PONS gives a community a practical way to launch a token and establish a market around it. In PONS v2, trading begins on a bonding curve. Once the curve completes, the token graduates into a Uniswap v4 pool with permanently locked liquidity. Creators can choose approved quote assets, including tokenized stocks, so a launch can be priced and traded in something other than ETH. That pairing also determines the asset in which the creator receives fees.
Source: https://docs.ponsfamily.com/v2
The fee structure gives creators an economic reason to keep developing their projects. Standard trading fees are divided between the protocol, the creator and an optional buyback allocation; a separate creator tax can vary by launch. These details matter because a token's trading activity can support the people maintaining it. A stock-token pair still carries the risks of both assets. It does not make the launch token a share in the underlying company.
Source: https://docs.ponsfamily.com/v2
Our view is that easier token creation leaves another useful piece of infrastructure to build: borrowing against selected tokens after they have developed a market. A holder may want access to USDG while keeping exposure to a project. Selling part of a position is one option. A collateralized loan offers another, provided lenders are willing to supply funds and the collateral can support a functioning lending market.
That is the problem we are building HockFi around. Holders will be able to deposit PONS ecosystem tokens that we select and list as collateral, then borrow USDG against them. We are starting with a small group rather than treating every new launch as suitable collateral. Community requests can help identify future candidates; each listing still needs its own assessment of trading depth, pricing and liquidation routes.
HockFi uses Morpho's existing lending infrastructure. A Morpho market pairs one collateral asset with one loan asset, with parameters fixed at creation. Separate markets allow lenders to choose the collateral exposure they accept. Lending already exists on Robinhood Chain: its official documentation lists Morpho, and Robinhood Earn provides access to USDG lending through a Morpho vault. Our work concentrates on selected PONS collateral and the operations needed to support it.
Sources: https://docs.morpho.org/learn/concepts/blue/ and https://docs.robinhood.com/chain/ and https://robinhood.com/us/en/support/articles/robinhood-earn/
There are two distinct roles in that market. Borrowers deposit the selected token and owe USDG plus borrowing interest. Lenders supply USDG, which becomes the liquidity borrowers can access. Lender returns depend on borrowing activity and market conditions; depositing a collateral token does not itself generate lending interest. Available liquidity also determines how much can be borrowed or withdrawn at a given time.
Sources: https://docs.morpho.org/learn/concepts/blue/ and https://docs.morpho.org/developers/borrow/concepts/market-mechanics/
Making this useful requires more than adding a token symbol to a list. The market needs a price source, a borrowing threshold and a way to sell collateral when a position becomes undercollateralized. For smaller tokens, the size of that sale matters: a price visible on a trading screen does not guarantee that a large position can be sold at that price. HockFi's listing work includes examining those execution constraints.
The planned HockFi borrowing flow charges a 0.25% origination fee, deducted from the gross amount borrowed. Borrowing 1,000 USDG therefore creates 1,000 USDG of principal debt and delivers 997.50 USDG to the borrower, with 2.50 USDG collected as the origination fee. Borrowing interest is additional. We plan to allocate 50% of collected protocol fee revenue to HOCK holders in proportion to their wallet balances, without requiring staking. The amount available for distribution would depend on actual fees collected.
Source: https://docs.ponsfamily.com/v2
The fee structure gives creators an economic reason to keep developing their projects. Standard trading fees are divided between the protocol, the creator and an optional buyback allocation; a separate creator tax can vary by launch. These details matter because a token's trading activity can support the people maintaining it. A stock-token pair still carries the risks of both assets. It does not make the launch token a share in the underlying company.
Source: https://docs.ponsfamily.com/v2
Our view is that easier token creation leaves another useful piece of infrastructure to build: borrowing against selected tokens after they have developed a market. A holder may want access to USDG while keeping exposure to a project. Selling part of a position is one option. A collateralized loan offers another, provided lenders are willing to supply funds and the collateral can support a functioning lending market.
That is the problem we are building HockFi around. Holders will be able to deposit PONS ecosystem tokens that we select and list as collateral, then borrow USDG against them. We are starting with a small group rather than treating every new launch as suitable collateral. Community requests can help identify future candidates; each listing still needs its own assessment of trading depth, pricing and liquidation routes.
HockFi uses Morpho's existing lending infrastructure. A Morpho market pairs one collateral asset with one loan asset, with parameters fixed at creation. Separate markets allow lenders to choose the collateral exposure they accept. Lending already exists on Robinhood Chain: its official documentation lists Morpho, and Robinhood Earn provides access to USDG lending through a Morpho vault. Our work concentrates on selected PONS collateral and the operations needed to support it.
Sources: https://docs.morpho.org/learn/concepts/blue/ and https://docs.robinhood.com/chain/ and https://robinhood.com/us/en/support/articles/robinhood-earn/
There are two distinct roles in that market. Borrowers deposit the selected token and owe USDG plus borrowing interest. Lenders supply USDG, which becomes the liquidity borrowers can access. Lender returns depend on borrowing activity and market conditions; depositing a collateral token does not itself generate lending interest. Available liquidity also determines how much can be borrowed or withdrawn at a given time.
Sources: https://docs.morpho.org/learn/concepts/blue/ and https://docs.morpho.org/developers/borrow/concepts/market-mechanics/
Making this useful requires more than adding a token symbol to a list. The market needs a price source, a borrowing threshold and a way to sell collateral when a position becomes undercollateralized. For smaller tokens, the size of that sale matters: a price visible on a trading screen does not guarantee that a large position can be sold at that price. HockFi's listing work includes examining those execution constraints.
The planned HockFi borrowing flow charges a 0.25% origination fee, deducted from the gross amount borrowed. Borrowing 1,000 USDG therefore creates 1,000 USDG of principal debt and delivers 997.50 USDG to the borrower, with 2.50 USDG collected as the origination fee. Borrowing interest is additional. We plan to allocate 50% of collected protocol fee revenue to HOCK holders in proportion to their wallet balances, without requiring staking. The amount available for distribution would depend on actual fees collected.
Borrowing preserves exposure at the moment the loan opens, but it creates an obligation that needs managing. If collateral value falls too far, liquidation can sell that collateral to repay debt. Lenders also bear the risk that a liquidation cannot recover enough. USDG's dollar denomination does not remove those lending risks.
Source: https://docs.morpho.org/developers/borrow/concepts/liquidation/
A holder should be able to see which tokens are accepted, how much USDG is available, what the loan costs and where liquidation begins before committing collateral. A lender should be able to identify the exposure they are funding. Those questions guide the HockFi interface as much as they guide the markets behind it.
Source: https://docs.morpho.org/developers/borrow/concepts/liquidation/
A holder should be able to see which tokens are accepted, how much USDG is available, what the loan costs and where liquidation begins before committing collateral. A lender should be able to identify the exposure they are funding. Those questions guide the HockFi interface as much as they guide the markets behind it.
pons
Launch fixed-supply tokens on Robinhood Chain.
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