🖊 Liquidity never sits still ⚫️ Today, Circle — the company behind USDC — launched Arc.

🖊 Liquidity never sits still

⚫️ Today, Circle — the company behind USDC — launched Arc. Traders wasted no time jumping into the new chain: at the time of writing, 24-hour DEX volume has already reached $337 million, while some of the first tokens are already doing tens of millions of dollars in volume.

⚫️ Interestingly, as activity on Arc picked up, memecoins on Solana and Base noticeably cooled off. We’ve seen this kind of liquidity rotation between chains before. This summer, for example, after Robinhood CEO Vlad Tenev posted about memecoins, daily DEX volume on Robinhood Chain jumped from $32 million to $433 million, and at its peak the network accounted for 16.6% of all DEX volume. Robinhood Chain’s early surge was indeed driven heavily by speculative memecoin flow.

⚫️ Solana memecoins started losing steam around the same time. According to DexScreener, between July 6 and July 10 — right after Tenev’s post — daily volume fell 35%, while total market cap dropped 7.6%. Something similar now seems to be happening as traders rotate into Arc.

⚫️ Fun fact: there’s a small TON connection here too. Earlier this year, the trading terminal not.trade launched in our ecosystem, only to shut down about six weeks later because of low volumes. Its founder, Potato, then pivoted to Arc and built Argus. Today, on mainnet launch day, the project’s token has already 10x’d and is currently sitting at the top of Arc’s trending tokens.

By the way, both FOMO and Lockin supported Arc from day one — we covered them in more detail here and here. As everyone in crypto knows, nothing markets a new chain better than green candles, so let’s see whether Circle can keep the momentum going.

@thedailyton