Arc's hype has gradually cooled down less than a week after launch - Uniswap's daily trading volume on Arc has been below $80M for three consecutive days - USDC's daily transfer volume has plummeted, dropping below $60M - Daily network fees have fallen to just over $10K - The top launcher, Argus, created fewer than 4K tokens in a single day, a drop of over 95% compared to day one - The number of Dev addresses for Argus tokens has decreased from 18K on the first day to just over 1K Arc has partially absorbed the hype and FOMO capital spillover from Robinhood Chain, but for Circle, which doesn't operate an exchange business, the development of on-chain assets is not closely tied to it. What Circle might be aiming for is something akin to Tron, enabling USDC to function as a payment currency while maintaining stable fees on the Arc network.