  We associate to a graphon $\gamma$ the sequence of $W$-random graphs
$(G_n(\gamma))_{n \geq 1}$. We say that the graphon is singular if, for any
finite graph $F$, the homomorphism density $t(F,G_n(\gamma))$ has a variance of
order $O(n^{-2})$. This behavior is singular because generically, the density
of a fixed finite graph $F$ in a $W$-random graph has a variance of order
$O(n^{-1})$. We conjecture that the only singular graphons are the constant
graphons $\gamma_p$ with $p \in [0,1]$, corresponding to the Erd\H{o}s-R\'enyi
random graphs $G(n,p)$. In this paper, we investigate the general properties of
the singular graphons, and we show that they share many properties with the
Erd\H{o}s-R\'enyi random graphs. In particular, if $\gamma$ is a singular
graphon, then the scaled densities
$n(t(F,G_n(\gamma))-\mathbb{E}[t(F,G_n(\gamma))])$ converge in joint
distribution. This generalises the central limit theorem satisfied by the
Erd\H{o}s-R\'enyi random graphs $G(n,p)$; however, the limiting distribution
might be non-Gaussian if the conjecture does not hold. We also establish an
equation satisfied by the characteristic polynomial of the Laplacian of the
graph $G_n(\gamma)$ associated to a singular graphon; this opens the way to a
spectral approach of the conjecture.
