# DefiLlama protocol revenue — X 热门讨论 (2026-09-25 22:13 UTC)
## @byTheGentleman (The Gentleman) · 09-25 20:44 · ♥27 ↻3 💬2 SEC STAFF JUST CLARIFIED TOKEN BUYBACKS.
$PONS was the first Robinhood token I thought of.
Today's FAQ explicitly mentions supply reduction and protocol-funded burns. For a functional crypto system, announcing a buyback does not by itself count as the managerial effort behind an investment contract. :contentReference[oaicite:0]{index=0}
" @ponsdotfamily already runs this model. "
Its current setup routes 80% of protocol fees through an automated TWAP that buys $PONS and sends it to the burn address. :contentReference[oaicite:1]{index=1}
DefiLlama has now tracked roughly $19.1M of protocol revenue going into $PONS buybacks and burns. :contentReference[oaicite:2]{index=2}
So when I look at Robinhood Chain after today's SEC update, $PONS stands out immediately.
The product is live, fees are real, and those fees are already removing supply.
This was one of my main reasons for holding $PONS before today's FAQ.
Now the setup looks even cleaner. https://x.com/byTheGentleman/status/2103586348749709719