PONS Market Cap Hits $260M, New ATH

The new ATH underscores the market's appetite for ecosystem tokens with active deflationary mechanics. The burn and buyback structure, funded by protocol fees, creates a self-reinforcing supply squeeze that is rare in the current landscape. The key watchpoint is whether the treasury's ongoing buybacks can sustain momentum as the token's market cap grows, since larger caps typically require proportionally more capital to move. For holders, the 29% burn highlights a deliberate supply narrative, but the real test is whether fee generation keeps pace with the burn rate.