first of all, this article is a genuinely good research the on-chain numbers, the pad-by-pad split, and the robinhood contrast are laid out carefully enough that i actually changed how i was reading arc’s first two days I already concluded that arc chain is failing because it tried to copy @RobinhoodCrypto but that was wrong what i took from it is that @arc was never built as a meme venue usdc gas, poa validators that include blackrock, dtcc, visa and mastercard, and official talk about payments, tokenized markets, fx and agent activity @circle makes its money on usdc reserves, not per-trade fees. a memecoin season barely touches that p&l and just sits awkwardly next to those institutional partners that’s why i insist arc chain had no business with memecoins reading it next to robinhood made the difference obvious tenev and kerbrat said out loud that memes bring liquidity and the degen users who are hard to move, while robinhood still collects trade revenue they framed it as a barbell: they had rwas on one side, speculation on the other circle on the other hand never gave that kind of support. the closest thing was a product vp posting a dog token on launch day so here is what happened: permissionless apps filled a vacuum circle left open launchpads showed up anyway, liquidity broke across different curves while platform tokens ate a huge chunk of day-one volume, we had a number of cases involving rugs and scams which is really bad for a new chain but that doesn’t read to me like circle tried to copy robinhood and failed. it reads like the market ran a robinhood-style launch onto a chain whose owners never signed up for that ggs @schemacap