Coinbase opened PONS-USD trading on October 7, 2026, one day after adding the token to its listing roadmap. Upbit, South Korea's largest exchange, followed on October 8 with KRW, BTC and USDT pairs. PONS, the token of a launchpad on Robinhood Chain, traded at $0.364 on October 9 with a market cap of about $247 million, CoinGecko showed.

Where it stands

The path to two major venues took one week. Coinbase posted the roadmap entry on October 6 and said that inclusion is a disclosure for assets under review, not a promise of trading, Bloomingbit reported. Trading opened the next day on Coinbase Exchange and Coinbase Advanced with limit, market and stop orders. Coinbase's public API listed the PONS-USD product as online, with no trading restriction, when we checked on October 9.

Upbit's notice announced new trading support for PONS in its won, bitcoin and tether markets. ChainCatcher relayed a 14:00 KST start on October 8 and a reminder to confirm the Robinhood Chain network before depositing. PONS had already reached OKX, Gate, Bybit, MEXC and Kraken, so the two October listings add the largest US and Korean retail venues rather than first liquidity.

Figure 01PONS's route to Coinbase and Upbit, from Crypto Briefing, Bloomingbit, ChainCatcher and CoinGecko. The first box is the launch window reported by Crypto Briefing.

One aggregator, Cryptolisting.ws, also shows a Bithumb PONS listing at 02:56 UTC on October 8. We found no Bithumb notice, and the Korean coverage of that day names USELESS and Cluster Protocol for Bithumb's won market. The event stays off this page until a Bithumb notice exists.

How it traded

KuCoin reported that PONS briefly rose more than 12 percent on the reports of the Upbit listing, then showed $0.4212 and a market cap of about $281.3 million on October 8. Crypto Briefing put the price at $0.38 to $0.40 around the roadmap announcement. By October 9 CoinGecko showed $0.364, down 12.3 percent in 24 hours and 32.1 percent over seven days, with a market cap of $247.4 million.

PONS market cap and daily volume, in millions of dollars
$0M $100M $200M $300M Cap Oct 8: $281.3M $281.3MCap Oct 8 Cap Oct 9: $247.4M $247.4MCap Oct 9 Volume Oct 9: $78.5M $78.5MVolume Oct 9 Coinbase pair: $1.1M $1.1MCoinbase pair
Figure 02Market cap on October 8 (KuCoin) and October 9 (CoinGecko), with CoinGecko's 24-hour volume on October 9 across all venues and on Coinbase's PONS/USD pair alone.

The listings did not reverse the trend. The all-time high of $0.971 came on September 5, and the October 9 price sits 62 percent below it. Daily volume of $78.5 million against a $247 million market cap means roughly a third of the float turned over in a day. Coinbase's own pair carried a small share of that, which fits a token whose depth is still on OKX, Gate and Robinhood Chain pools. Crypto Briefing noted that thin order books on a new listing can mean wider spreads.

What the token is, and what we could not confirm

Pons is a permissionless launchpad on Robinhood Chain, Robinhood's layer-2 network, where users create fixed-supply tokens that trade through Uniswap v4 hooks. AirdropAlert reports $6 billion of cumulative hook volume and says about 80 percent of platform revenue buys back and burns PONS on a rolling seven-day cycle.

The project announced on October 6 that 32 percent of the supply had been burned. CoinGecko's 679 million circulating tokens against a 1 billion maximum match that figure. A community analysis cited by CoinMarketCap gives 28.8 percent instead, so the two sources differ by a few points.

The revenue that funds those burns has fallen. AirdropAlert puts peak daily revenue near $2 million in late August and early September, and about $240,000 by early October, a drop of 88 percent. A buyback token whose fee income drops that far has less to burn, whatever the exchange count. We could not verify the revenue figures against on-chain data ourselves, so we report them as AirdropAlert's.

Exchange listings on this page are events with a notice behind them. Coinbase's product API and Upbit's notice are primary; the Bithumb entry is not. There is no PONS airdrop and no claim page, so any site offering one is a drainer. Our listings guide explains why a roadmap entry, a spot pair and a futures contract are three different events.

What to watch:

  • A Bithumb or Binance spot notice, which would complete the set of large retail venues.

  • CoinGecko's ticker list adding Upbit's pairs, and how much of the daily volume moves to the won market.

  • The next burn announcement, and whether daily revenue recovers from the $240,000 level AirdropAlert reported.

Nothing here is trading advice.

Not financial advice Listings often spike and then fade once the first wave of buyers is done. Nothing here is a suggestion to buy this token. Check dates on the exchange's own announcement page before trading: schedules slip. Our listing reaction data shows how new listings have typically traded.