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ARC Circle的Arc区块链首日表现：机构愿景与投机现实的碰撞
9月16日，Circle旗下的Arc区块链（@arc）正式亮相，但其实际表现与其机构支持者的预期大相径庭。在上线第一天，主网记录了4.108亿美元的去中心化交易所（DEX）交易量以及776万笔交易，其中约82%的交易量由模因币（Memecoin）发射平台驱动。
模因币主导首日交易
Arc链旨在服务于金融市场、实时资金流动和代理经济活动。然而，首日的主导者却是投机交易者。数据显示，模因币发射平台贡献了3.363亿美元的交易额，占比约为82%。
具体来看，Arguspad单日处理了2.0235亿美元的交易，并发行了97,025个新代币中的83,751个。紧随其后的是Minara.fun，交易额为3,641万美元；Tollylabs则为1,965万美元。与此同时，非发射平台的DEX（包括Redardex等）记录的交易额为1,311万美元，其他所有非发射平台的DEX活动合计为7,460万美元。
值得注意的是，Arguspad的单日代币发行规模甚至超过了pump.fun的历史最佳单日纪录。从更宏观的背景来看，这一数据显得尤为突出：Robinhood Chain在其首个主网上线日的DEX交易量仅为56.863万美元，直到一周后才突破5.8112亿美元，而Arc的首日交易量规模是Robinhood Chain同期数据的约720倍。
带有投机色彩的机构公链
Arc is built as an open Layer 1 network for financial markets, focusing on real-time capital flows and automated economic activities. Its founding validator lineup includes well-known financial institutions such as BlackRock, Visa, Mastercard, DTCC and ICE. In addition, asset management companies such as Bitwise, BlackRock and Janus Henderson plan to migrate tokenized funds to the chain, while payment companies such as Visa and MoneyGram plan to use them for stablecoin settlements.
The strong opening data is partly due to timing. When Arc went online, protocols such as Aave, Morpho, and Uniswap had been deployed, and access rights for exchanges such as Binance, Kraken, and OKX were activated as soon as the block was generated. This means that the launch platform has entered a network environment that already has sufficient liquidity.
This phenomenon is reminiscent of the experience of Robinhood Chain, which also focuses on institutional financial application concepts, but its early activities are also dominated by memo trading. For Arc supporters and ecosystem partners, the central question is whether its grand blueprint for institutionalization can truly take root when the initial wave of speculation recedes.
