nearly $1 million (with a token price of $0.82). Additionally, 30% of PONS' total supply has been burned.

Long.xyz: Cumulative trading volume of stock tokens exceeds $1 billion

Long.xyz is one of the earlier token issuance platforms on the Robinhood Chain that supports "pairing meme with stocks". Unlike traditional issuance platforms that typically use ETH or stablecoins as the quote asset, Long.xyz allows creators to directly select stock tokens like NVDA, AAPL, TSLA, SPY as trading pairs, thereby providing trading volume and liquidity to corresponding stock tokens while users buy and sell meme coins. As of September 8, the cumulative trading volume of stock tokens on Long.xyz has surpassed $1 billion.

Recently, Long.xyz also launched LongX Expansion, packaging a 3x leveraged long position on Nvidia from Lighter into a freely tradable ERC-20 token. Users can not only mint and redeem this token, but also use it as a trading pair for new coins, effectively integrating leveraged stock assets into the meme coin issuance scenario.

Long.xyz does not currently issue a formal platform token, but the official Long.xyz has repeatedly used platform fees to buy back Artificial Inu (AI), and the newly launched LongX Expansion will also use part of the transaction fees for AI buybacks. According to GMGN data, AI's market value peaked above $400 million but is currently reported at $230 million.

As of now, around 27.53 million AI have exited circulation, accounting for 2.75% of the total supply. Among them, about 8.59 million have been actually burned, accounting for 0.86% of the total supply; another approximately 8.59 million have been permanently locked in the community treasury, while the rest comes from pairing pool locking and over-the-counter buybacks. The specific timeline is as follows:

Long.xyz first bought back and burned 2 million AI on July 26;
At the end of July, it began using platform fees to automatically fund burning and locking;
After August 13, the fees generated by trading pairs with AI also continued to be used for buybacks and locking.

PAIR: 90% of protocol revenue used for buying back platform tokens

PAIR is an RWA token issuance platform on the Robinhood Chain focusing on multiple stock trading pairs. Unlike other platforms that can only choose one quote asset for new coins, PAIR allows creators to establish up to 5 stock token liquidity pools for the same token simultaneously. For example, a newly issued meme coin can be paired with stock tokens like NVDA, TSLA, AAPL, SPY. All liquidity pools are built on Uniswap V4 and are permanently locked, eliminating the need for a joint curve phase, hence there is no process of migrating to DEX after reaching market capitalization thresholds.

PAIR has issued a platform token called PAIR. According to GMGN data, PAIR's market value briefly surged above $40 million and has now fallen back to $9 million.

Based on the income distribution plan disclosed by the platform, 90% of protocol revenue is used to buy back PAIR, with the remaining 10% used to attract new creators, market promotion, and infrastructure development. According to DefiLlama data, PAIR generated approximately $362,000 in fees over the past 7 days, with protocol revenue around $109,000; since its launch, it has accumulated approximately $558,000 in fees and approximately $169,000 in protocol revenue.

According to pair.fund data, PAIR has to date burned 106.7 million PAIR tokens, accounting for 10.67% of the total supply.

BNB Chain Ecosystem

Four.meme: The first meme stock has a market cap exceeding $80 million within 3 hours of launch

Four.meme is the most well-known meme issuance platform on the BNB Chain, which yesterday launched a stock token issuance model called 4Stock, attempting to bring popular US stocks not yet covered by Binance bStock onto the chain. According to GMGN data, the first meme coin 4Stock, based on the stock token BNC4, had a market cap that peaked above $80 million yesterday, currently reported at $45 million.

The operation of 4Stock consists of two steps: first mapping US stocks 1:1 to stock tokens, and then issuing meme coins based on the stock tokens. When users apply to mint stock tokens, they need to transfer at least 10,000 USDC into a specified wallet and submit a Mint form. Four.meme promises to purchase the corresponding stocks through a custody account within 24 hours and will issue stock tokens at a 1:1 ratio based on the actual quantity purchased. If the stock later launches on Binance bStock, the platform will also convert the corresponding 4Stock stock tokens into bStock at a 1:1 ratio.

Four.meme's first stock token launched is BNC4, pegged to the US stock CEA Industries, which subsequently issued the meme coin 4Stock based on BNC4. Within just 3 hours of its launch, 4Stock's market cap reached a maximum of $90 million; BNC4's on-chain price once exceeded $30, reflecting a premium of about 10 times compared to the underlying BNC stock (for more content, read: 3-hour single token A7, BNC pre-market rises over 50%, the BSC meme stock flywheel restarts).

In terms of revenue, Four.meme charges a 1% minting fee for stocks like BNC4 and other 4Stock stock tokens, and can also generate income from transaction and LP fees related to those products. While Four.meme has launched a platform token FORM, currently the revenue from 4Stock is not being used to buy back FORM. Currently, the repurchase activity for BNC4 has started today and will continue until December 9. During this period, 100% of the daily product revenue generated by BNC4 will be used for the buyback and destruction of qualified community meme tokens.

Flap: BNB Chain as the main site, with involvement from Robinhood Chain

Flap is a token issuance platform that supports multiple EVM networks, including BNB Chain, Robinhood Chain, and X Layer. Unlike other platforms that only provide fixed joint curves, Flap.sh's feature is that it allows creators to configure trading taxes themselves and decide the final flow of those taxes.

On Robinhood Chain, Flap has launched Stocks Vault, allowing creators to pair meme coins with stock tokens such as AAPL, GOOGL, NVDA, PLTR, SPY, and can also automatically convert trading taxes into stock tokens, distributing them to meme coin holders;
On BNB Chain, Flap has launched Permissionless Launch, allowing creators to input any token contract address and use stock tokens, RWA, blue-chip crypto assets, or other meme coins as the quote assets for new coins.

Flap has not yet issued a platform token and does not have a fixed protocol revenue for buying back any specific token. Platform revenues mainly go into the protocol treasury, while other fees generated from trading taxes are used according to the rules set by creators to provide dividends to token holders, replenish liquidity, accumulate stock-like RWA assets, or buy back and burn corresponding meme coins. Therefore, although Flap has buyback and dividend functions, its value primarily flows back to the various tokens issued by the platform, rather than being pooled into a single platform token.

In terms of revenue scale, BNB Chain remains Flap's absolute main battlefield. According to DefiLlama data, Flap's total revenue over the past 30 days was $11.74 million, of which BNB Chain contributed $11.53 million, accounting for 98% of the platform's total revenue; Robinhood Chain contributed only $200,000.

Solana

StonkFun: $1.5 million STONK repurchased in the past 7 days

StonkFun is the most discussed stock meme issuance platform on Solana, featuring "Launch coins paired with anything", allowing users to use stocks, ETFs, commodities, foreign exchange, and other crypto assets as quote assets for new coins. Compared to stock meme platforms on the Robinhood Chain, StonkFun's biggest advantage is the ability to directly tap into Solana's existing trading liquidity. StonkFun has issued a platform token called STONK. According to GMGN data, STONK's market value once surged above $180 million and is currently reported at $160 million.

On September 5, StonkFun partnered with Raydium to become the first third-party issuance platform to access Raydium LaunchLab. Subsequently, newly issued tokens first trade through the LaunchLab joint curve, and upon meeting conditions, liquidity automatically migrates to Raydium. After this partnership went live, StonkFun's revenue grew rapidly, with daily revenue on September 6 exceeding $1.5 million, surpassing that of Pump.fun during the same period.

StonkFun's primary revenue comes from the transaction fees generated by permanent LP positions after platform-issued tokens enter Raydium. Unlike platforms that only charge during the joint curve phase, as long as the relevant tokens continue trading on Raydium, StonkFun can continue to earn LP fees. According to DefiLlama data, approximately $1.5 million was used for STONK buybacks in the past 7 days; the total buyback amount is around $2.12 million, and the STONK obtained from the buybacks is subsequently burned.

Additionally, StonkFun will use part of its transaction fees to repurchase high-market cap tokens within the platform; currently, 78 tokens have been included in the buyback and destruction plan.