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FollowingThe first day of Circle Arc's main network: The collision of institutional vision and meme fanaticism
Yesterday, Circle's Arc main network was officially launched. We have previously discussed that this EVM-compatible Layer 1 public chain is positioned as a network that serves financial markets, real-time capital flows, and autonomous transactions by AI agents. Its founding verifier node, ecosystem components such as tokenized collateral from BlackRock and Securitize, StableFX, and Circle Payments Network, as well as the USDC gas fee model for financial managers who require predictable costs, all point to the chain's distinctive institutional-level attributes. However, the actual online activities on the first day of the main online launch are far from this grand vision.
First day data: Memo dominates the market
According to data compiled by on-chain analyst adam_tehc, Arc achieved US$410.8 million in DEX (decentralized exchange) transaction volume on the first day of its main online launch, and 7,763,670 transactions occurred. Among them, Launchpad contributed US$336.3 million in transaction volume, accounting for approximately 82%.
Under the effect of a single ceiling, a single launch platform called arguspad.io accounted for nearly half of the day's trading volume and attracted US$202.35 million in funding. Minara.fun ranked second with US$36.41 million, tollyabs.com with US$19.65 million, and redardex.pro with US$13.11 million. Although a total of 19 launch platforms generated activity, after the top five, transaction volume declined rapidly.
昨日创建代币的数量也呈现出相同的分布形态。交易者在这批 Arc 发射平台上部署了超过 97,000 个新代币，其中 83,751 个来自 arguspad.io。值得注意的是，arguspad.io 单日推出的代币数量甚至超过了知名模因币平台 pump.fun 的历史最佳单日记录。
对比分析：远超同类新链的开篇表现
通常情况下，新公链的显著活跃度需要数周时间才能形成。以近期备受瞩目的 Robinhood Chain 为例，其在 6 月 30 日主网上线首日的 DEX 交易量仅为 568,630 美元。该网络直到一周多后才突破这一数字，最终录得 5.8112 亿美元。相比之下，Arc 的首日成绩约为前者的 720 倍。
部分原因在于时机差异。Arc 上线时，Aave、Morpho 和 Uniswap 等协议已部署完毕，且 Binance、Kraken、OKX 等主流交易所的接入在区块一（Block One）即已激活。发射平台进入的是一个已经具备深厚流动性基础的生态系统，而 Robinhood Chain 则经历了从机构叙事向模因币交易过渡的过程。目前，Robinhood Chain 的总真实世界资产（RWA）价值为 1.6813 亿美元，主要集中在股票领域，商品和国债部分尚处于早期建设阶段。投机性活动往往先行，真实资产随后跟进。至于 Arc 是否会重复这一轨迹，还需时间验证。
剥离发射平台后的真实基本面
如果剔除发射平台的交易量，Arc 在首日的其他交易量为 7,460 万美元。这一数字更贴近 Circle 构建该链的初衷：包括以 USDC 计价的结算、通过 USYC 和贝莱德 BUIDL 进行的代币化抵押品交易、StableFX 货币互换以及机构支付通道。单独来看，7,460 万美元对于任何一条新 Layer 1 公链而言，都是一个坚实的开局。
发射平台带来的交易量往往是短期现象。新鲜公链上的模因币活动通常会在几天或几周内保持高热，随后随着首批参与者撤出而迅速冷却。如果非发射平台交易量持续攀升，同时模因币占比下降，则表明 Arc 正在将关注度转化为实际使用率；如果两者同步下跌，那么 9 月 16 日仅是一次性的流动性事件而已。
