Markets· ★★★· neutral·

Coin Metrics: Altcoin Rally Concentrated in Privacy, Memecoin Platforms and Revenue Protocols

  • —Zcash shielded pool held 4.89 million ZEC as of Sept. 28, or 28.86% of total supply
  • —Pons on Robinhood Chain issued 207,893 tokens from Aug. 3 to Sept. 3; only 3,228 moved to Uniswap
  • —Pons users traded $736 million, issuers collected $9.7 million in fees, but 66.8% of wallets ended down
  • —Uniswap has burned UNI with protocol fees since December 2025; Hyperliquid uses over $1 billion a year to buy HYPE
Why it matters: Altcoin valuation is shifting from market cap toward real usage and revenue, though protocol income does not equal tokenholder income.
Source: TokenPost