收入VS回购，哪些币股Meme平台币值得埋伏？

Original: Odaily Planet Daily (@OdailyChina)

Author: Asher (@Asher_ 0210)

Over the past two weeks, crypto-equity Meme pairs have dominated social media. Previously, Odaily Planet Daily compiled two articles on popular Meme collections from the perspective of specific trending assets (recommended reads attached at the end).

As crypto-equity Memes surge, the launch platforms behind them are emerging as more stable beneficiaries. Pons' revenue exceeded $10 million over the past 7 days; StonkFun's single-day revenue once surpassed Pump.fun; Four.meme also launched its 4Stock model, bringing popular US stocks not yet covered by bStock onto BNB Chain...

Odaily Planet Daily has compiled for readers the launch platforms supporting crypto-equity Memes across three major ecosystems—Robinhood Chain, BNB Chain, and Solana—analyzing their token issuance models, revenue scale, and platform token value return mechanisms to uncover potential Alpha.

Robinhood Chain Ecosystem

Pons: Revenue of $10.67 million over the past 7 days 

Pons is a token issuance and trading platform operated by Pons Labs, where users can create and trade tokens. All operations are signed by individual wallets, and Pons does not custody user assets. The platform has its own token, PONS. According to GMGN data, PONS' market cap has been surging recently, peaking at $990 million before pulling back to $810 million.

Each new token on Pons has a fixed total supply of 1 billion, with a creation cost of just 0.0005 ETH. The platform charges a 1% fee on trades. Creators only need to fill in the token name, ticker, image, and social links to complete the issuance. Dune data shows that Pons mints between 15,000 and 30,000 tokens daily over the past week, making it the absolute leader among Robinhood Chain token launch platforms.

Currently, for tokens issued via Pons' new contracts, trading fees are split between the creator and the protocol at a 70/30 ratio (the old contract uses a 90/10 split). Of the protocol's fee share, 80% is used to buy back and burn the platform token PONS from the market, while the remaining 20% goes to infrastructure and team operations. Pons' revenue over the past 7 days reached $10.67 million, surpassing Pump.fun ($9.76 million) and Fomo ($8.91 million).

According to stateofblocks data, PONS' daily burn volume over the past 7 days exceeds 1.2 million tokens, valued at nearly $1 million (corresponding to a token price of $0.82). Additionally, 30% of PONS' total supply has already been burned.

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

Long.xyz is one of the earliest token launch platforms on Robinhood Chain to support "stock-paired Memes." Unlike typical launch platforms that use ETH or stablecoins as quote assets, Long.xyz allows creators to directly select stock tokens such as NVDA, AAPL, TSLA, and SPY as trading pairs. This means that while users buy and sell Meme coins, they also generate trading volume and liquidity for the corresponding stock tokens. As of September 8, cumulative trading volume of stock tokens on Long.xyz has exceeded $1 billion.

Long.xyz recently launched LongX Expansion, which wraps 3x leveraged long NVIDIA positions from Lighter into freely tradable ERC-20 tokens. Users can not only mint and redeem these tokens but also use them as quote assets for new coins, effectively integrating leveraged stock assets into the Meme issuance landscape.

Long.xyz has not officially issued a platform token, but its team has repeatedly used platform fees to buy back Artificial Inu (AI). The newly launched LongX Expansion will also allocate a portion of trading fees to repurchase AI. According to GMGN data, AI's market cap peaked above $400 million and is currently reported at $230 million.

To date, approximately 27.53 million AI tokens have exited circulation, accounting for 2.75% of the total supply. Among these, approximately 8.59 million have been actually burned, representing 0.86% of total supply; another approximately 8.59 million are permanently locked in the community treasury, with the remainder coming from pair-pool locks and over-the-counter buybacks. The specific timeline is as follows:

• Long.xyz first bought back and burned 2 million AI on July 26;
• Starting from late July, platform fees were automatically allocated for burning and locking;
• After August 13, fees generated from trading pairs of new coins with AI have also been continuously used for buybacks and locks.

PAIR: 90% of protocol revenue used to buy back platform token

PAIR is an RWA token launch platform on Robinhood Chain focused on multi-stock trading pairs. Unlike other platforms that only allow one quote asset per new coin, PAIR enables creators to simultaneously establish up to 5 stock token liquidity pools for the same token. For example, a newly issued Meme coin can be paired with stock tokens such as NVDA, TSLA, AAPL, and SPY simultaneously. All liquidity pools are built on Uniswap V4 and permanently locked, with no bonding curve phase and no subsequent migration to DEX after reaching a market cap threshold.

PAIR has issued its eponymous platform token, PAIR. According to GMGN data, PAIR's market cap once surged above $40 million and has now pulled back to $9 million.

According to the platform's disclosed revenue distribution plan, 90% of protocol revenue is used to repurchase PAIR from the market, with the remaining 10% allocated to onboarding new creators, marketing, 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; cumulative fees since launch total approximately $558,000, with cumulative protocol revenue of approximately $169,000.

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

BNB Chain Ecosystem

Four.meme: First crypto-equity Meme reaches $80 million market cap within 3 hours of launch

Four.meme is the most well-known Meme launch platform on BNB Chain. Yesterday, it launched the stock token issuance model 4Stock, attempting to bring popular US stocks not yet covered by Binance bStock onto the chain. According to GMGN data, the first Meme coin using stock token BNC4 as its base pool, 4Stock, peaked above $80 million in market cap yesterday and is currently reported at $45 million.

4Stock operates in two steps: first, US stocks are mapped 1:1 into stock tokens, then Meme coins are issued using these stock tokens as base pools. When users apply to mint stock tokens, they must transfer at least 10,000 USDC to a designated wallet and submit a Mint form. Four.meme commits to purchasing the corresponding stocks through a custodian account within 24 hours, then issuing stock tokens at a 1:1 ratio based on the actual purchase quantity. If the stock later goes live on Binance bStock, the platform will convert the corresponding 4Stock tokens into bStock at a 1:1 ratio.

Four.meme's first offering is the stock token BNC4, pegged to US-listed CEA Industries (BNC), followed by the issuance of the eponymous Meme coin 4Stock using BNC4 as its base pool. Within just 3 hours of launch, 4Stock's market cap reached a peak of $90 million; BNC4's on-chain price briefly exceeded $30, reflecting a premium of approximately 10x over the BNC underlying stock (For more details, see: A7 in 3 hours for a single token, BNC pre-market up over 50%, BSC crypto-equity Meme flywheel restarts).

On the revenue side, Four.meme charges a 1% minting fee on 4Stock tokens such as BNC4, while also generating revenue from trading fees and LP fees on related products. Although Four.meme has issued its platform token FORM, 4Stock revenue is currently not used for FORM buybacks. The daily buyback program for BNC4 started today and will run through December 9. During this period, 100% of BNC4's daily product revenue will be used to buy back and burn eligible community Meme tokens.

Flap: BNB Chain as primary battleground, also active on Robinhood Chain

Flap is a token launch platform supporting multiple EVM networks including BNB Chain, Robinhood Chain, and X Layer. Unlike launch platforms that only offer fixed bonding curves, Flap.sh is characterized by allowing creators to configure their own trading taxes and decide where those tax revenues ultimately flow.

• On Robinhood Chain, Flap launched Stocks Vault, allowing creators to pair Meme coins with stock tokens such as AAPL, GOOGL, NVDA, PLTR, and SPY, or automatically convert trading taxes into stock tokens for distribution to Meme holders;
• On BNB Chain, Flap launched Permissionless Launch, allowing creators to input any token contract address and set stock tokens, RWAs, blue-chip crypto assets, or other Meme coins as quote assets for new tokens.

Flap has not yet issued a platform token, nor does it allocate protocol revenue to fixed buybacks of any single token. Platform revenue primarily flows into the protocol treasury, while other fees generated from trading taxes are used—according to rules set by creators—for holder dividends, liquidity provision, accumulation of RWA assets like stocks, or buyback-and-burn of the corresponding Meme tokens. Therefore, while Flap does have buyback and dividend functions, value mainly flows back to the individual tokens issued on the platform rather than consolidating into a single platform token.

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

Solana

StonkFun: Approximately $1.5 million in STONK bought back over the past 7 days

StonkFun is the most-discussed stock Meme launch platform on Solana, championing "Launch coins paired with anything," allowing users to use stocks, ETFs, commodities, forex, and other crypto assets as quote assets for new tokens. Compared to stock Meme platforms on Robinhood Chain, StonkFun's biggest advantage is direct access to Solana's existing trading liquidity. StonkFun has issued its platform token, STONK. According to GMGN data, STONK's market cap once peaked above $180 million and is currently reported at $160 million.

On September 5, StonkFun partnered with Raydium, becoming the first third-party token launch platform integrated into Raydium LaunchLab. Since then, newly issued tokens first trade through LaunchLab's bonding curve and, upon meeting conditions, automatically migrate liquidity to Raydium. After the partnership went live, StonkFun's revenue grew rapidly, with single-day revenue on September 6 exceeding $1.5 million, surpassing Pump.fun during the same period.

StonkFun's primary revenue comes from trading fees generated by permanently locked LP positions after platform-issued tokens enter Raydium. Unlike platforms that only charge during the bonding curve phase, StonkFun continues to earn LP fees as long as the relevant tokens remain actively traded on Raydium. According to DefiLlama data, funds used for STONK buybacks over the past 7 days amounted to approximately $1.5 million; cumulative buybacks total approximately $2.12 million, with the repurchased STONK subsequently burned.

Additionally, StonkFun uses a portion of trading fees to buy back top-performing issued tokens on the platform, with 78 tokens currently included in the buyback-and-burn program.

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