Where the fees come from
Every WETH the protocol collects, split into two streams: fees earned from other tokens launched on the Pons launchpad, and fees earned from people trading $PONS itself — the reflexive stream that rises and falls with the token.
Why strip out PONS-pair fees?
reflexive revenue flatters the flywheel in both directionsThe reflexive stream
The protocol owns the liquidity of the PONS/WETH pool, so it earns a cut every time PONS itself is traded. When PONS pumps, volume spikes, fee revenue jumps, buybacks accelerate — which flatters the token further. On the way down the same loop runs in reverse: falling price, falling volume, falling fees. This stream tells you how much of the “fee machine” is really just PONS trading feeding on itself (currently 12.7% of all fees collected).
The launchpad stream
Fees from every other token launched on Pons — trading fees on their bonding pools, claimed continuously by the protocol. This is the platform's underlying business: it depends on launch activity and degen volume, not on the PONS price. If you want a conservative read on the buyback engine, this is the number to anchor on.
How the split is measured
When the protocol claims LP fees from the PONS/WETH main pool, the pool emits a Collect event and the WETH lands in the fee collector in the same transaction. We attribute exactly the collected WETH amount to the PONS-pair stream — keeper transactions that batch several pools together are handled — and everything else counted as protocol fees is attributed to launchpad tokens. Both streams are measured from raw on-chain logs, not estimates.