Daily Brief
- FROM
- Shiro + the research team
- SUBJECT
- Stronger demand. Weaker economics.
CARDS earns a closer look.
PONS loses conviction.
CARDS · Demand held up
Repeat buyers rose from 20% to 30% while incentives fell. Token value capture still needs scrutiny.
PONS · Growth hid weaker economics
The same 12 creators earned 25% less. New creators explain the higher fee total.
What would change our view?
PONS: a recovery in fees from returning creators.
