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ARC Can Circle's Arc network repeat Robinhood Chain's memecoin craze?
Circle's Arc Network is scheduled to open its public main network on September 16. Currently, a hot question among analysts is whether the network will repeat the Meme Coin craze that Robinhood Chain experienced in its early days.
Why Robinhood Chain's pattern cannot be copied to Arc
SoValue's analysis points out that the answer is no. Because the structural characteristics built to meet the needs of banks and regulators have stripped away the core mechanisms that have contributed to the prosperity of Robinhood Chain.
SoSoValue points out four key conditions that support the success of Robinhood Chain:
- Network operators generate revenue through meme transactions and tolerate them;
- The existing retail user base provides speculators with convenient access;
- The "repurchase and destruction" mechanism of native tokens supports the price;
- The fully public memory pool (Mempool) allows robots to conduct front-running and sandwich attacks to profit.
However, none of the above conditions holds true for Arc. Arc's verifier nodes include Visa, Mastercard, BlackRock, DTCC, Circle itself and seven other regulated agencies. For these institutions, the reputation risk caused by speculation in custody memes far exceeds the fee benefits.
In addition, Arc's distribution channels are mainly through card networks and asset management companies rather than retail traders. ARC tokens have not yet been issued, Gas fees are paid in the USDC, and there is no repurchase mechanism to support the price. More critically, Arc has completely shut down the public memory pool, which means that the proactive trading infrastructure that is widespread on other platforms to support launch site activity does not exist on Arc.
Cryptocurrency analyst Adam Cochran criticized this quite bluntly, calling Arc a "private consortium chain with pre-approved verifiers" rather than a true Layer 1 public chain.
However, SoSoValue does not completely rule out the possibility. Since Arc is EVM compatible, Uniswap v4 and Aerodrome will be available on the first day, so any memin craze on Arc will be more difficult to start and easier to disintegrate than the Robinhood Chain.
Robinhood Chain's own prosperity has shown signs of cooling down
This comparison is important because Robinhood Chain's prosperity has begun to cool down. Its average daily income has dropped from a peak of $4 million to $1.06 million last weekend.
The drop was as high as 83%, mainly due to the collapse of Gas prices as meme congestion eased and the 90-day fee subsidy that will expire on September 29. CEO Vlad Tenev initially positioned tokenized real-world assets (RWA) as the main development direction of the chain, but after meme trading took over the network, he changed his mind and said it was "also good for memes."
According to CryptoPotato, Robinhood has become the blockchain with the largest number of RWAs in a few weeks since its launch in July, and further expanded its business in the UK in August, launching a zero-fee cryptocurrency trading service.
