The Launchpad Buyback War Just Flipped

The launchpad wars found a new main character this week. StonkFun’s STONK token overtook PONS in daily protocol revenue, barely five weeks after the Solana platform went live. Both projects run aggressive buyback-and-burn machines, both flipped Pump.fun in daily revenue this month, and both sit at the center of the stock-paired memecoin meta we have covered all summer.

So which one actually wins the STONK vs PONS fight? Let’s put the dashboards side by side.

STONK vs PONS: How We Got Here

Pons drew first blood. The Robinhood Chain launchpad went live on July 14 and needed only seven weeks to flip Pump.fun in daily protocol revenue, crossing $1.1 million per day on September 2. We broke down that upset in our Pons vs Pump.fun comparison, and the momentum kept building from there. Binance Alpha listed PONS on September 2, Uniswap Labs bought a bag “for long-term alignment” a day later, and the token printed a $0.97 all-time high on September 5.

StonkFun moved even faster. The Solana launchpad only launched on August 3, yet it flipped Pump.fun in daily revenue on September 6 with roughly $1.5 million in a single day. A Raydium LaunchLab integration that same week sent STONK up more than 250% in 24 hours. By September 10, StonkFun had overtaken Pons itself in daily revenue, and the crypto media picked up the story within hours.

Two launchpads, two chains, one playbook: pair memecoins against tokenized stocks, collect fees, and torch the native token with the proceeds.

StonkFun’s Numbers: 14.4% of Supply Already Gone

Pull up StonkFun’s public revenue dashboard and the totals speak for themselves. Here is the snapshot as of September 11:

• Total volume: $1.47 billion across all venues, including $932 million through Raydium pools StonkFun created
• RWA volume: $427 million across xStocks, PreStocks, Tessera and Sunrise pairs
• Total revenue: $9.15 million in trading fees paid to the platform
• Buybacks: $5.45 million deployed, buying 143.58 million STONK across 67,332 swaps
• Burned: 144.7 million STONK destroyed, worth $46.8 million at current prices

That burn figure equals 14.4% of the original 1 billion supply, gone forever. The team confirmed the milestone on X this morning. Notice the burned total slightly exceeds the bought-back total: pairs that use STONK itself as the quote token burn fees directly, no buyback needed.

The mechanism routes roughly 60% of platform revenue into open-market STONK purchases that get burned, with the rest retained. Daily revenue and buybacks both sit at all-time highs right now. If you want the full breakdown of how the platform works, our StonkFun explainer covers the launch mechanics, and stock-paired Solana plays like Artificial Inu show what the tokens launching there actually look like.

One quick reminder: StonkFun has nothing to do with StonkBrokers, the similarly named launchpad on Robinhood Chain. Different platform, different chain, different token.

Pons’ Numbers: The Bigger Burn, For Now

Pons still holds the crown on absolute numbers. DefiLlama data shows the protocol generated $96.9 million in fees over the past 30 days, with $17.8 million counted as protocol revenue and $8.9 million passed through to holders via buybacks. Annualized, that pace works out to over $700 million in fees. STONK’s $9.15 million lifetime revenue looks small next to that, which is exactly why the daily flip matters so much: the gap is closing at speed.

The burn race tells a similar story. Pons routes 80% of protocol revenue into PONS buybacks that land in the dead address, and the team confirmed 29% of the 1 billion supply burned back on August 29. The counter has kept climbing since. On percentage terms, Pons has destroyed twice as much of its supply as StonkFun, though it also had a three-week head start and a monster August on Robinhood Chain behind it.

Price action tells the less flattering side. PONS trades roughly 40% below its September 5 all-time high, hurt by the broader pullback and by Hyperliquid perps giving big money a way to short it for the first time. Our PONS token deep dive tracks the burn milestones, and the Pons launchpad guide explains the fee splits if you want to launch there yourself.

STONK vs PONS Head to Head

The short version: Pons is the bigger, older machine with the deeper burn. StonkFun is the faster-growing one with revenue at all-time highs while its rival cools off.

My Take: I Rode PONS, Now I’m Watching STONK

Full transparency, because I always give it. I bought PONS at a $23 million market cap in July and scaled out on the way up, selling my final tranche when Hyperliquid listed PONS perps in early September, around a $280 million cap. Best trade of my summer. My reasoning at the time was simple: perps let big money short a parabolic chart, and the chart behaved exactly as expected afterward. I would re-enter PONS on a meaningful dip, but I hold zero right now.

STONK is the one on my screen today. I missed my entry that I discussed in an earlier blog (around $50 million). Revenue at all-time highs, burns accelerating, and a market cap half the size of PONS with the daily revenue lead. That setup rhymes with PONS at $100 million, not PONS at the top. The risk cuts both ways though: launchpad revenue is the most reflexive metric in crypto, and StonkFun’s fees could halve as fast as they doubled. Nobody should treat either token as a durable cash-flow business. These are momentum trades on the stock-paired memecoin meta, the same meta that pays out real tokenized stock airdrops to holders of coins like MARSCOIN, which I also traded in the upswing.

If the meta dies, both tokens bleed together. If it runs another leg, the smaller, faster one usually outperforms.

Trade Both From One App

Here is the practical problem with this trade: STONK lives on Solana and PONS lives on Robinhood Chain. Managing two wallets, two gas tokens and two DEX interfaces gets old fast.

The Fomo app solves that. It is a multichain, gasless social trading app where you can trade STONK, PONS and the entire stock-paired meme meta from a single account, and it is genuinely the easiest onboarding in crypto right now. Use promo code FairSaltySquid for 10% off trading fees. A Fomo airdrop is also widely expected, so trading volume there may pay you twice.

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Final Words

STONK vs PONS is the defining launchpad fight of September 2026, and for now it has no loser. Both platforms print more daily revenue than Pump.fun, both burn supply at a pace crypto has rarely seen, and both ride the same tokenized-stock wave. The flip in daily revenue hands StonkFun the momentum, while Pons keeps the bigger totals and the deeper burn.

Watch the revenue dashboards, not the price charts. The day either platform’s daily fees roll over is the day its token loses the narrative. Until then, this remains one of the few corners of the market where the fundamentals update every 24 hours, in public, on-chain.

FAQ

What is the difference between STONK and PONS? STONK is the token of StonkFun, a Solana launchpad for memecoins paired against tokenized stocks. PONS is the token of Pons, the dominant launchpad on Robinhood Chain. Both burn their supply using platform revenue.

Did STONK really flip PONS in revenue? Yes, in daily protocol revenue as of September 10, 2026. Pons still leads on cumulative and 30-day revenue by a wide margin.

How much STONK has been burned? 144.7 million STONK, or 14.4% of the original 1 billion supply, worth roughly $46.8 million at current prices as of September 11, 2026.

How much PONS has been burned? The team confirmed 29% of supply burned on August 29, 2026, and the counter has kept rising. Pons routes 80% of protocol revenue into buybacks and burns.

Is STONK or PONS the better buy? Neither is investment advice territory. STONK has the momentum and the smaller cap, PONS has the bigger revenue base and deeper burn. Both are high-risk momentum plays tied to launchpad activity.

Where can I trade STONK and PONS? Both trade on their native chains’ DEXs, and both are available on the Fomo app, which handles the multichain part for you.