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挖矿的小羊
挖矿的小羊
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PONS的回购引擎为什么失灵了?一个“手续费回购”模式的教科书级案例 上个月,PONS还被称作“Robinhood Chain上最赚钱的印钞机”。 日均收入接近200万美元,日回购超过100万美元。Uniswap Labs亲自入股,代币一周半从3,500万美元市值冲到5亿美元,历史最高触及0.97美元。早期买家2,600美元变成了120万美元。 那时候所有人都觉得,PONS找到了Meme币最完美的解法——用真金白银的收入回购销毁,把投机品变成了现金流资产。 一个月后。 PONS市值跌至4.14亿美元,较9.9亿美元的峰值下跌超58%。日均收入从近200万美元降至约24万美元,降幅约88%。日均回购从超100万美元暴跌至不到20万美元。 这不是一次普通的回调。 这是一台“回购发动机”在众目睽睽之下熄火了。 PONS的回购引擎到底怎么转的? Pons是Robinhood Chain上的Meme币发行平台。用户在平台上发币、交易,产生手续费。这些手续费的分配路径是: 交易手续费 → 创作者拿70%,协议拿30% → 协议收入的80%用于回购PONS并销毁,20%用于运营。 截至9月初,PONS累计销毁了约29%的初始供应量。 这套逻辑听起来天衣无缝: 平台越活跃 → 手续费越多 → 回购越多 → 流通量越少 → 价格越涨 → 吸引更多人参与 → 平台更活跃。 一个完美的正向飞轮。 但飞轮的前提是“平台越活跃”。 致命的转折:活跃度不是常数,是变量 数据显示,9月29日至10月2日,Pons V2日均发币量为6,768个,较9月上半月下降约72%。日均手续费从687万美元降至148万美元,下降约78%。 发币量暴跌72%,手续费暴跌78%。 回购资金直接缩水近九成。日回购从超100万美元跌到不足20万美元。 更扎心的是,这形成了一个“死亡螺旋”式的反馈循环: 链上投机活动降温 → 发币和交易量下降 → 手续费收入断崖式下跌 → 回购规模崩塌 → 价格失去支撑持续下跌 → 赚钱效应消失 → 参与者进一步离场 → 活动继续降温。 每一环都在喂养下一环。越冷清,越下跌;越下跌,越冷清。 PONS创始人Ozzy在10月3日回应社区质疑时承认:回购速率“尚未调整”,此前“claim”步骤也“尚未完全去中心化”,托管账户中一度积累约44万美元待领取资金超过5天未划拨。 翻译成人话:连回购执行本身都掉了链子。 为什么Uniswap的“回购”比PONS的更稳? 很多人把PONS和Uniswap放在一起比较,因为两者都在做“协议收入→回购代币”。 但两者的代币经济学底层逻辑完全不同。 PONS的模式: 协议收入 → 80%用于回购销毁 → 减少流通量 → 支撑价格。 价值捕获完全依赖回购的资金量。回购资金 = 手续费 × 80%。手续费 = 发币量 × 交易量 × 费率。 发币量是Meme市场的衍生品。Meme热度一退,一切归零。 Uniswap的模式: 费用开关将约17%的swap手续费导向协议收入,用于回购销毁UNI,年化供应量缩减约0.4%。UNI当前日收入约12.9万美元,30天收入约490万美元。 但关键区别是:UNI的价值不依赖回购来“撑”。 UNI是一个治理代币,持有者拥有对协议费用开关的投票权、对金库的治理权。回购销毁是价值累积的加分项,不是价格支撑的唯一支柱。 PONS把回购当成了发动机。Uniswap把回购当成了涡轮增压。 发动机熄火,车就停了。涡轮坏了,车还能开。 这不是PONS一家的问题,是整个模式的通病 2026年,超过100个加密项目关停或破產,绝大多数山寨币从高点回撤70%到90%。 回购失效的案例比比皆是: Jupiter:2025年豪掷超7,000万美元回购,JUP全年跌幅约76.7%。联创SIONG公开反思:“回购没效果,是不是该把钱花在用户增长上?” Pump.fun:一年收入3.3亿美元,花费3.15亿美元回购,代币上线后下跌60%。 Helium:创始人直接宣布停止HNT回购,理由是“市场对项目回购行为几乎没有反应”。 一项对159个代币回购项目的追踪显示:去掉Hyperliquid这个异类,回购销毁类代币平均跌幅为56%。 一个代币决定了整个类别的命运。 剩下的,全在亏钱。 PONS的问题不是“回购机制坏了”。 回购机制从来就没有“好”过。 这个模式成立的前提是手续费收入持续增长。但Meme市场的活跃度是周期性的、情绪驱动的、不可预测的。 你在用一个不可预测的变量,去支撑一个需要确定性的机制。 这就像用沙滩上的沙子当地基盖楼。涨潮的时候看着挺美,退潮的时候才发现,什么都没剩下。 PONS的教训值得所有依赖“收入回购”的Meme项目记住: 当你的代币价格建立在协议收入之上时,你就不再是Meme了——你是一个没有护城河的现金流资产。 $PONS $HOOD $AI
挖矿的小羊
挖矿的小羊
On October 2nd, the US September nonfarm payroll data was released—29,000 new jobs added, while the market expected 90,000, a deviation of nearly 70,000. August data was also revised down by 133,000, and the unemployment rate rose to 4.2%. This is the worst employment report in recent months, bad enough to cause the market's bet on an October rate hike to collapse from 70% to about 15%. Logically, this should be a "big gift" for Bitcoin. Once the data came out, Bitcoin did surge—briefly reaching $87,220, up more than 3% intraday. And then? Then nothing. A few hours later, BTC fell back to around $84,700, wiping out all gains. The good news was given, the market saw it, but Bitcoin just wouldn’t hold up. Why? First mountain: US Treasury yields don’t buy it In the same week the nonfarm data was released, the 10-year US Treasury yield touched 5.34%, the highest since 2002—meaning the highest level in 24 years. The Fed is not hiking in October, so yields should drop, right? Quite the opposite. Long-term Treasury yields are not focused on the Fed’s actions this month, but on inflation expectations + fiscal deficit + term premium. Energy inflation persists (Brent crude remains near $100), geopolitical risks remain, and there is huge pressure from government bond supply—these three factors keep long-term rates from falling. With a risk-free yield above 5%, why would institutions risk buying Bitcoin? Second mountain: Dollar index hits a 17-month high The Bloomberg Dollar Index has rebounded about 3% from its September low, rising for the third consecutive week to a 17-month high. Bank of America strategist Hartnett: Investors are reducing holdings in stocks, cryptocurrencies, and other risk assets, and rebuilding cash. This is the truth behind the strong dollar—the money is flowing back, not out. A strong dollar puts pressure on dollar-denominated risk assets. Third mountain: ETF inflows are not continuous From September 17 to 29, Bitcoin spot ETFs saw net inflows for nine consecutive trading days, totaling about $3.08 billion. Looks impressive, right? But looking at the details: On September 28, daily net inflows sharply dropped to $31 million—less than 400 BTC. At the peak in early September, single-day inflows were nearly $1 billion, corresponding to over 11,000 BTC. There is also a key structural issue: the $84,000–$85,000 range is a dense supply zone for long-term holders, with holdings exceeding any other price range. ETF buying did absorb some selling pressure in September, but the strength has clearly weakened. Every time the price breaks above $84,000, someone sells. That’s the ceiling. Whether the Fed hikes in October or not, the short-term impact on Bitcoin has dulled. Why? Because the market has already priced in an 83.9% chance of no hike in October. This expectation has long been digested; even confirming no hike won’t bring incremental buying. The real pricing anchor is the 10-year Treasury yield. No matter how good the nonfarm data is or how bad employment is, as long as the 5.34% Treasury yield doesn’t fall, the valuation ceiling for risk assets remains. This is not a sentiment issue, it’s a cost of capital issue. The nonfarm data gave the market the imagination of a "pause in rate hikes," but the Treasury yield says: No, you haven’t. There are two types of people losing money in the market now: First, those who rushed in to go long after the nonfarm surprise. They thought good news = price rise, but were crushed by Treasury yields. Second, those who thought easing rate hike expectations meant liquidity would loosen. They forgot one thing—the Fed pausing hikes ≠ easing. Rates are still at 3.75%-4%, among the highest since 2008. No hike just means no more acceleration, not that the brakes are off. Next week, watch three key events: First, Thursday at 2 a.m., the Fed’s September meeting minutes. This is the most important. The market has shifted focus from "Will the Fed hike in October?" to "Will it hike in December?" Officials’ disagreements on inflation and employment risks in the minutes will determine December hike pricing. Second, Monday at 10 p.m., ISM Non-Manufacturing PMI. Expected at 55.7; if it beats expectations, it means the economy is still strong—this could push Treasury yields higher, bad for BTC. If below expectations, rate hike expectations cool further, possibly briefly benefiting risk assets. Third, US Treasury 20-30 year bond buyback operations. If the Treasury steps up buybacks to suppress long-term yields, that would be a real positive. Nonfarm data only made BTC strong for 5 minutes. The 5.34% Treasury yield is the true bear commander. If you don’t watch it, it watches you. $BTC $CL $BZ #美国9月非农仅增2.9万,失业率升至4.2%

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