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Uniswap Labs has purchased a stake in PONS as part of a longer-term partnership, sending the token to a new all-time high of $0.75.<\/p>\n
The move comes as the Pons team reported rising activity on the platform, with more than 63% of Robinhood Chain launchpad volume passing through the protocol over the past 24 hours.<\/p>\n
Pons announced the purchase on September 4, saying<\/a> the deal would deepen its partnership with Uniswap and give the two projects “long-term alignment.” However, the post did not disclose how much PONS Uniswap Labs purchased or the value of the transaction.<\/p>\n Still, the market reaction was immediate. At the time of writing, PONS was trading at $0.71, up 40.2% in the last 24 hours and more than 507% in the last week, per CoinGecko. It touched as high as $0.75 earlier in the day, a new price record, before easing back, so the current price sits close to 4% below that peak.<\/p>\n Volume climbed too, with $151.8 million changing hands in the past day, a 9% jump from the session before. And if you look at longer timeframes, the numbers get harder to ignore. PONS is up more than 1,769% in the last 14 days and over 2,713% for the month, a run that traces back to a low of $0.0033 in mid-July, and it’s also up close to 25% on its pairing with Bitcoin.<\/p>\n Pons has leaned on deflationary mechanics since it launched. The project says<\/a> 29.34% of the total PONS supply has been burned to date, with 80% of protocol fees going toward buying back and burning more tokens on an ongoing basis.<\/p>\n The team has also been adding<\/a> tokenized stock pairs to its platform, including UPS, Snap, Lululemon, Figma, Moderna, Pfizer, Rivian, Marvell, and Johnson & Johnson in the past day alone. Trading followed. More than 63% of all volume on Robinhood Chain’s launchpad flowed<\/a> through its platform in a single 24-hour stretch, a day that saw $400 million in volume overall.<\/p>\n Uniswap’s PONS purchase came the same week its own token, UNI, was climbing. As CryptoPotato<\/em> reported earlier, UNI gained<\/a> as much as 32% over seven days, and it has since gone even higher, changing hands at just under $6.40 as of this writing, a jump of over 60% in the last 30 days.<\/p>\n The post Uniswap Buys PONS Stake, Token Jumps 40% to New All-Time High<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nA Token Built Around Burning Its Own Supply<\/h2>\n
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