Pons pools on Robinhood Chain record a 0% fee, but its hook takes a median 1% per trade. How three technical forks (price discovery, fee collection, quote asset) decide who can integrate a launchpad, who can front-run it and who can see its revenue.

Pons 的池子记录手续费为 0，hook 实际每笔收约 1%。把发射台拆成三个技术分岔：价格怎么发现、手续费怎么收、用什么报价，看它们怎样决定集成、抢跑和风险继承。

Only 0.1% of par's platform token main-pool volume goes through its own router; 39.4% comes via 0x, about 40% of that from the FOMO terminal. A seven-layer map of who collects what on Robinhood Chain, the fee-stacking framework, and where pricing power sits.

par 平台币主池只有 0.1% 的成交走它自己的网站，其余来自钱包、终端和聚合器，单是 FOMO 就约占 15%。用「七层结构」和「过路费叠加」看清钱被哪几层分走、定价权在哪一层。

Ave displayed par's main pair as "59.63M par / 80K USDG". DexScreener and GeckoTerminal show no such pool: par/ETH is still the deepest and most active (11.45 ETH, ~$66K liquidity). Why Uniswap v4 makes dashboards easier to misread, and a three-step pool check: address, reserves, volume.

Robinhood Chain at 100 days: daily transactions fell from ~11.06M in early August to 6.21M in early October, while stablecoins grew ~4.6x and TVL ranks ninth. Split early data into a speculation curve and an infrastructure curve, plus four rules for reading a new chain.

Ave 把 par 的主交易对显示成「5,963 万 par / 8 万 USDG」。核对 DexScreener 和 GeckoTerminal：链上没有这个池子，深度最大、成交最多的仍是 par/ETH（11.45 ETH，约 6.6 万美元流动性）。文章解释 Uniswap v4 为什么更容易让看板算错，并给出三步核池法：对地址、对储备、对成交。

Robinhood Chain 上线一百天：日均交易从 8 月初约 1,106 万笔降到 10 月初 621 万，同期稳定币涨约 4.6 倍、TVL 排第 9。把早期数据拆成投机曲线和基础设施曲线，并给出读新链数据的四个原则。

10 月第一周，Robinhood Chain 日均交易数比 9 月中旬少了 42%，DEX 成交额比峰值低了 86%，同一周 TVL 却创了 10.57 亿美元的新高，链上永续成交额反涨 26%。本文用“燃料—底座—理由”三层框架拆解这次退潮，对照 Base 和 Solana 的第一次低谷，指出真正决定成败的四个慢变量，并说明生态项目该按“链未来需要什么能力”来看，而不是按眼下的热度。

AI agents are becoming on-chain issuers: Bankr launches tokens on Robinhood Chain by default. Five tests of agent-readiness — predictable, diagnosable, composable, observable, payable — applied to the launchpad par, along with the gaps it still has to close.