The new chain has just launched, and what it lacks the least is stories.

Written by: JamesX

A few days ago, while discussing Arc, I organized ecological projects, noteworthy accounts, and reviewed popular tokens at the time of launch.

The new chain has just launched, and what it lacks the least is stories. Platform tokens, cat and dog coins, mascots, plus a few names that look very official, refresh your timeline for a bit, and you can create your own watchlist.

After the most bustling days have passed, looking back, I’m more concerned with two questions. Which projects are still working? Which coins, besides their names and price fluctuations, have something worth watching?

This time, I’ve selected three token issuance platforms: Argus, TOLLY, and Peach, and I'll break down their higher-ranked tokens. Are they platform tokens, projects with products, or purely meme tokens spread by the community? Let’s clarify this before we discuss whether they are worth our attention.

Let’s start with a place that can easily mislead people.

In Arc’s trading volume, some of the hustle is artificially created.

Bitquery analyzed transactions from September 19 to 20 and found two tokens impersonating ARGUS and WETH, which created a significant trading volume with minimal transactions. On the 20th alone, this part reached approximately 39.9 million dollars, accounting for 48.9% of that day’s total DEX trading volume. After removing this, the trading volume over the two days shifted from growth to a decline of about 25%.

This is Bitquery's investigation result; I haven’t independently re-run data across the entire chain. It's essential to differentiate here that the genuine Argus must clarify that these were counterfeit coins with the same name, and this cannot be used to accuse the Argus project team of inflating their trading volume.

For ordinary players, this example is already quite practical. When you see “full chain volume” or “funds have returned,” take a moment to see who is making trades. Relying solely on coin names and trading volumes can easily make false hustle seem like new opportunities.

First, let’s look at Argus; it includes platforms, cat coins, and virtual cities.

Argus does something very understandable: it allows people to issue tokens, find tokens, trade, and check the tax rates and reward settings for various projects. The rules for each token on the platform may differ, so just because a certain project has rewards, don’t assume the whole ecosystem operates the same way.

ARGUS studies the token issuance platform business.

It belongs to associated platform tokens, backed by the actual product Argus. Compared to pure memes, at least there’s a batch of data to keep tracking, such as how many people trade daily, how many new projects can run successfully, and what the relationship is between the money generated from trading and the tokens.

However, platform tokens can also be hyped. The lively trading of ARGUS doesn’t mean that other projects on the platform are being actively traded. I will keep it on my watchlist, focusing on whether the platform's business can continue after the initial hype dies down.

UpSideDownCat, a cat coin coded as USDC.

It’s about the inverted cat image and the USDC abbreviation joke, so understand it through a cat-themed meme lens. Currently, there’s no independent product business worth discussing. The main focus is whether the community can continue to attract people and how much liquidity is left in the pool.

This name must be highlighted. The USDC here is a cat coin, unrelated to Circle’s dollar stablecoin. If you’re looking into market trends, identify the contract—don’t just recognize four letters.

ARCASH wishes to turn your wallet into a bank within a city.

Its official website features a virtual city, highlighting entries like City, Treasury, and DAO. The project claims that by holding tokens, you can own a bank on the streets and receive treasury payments every two hours.

This gameplay adds another layer of product presentation compared to pure profile tokens, and it can be further researched. However, I noticed that the cumulative payment section was still empty, and there were no verified payment records. For now, consider it a community project with a virtual city narrative and rewards; don’t rush to interpret “payments every two hours” as already realized stable income.

Next, let’s examine TOLLY, where the platform token is substantial, but the subsequent projects are much smaller.

The TOLLY page allows you to view all the tokens in Arc and only those issued by your platform. This time, I selected the latter based on market cap ranking on the official website.

Data comes from the TOLLY token list, a snapshot taken around 11:18 to 11:24 Beijing time, with market cap recorded as displayed on the website.

TOLLY is a relatively clear platform token.

Its story revolves around token issuance, trading, transaction fees, and buyback burning. At the same time, the official website shows that the platform’s trading volume in the last 24 hours was approximately 574,900 dollars, with 2,078 trading wallets. Note that the number of wallets does not equal the number of real users. The platform analytics page

When these five tokens are combined, TOLLY alone accounts for about 91.5% of the total market cap. From the third place onward, liquidity is only in the range of thousands to over ten thousand dollars. So, while “platform top five” sounds prominent, the actual ability to buy and sell depends on the liquidity pool.

Its burn data is also worth breaking down. The official site states approximately 56.75 million tokens have been removed in total, of which about 50.46 million were directly burned from transaction fees, and around 6.29 million were burned after market buybacks.

Both methods can reduce the number of tokens, but buying USDC back from the market constitutes the actual purchase. Just because it says “burned tens of millions of tokens,” don’t automatically assume the project team has spent a lot of money in the markets.

At that time, the shared buyback module had accumulated spending of about 10,900 USDC, with approximately 53% of incoming funds from TOLLY's own market. What I’m more interested in is whether other projects can contribute more trading and buyback funds. The platform can't keep proving itself solely by relying on everyone trading platform tokens.

KAIRO features a prediction market product, which is worth looking further.

Its gameplay involves using USDC to participate in event predictions, buying YES or NO, and settling based on the results. The official website also discusses perpetual contracts; however, some features have launch conditions, so don’t treat the planning as an immediately available product.

Thus, I categorize KAIRO as a product-related token rather than a pure meme. The next specific things to observe include how much actual market trading occurs, whether the results can be settled smoothly, and if old users will return.

With a market cap of approximately 295,700 dollars, it indeed generates interest in "small market cap product tokens," but for a product to have users, and for token holders to benefit, there's still a layer of relationship that needs to be verified. This time, no confirmation was obtained that tokens directly enjoy business income, and the official documentation also disclosed that it has not undergone external auditing.

BANCOR mainly highlights the early story of Circle in its meme.

It combines the early naming story of Circle, the Bancor concept, and the phoenix image into a community narrative. Those who enjoy archeological and historical references can more easily understand why this type of coin is discussed.

However, the official website makes it clear that it is an independent community meme, with no connection to Circle, Arc, or Bancor Protocol's BNT. The story can be viewed, but don’t substitute its official background.

SWIRLY adds a layer of assistant interface to its meme.

It tells the story of a concept for an early Circle Invest assistant design that the community has picked up again. The official website showcases features like chat, Arc knowledge Q&A, and trading preparation, also clearly stating that it is an independent community meme.

These projects can be followed to see if they can deliver functionality. However, this time I did not test the assistant, nor confirmed what product rights holding tokens can earn, for now, it’s best to understand it as “meme plus assistant interface.”

ARCSHIB is initially categorized as a meme for observation.

The name has the SHIB style, and the platform issuance affiliation can be confirmed, but the token page does not provide sufficient project entry points. Currently, there’s no clarity on the team and use cases, and it cannot be treated as a coin officially issued by Shiba Inu to Arc. Insufficient information will be left blank.

Lastly, looking at Peach, the leading coins already have size, but most of them are still community stories.

Peach simultaneously does aggregated trading and token issuance. According to the official introduction, the tokens first trade on a curve, and once conditions are met, they “graduate” to DEX, continuing trading in the liquidity pool.

You can understand graduation as a change in the trading phase. It doesn’t represent project approval nor guarantees that someone will continue to buy afterwards.

All five tokens have graduated, showing a total market cap of approximately 13.6 million dollars.

ARCMAN, an arcade character meme.

The issuance introduction describes it as a mascot within the Arc community that eats mazes, following an arcade fun route inspired by Pac-Man and internet culture; the related account is @arcman1000x.

ARCOON, a raccoon that has entered the financial public chain.

Its story is short: Arc was originally built for global finance, and then a raccoon wandered in. It mainly relies on animal images and community distribution, with the issuance page linked to @arcooninarc.

These kinds of coins don’t need to be overly sought after for complex uses. To study them, just see if the community is active, if token ownership is concentrated, and whether trading depth can keep up with market cap.

PP, also known as Peach People, follows the peach community route.

Its introduction revolves around planting ideas and growing possibilities as Peach People, with the related account being @PeachPeopleARC. Existing materials support categorizing it as a community meme, and there’s no proof that it possesses governance or profit-sharing rights over the Peach platform.

PEACH shares the same name as the platform, but its official identity hasn’t been confirmed.

This is the project where it’s easiest to mistakenly buy. The token issuance page states aggregator and Launchpad, with links directing to the Peach official website and account, making it look very much like a platform token.

The issue is that this content can be filled in by the issuer itself. I haven't found any official confirmation from the platform regarding this specific contract, nor verified governance or fee rights. Therefore, it remains on the list, but classified as “same name token, identity to be confirmed.” Researching the Peach platform and purchasing this PEACH should be judged separately.

RAIDERS, the Arc community legion meme.

The introduction describes players as raiders, builders, and believers constructing Arc together, with the related account being @_ARCRaiders. There’s currently no evidence connecting it with the namesake commercial game.

This token especially illustrates why one shouldn’t look at market cap alone. In the snapshot, it shows around 201,200 dollars, with only 19 holding addresses and a 24-hour trading volume of 0.99 dollars. Ranking in the top five on paper starkly contrasts with how much the market is willing to pay for your sell orders.

If I had to keep just one observation list, here’s how I would view it.

TOLLY and ARGUS—I'm more concerned about whether the platform's business can continue and how the generated funds are tied to the tokens. KAIRO will be further studied for product usage and settlements, while ARCASH and SWIRLY need to verify how effectively the functions showcased on their websites are operational.

Peach itself is worth continuing to track; it already has a few larger issuance assets. But regarding the memes within, it’s still best to study them as memes; the community, token distribution, and liquidity are more useful than fabricating a grand purpose for them.

Small market caps sometimes mean it's still early, and sometimes they mean there aren’t many people trading. Taking a glance at the pool is often more helpful than reading ten buy orders.

Finally, here are the commonly used entrances for convenient follow-up checks.

For official news, look at @arc, @circle, and @USDC. For person accounts, you can continue to follow @jerallaire, @chandhok, and @0xrachelita. If you see someone mentioning a specific project, don’t automatically interpret it as backing the tokens.

For platform dynamics, check @Arguspad, @TollyLabs, and @peachlfg, while KAIRO product updates can be found at @kairo_market.