How an Initial Pons Offering works

A creator publishes the terms: name, ticker, logo, which asset the token pairs to, their cut of future trades, where those fees go, and how much of the curve they are buying themselves. Filing costs nothing and deploys nothing.

All of it is on the offering page before anyone can buy. There is no stage where you find out a term after your money is in.

You buy on the same bonding curve the token will launch on, so what you pay is what an equivalent buy would have cost on chain at that point. Buying earlier means buying lower, and the curve is drawn on every offering page, so you can see exactly where you would be getting in before you sign anything.

Two ceilings stop one wallet owning the launch. These are limits, not allocations — most buyers take far less, and nothing is set aside for anyone. No buyer may end up holding more than 2% of the tokens sold on the curve, and the creator no more than 10%. Because tokens are cheapest at the bottom of the curve, 2% costs very little early on, so the ceiling bites from the first buy: filling a curve takes around fifty different wallets. That is the point of it.

Both caps are enforced on the server when you sign, not just in the interface. What the panel shows you is a preview. What gets written is worked out again, independently.

Once buyers fill the curve it stops taking money and the token goes out. Deploying it and buying the entire curve happen in one transaction through the Pons router, with the pad on that launch's snipe tax exemption list. For the 3 seconds a sniper would normally use, the curve is already gone.

Tokens then go to every buyer at the curve price they bought at. The remaining 28.57% of supply becomes a full range Uniswap v4 position, locked permanently in the Pons launch locker. There is no unlock, and no wallet that can reach it.

Nothing happens, which is the right outcome. The deadline passes, everyone gets their money back in full, and the token is never deployed. A creator who cannot find fifty wallets finds that out before spending a launch fee.

You can also pull your money out yourself at any point while the curve is still filling. Your spot is released and everyone behind you moves up.

Buying in is a signature, not a transfer. It costs no gas and moves nothing at the time. What happens next depends on what the offering is priced in:

• Token pairs (USDG, stocks)

  You approve the pad to spend a set amount. The money never leaves your wallet. It is only pulled in the transaction that launches the token. Revoke the approval and you simply drop out.

• ETH pairs

  ETH cannot be approved, only sent, so it sits in the offering's escrow until the curve fills or the deadline passes. You can withdraw the whole time it is filling.

All of this is on the offering page, and it is there so you can look before you buy rather than after:

• Creator tax

  What the creator takes from every trade once the token is live, up to 10%. It is never hidden, but it is easy to skip past.

• How much the creator bought

  Their ceiling is 10% of the curve, at the cheapest prices on it, but most take less. Whatever they actually bought, and their wallet, are both listed.

• Who else is in

  Every buyer, what they paid, and what share they hold, in the order they bought. A curve filled by a handful of wallets looks very different from one filled by two hundred.

• Where the fees go

  Either the creator's wallet, or split across holders. It says which.

This is not a savings product. If a curve fills, it buys a volatile asset on your behalf at a price you agreed to, and that asset can go to zero. The caps spread a launch across a lot of wallets. They do not make a bad token good.

Tokenised stocks on Robinhood Chain also carry issuer level controls that can pause transfers. That is outside the pad's control, and it affects any offering paired to one.