Circle’s CRCL Arc Blockchain Goes Live with Major Players

Circle’s CRCL Arc blockchain went live on Wednesday with a strong lineup of founding validators, including BlackRock, Visa, Mastercard, and DTCC. CEO Jeremy Allaire hailed the launch as the most significant in the company’s history since the introduction of USDC itself.

Within the first 24 hours, the chain processed an impressive 7.83 million transactions. However, the majority of these transactions were not payments. Lifetime USDC transfers on the platform currently stand at approximately 624,000. Additionally, over 400,000 new accounts were created, and more than 73,000 contracts were deployed. The average fees on the platform saw a fourfold increase, now standing at three cents.

Despite the promising start, memecoins flooded the blocks, causing some traders to express skepticism about the platform’s future.

“Arc is only one day old, and every coin is already experiencing significant drops of 50-80%,” trader wale.moca commented on X. When asked about the potential for recovery, he responded, “It’s cooked.” Another user referred to the situation as a “one-day arc.”

Memecoins listed on Arc are reflecting this negative sentiment, with TOLLY down 56%, LONG down 77%, and COOL down 75% from their launch highs.

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