PONS market value fell below US$450 million, a 24-hour drop of 20.12%

According to Foresight News, according to the GMGN market, the market value of PONS has dropped below US$450 million. The current market value is US$424 million, a 24-hour drop of 20.12%. The market cap was down about 57.17% from its high of $990 million.

In addition, PONS founder Ozzy today explained the community’s doubts about the repurchase and destruction mechanism. It stated that the project has automated the repurchase and destruction operations, and any user can trigger the robot and obtain a small amount of rewards. The only thing that needs to be adjusted at the moment is the buyback and destruction rates. The repurchase rate was previously set at 2 ETH per hour. Compared with the existing funds of approximately 950,000 in the Splitter contract, this rate matches the 7-day cycle. Fund withdrawals will also occur automatically every 7 days. Subsequent repurchase funds will be divided into two parts: "currently executing repurchase treasury" and "next cycle reserved funds".

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