Two crypto consumer applications are moving in opposite directions, according to data released on November 8, 2026. Galaxy Research’s chart note shows the Robinhood chain launchpad Pons completed a full cycle in under three months, while Token Terminal’s newsletter reports that Solana-based collectibles app Collector Crypt generated $18.3 million in October fees.
Pons daily fees collapsed from $11.4 million on September 5 back to roughly $250,000 by early November, Galaxy said. DefiLlama’s monthly data confirms the decline: fees paid by users fell from $137.1 million in September to $16.8 million in October, a drop of roughly 88%, and protocol revenue fell from $23.4 million to $2.5 million. Pons’ market capitalization fell from more than $600 million to about $120 million, according to Galaxy. The platform’s revenue share also slipped from about 17% of fees to 15% in the same period.
Pons is an independent project with no affiliation to Robinhood Markets, though it runs on the chain Robinhood brought to mainnet in July. Its September peak coincided with a network-wide fee surge. The project’s MiCA white paper says 80% of its 30% fee cut is directed to buying and burning the PONS token, which has no voting, governance or utility role. Pons Labs was notified to the Maltese regulator on September 23 and published on October 22, near the fee peak but before October’s full figures existed. Galaxy describes the launchpad as a case study in how quickly speculative money leaves once attention moves elsewhere.
In contrast, Collector Crypt took $18.3 million in October fees, about 4.3 times the level of a year earlier, according to Token Terminal. The app tokenizes graded trading cards, mostly Pokémon, and sells them through gacha-style packs on Jupiter’s Solana storefront, with pack prices from $25 to $5,000. Token Terminal grouped Collector Crypt with Polymarket, which took $126.7 million in October, and pump.fun, at $62.5 million, as consumer apps challenging stablecoin issuers and exchanges near the top of crypto’s fee rankings.
Both figures carry important caveats. DefiLlama’s Pons methodology records fees from graduated pools when they are swept, so a single day can include fees earned on earlier trades. For Collector Crypt, the fee metric counts pack sales and marketplace royalties minus buybacks, but a physical card can be sold back and pulled again, meaning the same inventory can generate fees repeatedly. Buyers receive 85% to 93% of the card’s insured value in instant buybacks, a figure Collector Crypt sets at its discretion. Without data on how many times the average card is pulled, the $18.3 million shows only how hard the machines worked, not how many collectors stayed.
