Bullcheese review: Circle Arc's non-binding curve-free Meme coin launch platform

Circle releases Arc mainnet: Bullcheese's operating mechanism and risk analysis

On September 16, 2026, Circle officially released the public mainnet of its Arc platform. The project is described as an open Layer 1 blockchain specifically designed for financial services and fast, intelligent flow of funds. On the Arc network, Gas fees will be paid in USDC rather than using native volatility tokens. Circle claims that more than 100 projects were operating on the platform on the first day they were launched.

This release also integrates trading infrastructure and Memecoin platform into the same ecosystem. Circle said that Aero, fomo and Uniswap form the infrastructure for Arc's first-day trading, and Pump.fun is one of the Memecoin platforms that have been launched or are exploring Arc's on-chain trading and liquidity protocols.

Market background and competitive landscape

According to Cryptopolitan, on August 9, 2026, the total revenue of all launch board projects on the day was US$1,141,120, of which Pump.fun received US$1,118,478, accounting for 98%. The platform uses Bonding Curve technology to lock the liquidity of tokens in its smart contracts. Until the market value reaches a certain limit, the tokens will not "graduate" and be transferred to the public liquidity pool.

Unlike Bullcheese, another Meme launch board released at the same time, the latter omitted this process. All tokens minted by Bullcheese enter the standard Uniswap v3 pool directly for trading, and the entire token supply is locked in the first block of the transaction.

根据Circle的说法，该平台初期由11个验证节点组成，包括BlackRock、DTCC、Galaxy、ICE、Mastercard、MoneyGram、SBI集团、渣打银行、Sumitomo Corporation、Visa和Worldpay等公司，作为分阶段部署的一部分。然而，平台警告称，Arc LLC及许可验证节点不对Arc生态系统中使用的第三方应用程序、协议和服务的内容、准确性、合法性或功能性承担责任。

即使在主网发布之前，该市场的竞争已经非常激烈。据AirdropAlert报道，有18个启动板申请成为Arc上的Pump.fun替代方案。

Bullcheese深度解析

平台定位与基础信息

根据Bullcheese的介绍，这是一个可以“发行和探索固定供应代币”的平台。实际上，从其首页显示的代币名称来看，它是一个典型的Meme币启动板。该平台使用USDC作为原生货币。文档中描述的所有代币均与USDC配对。截至2026年9月17日，平台启动流中出现的87条启动记录（包括85次公开启动和2次隐藏测试启动）均以USDC为交易对资产。

Bullcheese运行在Arc主网上，链ID为5042（其在Arc测试网上的测试网使用另一个链ID）。首个代币CHZLND的公开启动于2026年9月16日UTC时间08:40:48进行，正值Arc公共主网发布之时。

Bullcheese由TrustSwap El Salvador, S.A. de C.V.开发和维护。启动通过MintPlus进行，这是Team Finance的产品。流动性锁定也通过Team Finance完成。尽管Bullcheese被列为Circle Arc发布首日可用的100多个项目之一，但Circle的文档中并未特别提及Bullcheese、TrustSwap或Team Finance，这意味着其上线日期并无特殊之处。区分Bullcheese的是其特定的功能组合，而非单一特征，如缺乏绑定曲线、全部供应量锁定在Uniswap v3池中、创作者获得75%的费用分成以及基于交易量的奖励层级。

来自Bullcheese分析页面的截图显示，截至2026年9月17日，共有86个代币启动，锁定的流动性为59,700美元。由于系统差异，这一数字略低于启动流中的87条 listing。

无需预投流动性的启动机制

高于现货价格的位置

在Bullcheese上创建代币完全免收启动费。创建者无需发布任何配对资产，所有买家自行投入资金。关于此机制有两个重要说明：首先，Arc上的Gas费以USDC形式支付，因此创作者需要持有少量资金；其次，可选的初始购买可由创作者用于将其包含在锁定的流动性头寸中。

每个代币的最大总供应量为10亿枚，全部供应量包含在一个仅由代币组成的单一流动性头寸中。该头寸的价格高于当前现货价格——根据文档描述，它“从略高于开盘价开始，一直延伸到可用刻度范围的顶部”。创作者将开盘市值定义为20,000美元或5,000美元。随后，买家提供流动性头寸的USDC部分，该部分逐渐转换为USDC。负责启动的MintPlus产品在一笔交易中处理铸造、池创建和锁定。

一站式交易

Bullcheese的启动是一次单一的链上交易，包裹着两个免费的链下步骤：签名登录和元数据钉扎。在Arc中，可选的初始交易包含在同一笔交易中。如果成功则创建代币，如果失败则毫无结果。从设计上看，没有池和锁定的代币无法在Bullcheese上存在。

无绑定曲线，无“毕业”机制

确定性绑定曲线的“毕业漏斗”

在确定性的绑定曲线启动板上，代币通过链上储备提供买卖价格。根据Pump.fun的文档，代币一旦启动即可交易，无需像其他平台那样进行预售或流动性引导。一旦代币达到一定的“毕业”阈值，绑定曲线关闭，池子移至交易所。

在实践中，这种迁移步骤很少见。Solana Compass引用数据显示，截至2026年6月10日，Pump.fun上只有不到2%的代币曾成功“毕业”。每日比率差异很大，因为Cryptopolitan指出，2026年1月29日有269个代币毕业，占所有启动代币的1%以上，是自2025年夏季达到0.92%以来的最高比率。上述数据仅适用于Pump.fun，不适用于所有基于曲线的启动板平台。例如，Cryptopolitan指出，Solana在2026年9月10日创下了单日启动263,000个代币的记录。

标准Uniswap v3池的影响

Bullcheese既没有曲线也没有迁移步骤。代币在第一区块交易的池子将是其永久交易的池子。没有任何移动或重新部署发生。（虽然Bullcheese网站将第二层级称为“Aged Cheese, graduated”，但这指的只是列表层级，而非迁移过程。）Bullcheese文档中用于工厂和位置管理器的地址与Arc上Uniswap官方部署的地址相同，DexScreener也将CHEESE/USDC池称为标准Uniswap v3池。

Third-party charting services such as DexScreener and GMGN can detect these pools, although Bullcheese claims that token pages on its platform take several minutes to load. In-app redemption quotes rely on the 0x Swap API, and since the pool itself is a regular Uniswap v3 pool, redemption can be made anywhere as long as Arc supports it. Bullcheese claims its pool supports limit orders, but did not specify a location to place limit orders within the scope of the study. AI agents can use Bullcheese's model context protocol server and obtain a wallet on Arc to launch and trade tokens there. In addition, the GMGN terminal allows instant trading of Bullcheese tokens.

The difference between the two models in actual implementation lies in the location of token transactions and visibility to third-party instruments. This is not about whether Curve tokens are tradable before graduation (it can), but about binding Offline Tokens are always locked in platform contracts until a migration event occurs, while the tokens in the standard Uniswap v3 pool are visible from the beginning.

Author fee: 1% per transaction with a 75/25 split ratio

Based on Bullcheese's documentation and its creation form, a 1% fee will be charged for each transaction using the Bullcheese pool, which is the standard Uniswap rate level. Transactions with the same token through any other pool will not incur this fee because it applies to the pool and not the token.

Of this 1% fee, 75% goes to the token creator and 25% goes to the platform, which is charged when the fee is claimed. All launches showed that the platform gained a 25% share. The person holding the liquidity lock (not necessarily the token creator) must collect fees from the token page.

Fees will be accrued based on the assets used in the transaction: USDC will be accrued at the time of purchase, and the token itself will be accrued at the time of sale, based on online readings from the CHEESE/USDC pool on September 17, 2026. Costs accumulate as long as the position is in the pool. After the lock-up expires, the position owner will withdraw the position and the collection of fees will follow the ownership of the lock. A 75/25 share ratio will be recorded at each launch, and there is no data indicating a time-limited promotion. However, single-owned wallets may change the platform fees charged in the launch contract, and Bullcheese did not explain the impact of such changes on launched tokens.

The position was locked but not burned, so it continued to earn its share of trading fees during the lock-in period. Positions or their owners can charge fees earned. This is not a guarantee of revenue, profit or return in any sense, as it entirely depends on whether others continue to trade the token. Bullcheese's terms of use indicate that most tokens created on unlicensed exchanges will lose value or fail completely.

Liquidity lock-in, not burn-out

Lock-out clause

根据Bullcheese的文档和创建表单，Bullcheese在启动时锁定每个代币100%的流动性头寸。2026年9月17日的表单显示最短锁定时间为90天。该锁定使用Team Finance锁定器合约，可用选项范围为90天至五年（1,825天）。根据文档，启动时设置的锁定周期不可减少，尽管锁定器可以随时转移到另一个钱包。

在此数据基础上需补充两个重要限定条件。第一，90天仅是用户界面的下限；锁定器合约的实际下限为30天，两者以及启动合约收取的费用均可由拥有启动合约的唯一钱包进行调整。第二，用Bullcheese的话来说，锁定并不能保证价格；虽然流动性锁定可以防止其被移除，但它无法阻止价格下跌。

Team Finance及其审计记录

Team Finance充当Bullcheese背后的锁定层，其所有者TrustSwap将其宣传为其更广泛堆栈的信任层。这是TrustSwap的说法，而非独立审计师或分析师的观点。

根据TrustSwap的说法，Team Finance已通过手段保护了价值超过27亿美元资产。Team Finance官方网站显示，截至2026年9月17日，活跃TVL约为4.99亿美元，这一显著较低的数字并未与27亿美元的声明相关联。

TrustSwap's security page mentioned four audits of Team Finance's own contracts: CertiK conducted a full contract audit of Team Finance V2 in 2023, Hacken conducted an audit of Team Finance V1's locking and attribution contracts in 2022, and BailSec conducted an audit of Team Finance V2's pledge module in 2023.

Bullcheese's main underlying technology (MintPlus-part of Team Finance) was audited by Solid Proof, and subsequent liquidity lock-ups were audited by BailSec, Hacken and CertiK. In each case, the audit only covered Team Finance's own contracts; it did not involve Bullcheese, it did not involve MintPlus deployments on Arc, or any tokens issued through Bullcheese.

In addition to the above audits, Team Finance's security history can also supplement the following cases. In October 2022, an unknown attacker used token migration to steal between $14.5 million and $15.8 million from Team Finance, and subsequently recovered approximately $7 million. This incident predates the above-mentioned CertiK and BailSec audits, and as Hacken claims, the functions being leveraged were implemented after their audits.

The TrustSwap stack behind

TrustSwap El Salvador, S.A. de C.V. is the operator of Bullcheese, and the website footer attributes the company to TrustSwap Inc. TrustSwap claims to have been creating infrastructure for the token market since 2020, serving more than 40,000 token projects on 26 blockchain networks, a statistic reported by the company that is expressed differently on other TrustSwap and Team Finance pages.

MintPlus是驱动所有Bullcheese项目启动的平台，它是Team Finance的产品，将创建代币、设置Uniswap v3流动性池和流动性锁定的过程统一到一个流程中。Team Finance在2020年成立后不久即被TrustSwap收购，其安全记录如上所述。

此外，TrustSwap还拥有The Crypto App，据该公司称，这是TrustSwap生态系统项目的分发渠道；然而，在该应用中未发现任何特定于Bullcheese的功能。TrustSwap声称该应用已获得超过570万次下载。然而，由于Apple不发布应用下载次数，这一数字无法验证。

应用的评级可以直接查看：截至2026年9月17日，美国App Store上有约2,500个评分，评分为4.7星。所有这些数字——无论是40,000、27亿还是570万——都属于TrustSwap，它拥有与这些数字相关的产品——Bullcheese、MintPlus、Team Finance和The Crypto App。这并不意味着对这些数字持怀疑态度，而是意味着这些数字应被视为报告数据，而非独立验证的数据。有关Bullcheese机制的更多信息，请参阅其文档。

让启动面向交易者

Circle本身的官方文件指出，fomo应用程序与Aero和Uniswap等其他平台一起，构成了Arc首日交易的基础设施。因此，无论Bullcheese是否与fomo集成都不重要，因为后者已经在主网上集成了fomo。尽管在研究期间未发现关于此类合作的官方信息，但Bullcheese也将fomo视为集成合作伙伴。

GMGN支持并允许交易Bullcheese代币。该项目网站包含信息显示，截至2026年9月17日，它具有Bullcheese CHEESE代币的“即时交易”选项。尽管GMGN索引的是Arc的流动性池而不是与Bullcheese单独集成，但Bullcheese也认为这是一种集成。

显而易见的是，Bullcheese的代币在两个专门为Meme币交易者创建的应用程序上进行交易，即fomo和GMGN。据fomo称，它有2,500,000名交易者，而GMGN声称自己是一个Meme代币交易平台。截至2026年9月17日，Bullcheese的CHEESE代币在DexScreener上的24小时交易量约为140万美元。

新鲜奶酪、陈年奶酪与公牛竞技场

层级的移动

根据Bullcheese的官方文档，每个Bullcheese列表都从一个名为Fresh Cheese的A级开始。一旦代币在滚动七天内实现了至少20,000美元的交易量，代币就会进入Aged Cheese。此外，根据Bullcheese的文档，最高层级Bulls Arena没有固定的列表数量，每周一下午00:00 UTC的接收过程中，接受符合Aged Cheese要求且满足50,000美元USDC流动性要求的每个列表。

根据Bullcheese提供的文档，所有交易活动都计入满足这些标准，包括洗盘交易和代币创作者购买自己的代币。值得注意的是，代币根据交易活动有资格获得每个层级，无论价格如何：即使价值数百万美元的代币，如果没有发生交易，也会停留在Fresh Cheese中。移动是非对称的：代币可以在任何成交量或流动性条件失败时退出Arena，但只能在每周的Arena接收日（星期一）向上移动一次。

Bullcheese网站上任何地方均未提及付费排名。然而，Bulls Arena将TrustSwap的SWAP代币列为“Featured”，而使用条款允许平台持有、交易和推广通过其提供的代币。此外，Bullcheese网站的代码显示，固定金额的费用用于回购SWAP代币。SWAP不是Bullcheese代币启动，也不使用Arc。

层级不衡量的内容

Bullcheese自身的文档将层级定义为“活跃度标签，而非奖品”，并明确指出层级不指示代币的质量，因为支撑层级的流动性和成交量门槛可能是人为创造的。Bullcheese的使用条款还指出，推广代币并不意味着对代币的价值、安全性或真实性有任何推荐或意见。截至2026年9月17日，Bullcheese主页上有81个代币在Fresh Cheese列表中，4个代币在Aged Cheese中，1个代币在Bulls Arena中。

Bullcheese与其他平台的比较

Design properties Bullcheese Typical binding curve launch board Other curve-free Arc launch board (secondary report) Pricing at launch Full supply in an Uniswap v3 position above spot The platform's own binding curve contract; trading can be done from launch Deposit supply into pool at launch No graduation or migration steps: Migrating to DEX pool at market capitalization threshold Not reporting trading location at launch Standard Uniswap v3 pool Platform curve before graduation Contract varies by platform Creator's trading volume Share pool volume 0.75%(75% of the 1% fee), same market leader at each market value: 0.30% on the curve; after graduation based on market value between 0.30% and 0.95%, dropping to 0.05% at the maximum market value (The fee document was updated on May 20, 2026) A reported case: approximately 64% of the buyer's USDC fees belong to the creator. 100% of the liquidity after startup is locked through Team Finance. In the interface, it is 90 days to 5 years, and it can be extracted after expiration. Market leaders: After graduation, the pool is owned by the agreement. The start-up costs of the pool creators locked in the reported case have no start-up fees and no matching liquidity;Gas pays the market leader in USDC: What does the table not recorded in the source of creation of "0SOL/0USDC"?

这一切关乎形状而非整体规模。根据2026年5月20日的Pump.fun费用文档，该协议在绑定曲线上向创作者支付0.30%的成交量，毕业后根据市值在0.05%到0.95%之间（请注意，Pump.fun文档明确表示该公司可以在不事先通知的情况下更改这些费用）。当代币市值低于59,000 USDC或高于200万USDC时，Bullcheese的0.75%固定份额高于Pump.fun。在上述值之间，它略低于Pump.fun，并在代币市值介于90万USDC和200万USDC之间时等于Pump.fun。这两种结构之间没有明显的偏好，这仅仅取决于成交量最终落在哪里。

缺乏迁移也意味着没有毕业。由于只有不到2%的Pump.fun代币曾经毕业，毕业仍然是最大的曲线平台上的罕见现象。

Each feature of Bullcheese itself is not unique on the Arc platform. According to KuCoin News reported on September 9, 2026, before the official release of Arc, there was another launch board on Arc that did not use curves, but instead deposited all supplies into a locked USDC pool and allocated approximately 64% of the fee. Allocate to creators, 12% to holder rewards, and 10% to agreements. On the other hand, another September 9, 2026 launch board, described as an all-USDC platform, said it would first allocate 75% of the fee to creators and community allocations through the binding curve, according to TechBullion's September 14, 2026 press release. Finally, there is a third-party launch board listed elsewhere that allocates 80% of creator fees. TrustSwap's own information about the Arc launch board directly acknowledges this split market, stating that the launch site on Arc is divided between a binding curve design and a one-sided design that opens the public pool from the first block.

Therefore, Bullcheese's functional combination is unique, but not unique.

It is also worth noting that Curve platforms are not excluded from USDC pairing: Pump.fun's own documentation states that creators can pair new tokens with USDC starting May 21, 2026.

Shortcomings

There are some design-related limitations. The minimum lock-up period for locker contracts is 30 days, while Bullcheese provides an interface that supports 90 days and more, and contract owners are allowed to modify this limit. Overall, a wallet owner will be able to change fee settings, lock down thresholds, suspend MintPlus contracts and upgrade Team Finance locker contracts on Arc. Bullcheese did not clarify whether fee changes would apply to activated tokens. It can be seen from the chain read on September 17, 2026 that changes to the MintPlus integrated address (such as changing the Team Finance locker address) support 48 hours of delayed locking, but no delayed locking is set for fee settings, lower lock limits and locker upgrades.

Since the entire supply of tokens is above the spot price in a single position, the market for new tokens will be thin at launch, and small transactions can have a huge impact on prices. Access is not allowed in the UK and EU and other listed regions. The contract between the platform and Arc has just been deployed, and the contract will be deployed on September 15, 2026. In addition, the figures provided by Bullcheese Stack, such as Team Finance's $2.7 billion, the "trust layer" and TrustSwap's Featured SWAP tokens in Bulls Arena, are not facts, but statements from the company, because the document clearly states that there is no fixed number of places in the Arena.

Who is Bullcheese suitable for?

Best for:

Bullcheese非常适合希望在不发布自己的流动性配对的情况下上线的Meme币开发者，并且不介意在代币创建后的最初时刻有一个狭窄、不平衡的池。此外，Bullcheese也适合那些希望即使随着代币市值增加也能保持费用份额不变的Meme币开发者，并且他们明白，他们从费用中产生任何收入的唯一途径是通过交易。

不适合：

Bullcheese不适合那些将锁定或层级的读数视为质量或安全指标的人，因为Bullcheese自身的文档明确警告不要这样做。对于期望费用分成不会改变的创作者来说，Bullcheework也不会很好，因为Bullcheese赋予一个人更改费用分成的能力。此外，Bullcheese不适合那些无法承担金钱风险的人，因为Bullcheese警告使用Bullcheese可能会导致损失。正如Cryptopolitan在2026年8月19日所陈述的那样，在过去90天里，只有6.25%的Solana Meme交易钱包是盈利的。

适用限制的司法管辖区

禁止从古巴、伊朗、朝鲜、叙利亚、俄罗斯、白俄罗斯、乌克兰克里米亚地区、缅甸、委内瑞拉、英国、欧盟成员国以及联合国、美国外国资产控制办公室、欧盟或英国实施全面制裁的领土访问Bullcheese。用户应根据当地立法确保他们有权访问此服务。

结论

首先，Bullcheese从Pump.fun等平台上去除了绑定曲线和毕业阶段。相反，代币的全部流动性在第一时间块分配到锁定的Uniswap v3池中；1%的交易费用在锁定流动性和平台之间按75/25的比例分配；层级不是由价格定义的，而是由代币的交易量定义的。

它在Circle的Arc主网发布的同一天开始运营，加入了仍由单一绑定曲线平台主导收入的启动板市场。这一概念有一些值得考虑的缺陷——几个用于创建它的指标是由TrustSwap本身提供的，单一钱包控制底层合约的配置，并且像任何Meme币启动板一样，这里启动的大部分代币都不会保留其价值。

所提供的信息不构成交易建议。Cryptopolitan.com对本页提供的信息所做的任何投资不承担任何责任。我们强烈建议在做出任何投资决策之前进行独立研究和/或咨询合格的专业人士。

Meme币风险通知：Meme coins are highly speculative. Most tokens created on unauthorized launch boards lose value or fail completely, and the locked liquidity pool or platform level does not represent the value or security of the token. Cryptopolitan reported on August 19, 2026 that only 6.25% of Solana Meme trading wallets were profitable in the past 90 days. The creator's share of fees depends on ongoing transactions and is not revenue or guaranteed returns. According to its terms of use, access to Bullcheese is restricted in the UK, EU member states and sanctioned jurisdictions. Before using any launch pad, check the laws of your location.