$PONS
The token. For the founding figure, see Pons.
$PONS is the Pons Family's original token and the first thing ever issued through the launchpad. It carries no governance rights, no revenue claim and no mechanism of any kind, a fact stated plainly in its issuance notice and never subsequently walked back.
It is a name with a supply. The Family's argument is that this is what most tokens are, and that saying so is the only unusual thing about it.
The no-mechanism position
Issuing a token with no utility is ordinarily a thing done quietly. $PONS was issued with the absence stated first, on the reasoning that a promised mechanism which never ships is worse than an admitted absence, and that most promised mechanisms never ship.
This has been read as either unusually honest or as a way of pre-emptively winning an argument. Both readings appear in Family writing, sometimes in the same paragraph.
In the machine
$PONS is loaded into the Ponspedia machine's hopper and shows on the surface as lined up. It cannot be drawn until it shows as loaded. The Family convention is that a queued token is announced the moment it is committed, so that the order cannot be changed after people have looked at it.