Circle（stablecoin issuer）’s Arc packed 372 million USDC into 2 hours, with 176,000 addresses—data that looks impressive. But when you spread it per person, it’s only about 2,100U each. I think this is more like bulk addresses rushing to mine early, not a genuinely active ecosystem.
What’s even more striking is that before the launch, someone had already moved USDC into Arc with an 80%-100% premium to get the early Meme position. Getting in first isn’t free—it very likely means they paid for the first wave of upside upfront.
If later entrants treat the number of addresses as consensus, I’m more inclined to believe it’s actually a queue of scripts.
What’s even more striking is that before the launch, someone had already moved USDC into Arc with an 80%-100% premium to get the early Meme position. Getting in first isn’t free—it very likely means they paid for the first wave of upside upfront.
If later entrants treat the number of addresses as consensus, I’m more inclined to believe it’s actually a queue of scripts.