“...Driven by a memecoin launchpad, Circle’s Arc reached 82% of its trading volume on day one…” refers to this: On the first day that Circle’s Arc chain went live on the public mainnet, the total DEX trading volume was about $410.8 million, of which roughly 82% (about $336.26 million) came from newly created or traded tokens via the memecoin launchpad.

Put simply, Arc originally focused on institutional finance use cases—for example, tokenization funds, USDC stablecoin settlement, payments, and cross-chain markets. But when it first launched, the main driver of a large amount of on-chain activity wasn’t institutional trading; instead, it was a speculative frenzy in which traders issued and traded memecoins at scale.

The Arguspad mentioned in the article is the largest source: a single platform generates about $202.35 million in trading volume and mints over 83,000 tokens within 24 hours. This also explains why Arc's day-one trade count reached about 7.76 million transactions: many people create and trade large numbers of new tokens in a short period of time.

The key is not just that “trading volume is very high,” but to look at the quality and sustainability of that trading volume.

If the funding flows for subsequent institutions, payments, and real-world applications continue to increase, it suggests Arc's positioning as a financial infrastructure may gradually take shape.

If trading volume mainly remains driven by meme-coin launches and short-term speculation, then the impressive data from day one may be more tilted toward short-term hype, with higher volatility and risk.

Therefore, this report is comparing Arc's long-term vision (an institutional-grade financial network) with its real usage on day one (dominated by meme-coin trading), and pointing out that the on-chain activity structure in the coming weeks is what better reflects whether it has sustainable growth—it's only lightly reassuring and not ascribes any investment value. Privacy and security are paramount.