# DefiLlama protocol revenue — X 热门讨论 (2026-09-26 16:49 UTC)
## @cfm_sol (Jeff) · 09-26 08:29 · ♥25 ↻2 💬2 We can view $ARGUS V2 as one of the main potential catalysts for the next phase.
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V2 is upgrading ARGUS from a simple Launchpad into Token Lifecycle + Trading Infrastructure.
ARGUS is already one of the important Launchpads on Arc. Its core model is:Token Launch → Uniswap V4 → Trading
and it generates platform revenue through trading taxes, LP Fees, etc.
According to current DefiLlama data, ARGUS has generated approximately $2.94M in Fees and $293.6K in Protocol Revenue over the past 30 days, with around $1.45M TVL.
And V2 is the catalyst that is truly worth watching in the next phase.
The core V2 features officially announced include:
CTO (Community Takeover) Holder-prioritized distribution More flexible Creator Fees Creator Token Locking
The common point of these features is not simply adding more functions, but solving one core problem: What happens after a Token is launched?
Previously:Launch → Trading → Dev Leaves → Token Loses Operations → Trading Volume Declines
V2 is trying to turn this into:Launch → Trading → Dev Leaves → Community Takeover → New Team Continues Operating → Longer Token Lifespan
Among these, CTO is one of the most important changes.
If a Dev abandons a project, the community can take it over instead of letting the Token die immediately. At the same time, Creator Fees can be distributed more flexibly, for example to developers, contributors, etc., rather than simply going to the Creator. The official Bot has already started supporting this kind of Fee Assignment.
Therefore, ARGUS’s positioning is beginning to change:
V1: Launchpad → Token Launch → Trading
V2: Launchpad → Trading → Community Ownership → Fee Distribution → Token Lifecycle
Combined with Token Locking, this is an attempt to reduce Dev selling and short Token lifecycles.
So I believe V2 itself is the clearest potential catalyst for ARGUS’s next phase.
But we need to distinguish between:
V2 Announcement = Expected Catalyst
V2 Official Launch = Event Catalyst
Real CTO / Trading / Revenue after V2 Launch = Fundamental Catalyst
The third layer is what really matters.Because if V2 simply launches without users actually using the features, the Narrative remains just a Narrative.
But if we see:V2 → CTO Project → Community Takeover → Project Becomes Active Again → Trading Volume ↑ → Fees ↑
then ARGUS proves that it is not just a Launchpad, but is actually managing the entire lifecycle of Tokens.
More importantly, ARGUS already has real economic activity.
Current third-party data shows that ARGUS’s revenue mainly comes from Launch Token trading taxes and LP Fees, with approximately $2.94M in Fees and $293.6K in Protocol Revenue over the past 30 days.
So its original flywheel is:More Launches → More Trading → More Fees → ARGUS Revenue
After V2, this can further become:More Launches → More Tokens → More Trading → More Creator Fees → More Community Incentives → More CTO → Longer Token Lifespan → More Trading
This effectively adds a Token Retention Loop to ARGUS.
At the same time, ARGUS also has its own Token Value Capture.
The project team has previously stated that a large portion of platform revenue is used for ARGUS Buyback/Burn. Third-party sources have recorded the project’s statement about an 80% Revenue Buyback, but this percentage comes from the project’s own disclosure and should not be treated as independently audited data.
Therefore, the complete Token flywheel is:ARGUS Launches ↑ → Trading Volume ↑ → Platform Fees ↑ → ARGUS Buyback/Burn ↑ → Supply ↓ → Attention ↑ → More Launches
V2 adds:
CTO → Longer Token Lifespan → More Trading
So ARGUS is now beginning to have two flywheels:
Product Flywheel:
Launch → Trading → CTO → Longer Lifespan → More Trading
Token Flywheel:Trading → Fees → ARGUS Buyback/Burn → Supply ↓ → Attention → More Trading
In addition, ARGUS has greater Optionality further down the road.
The team has publicly mentioned Index Pair Tokens and Stocks on the roadmap and plans to pursue them after xStocks brings stocks to Arc, although there is currently no confirmed launch date.
If these actually go live in the future, ARGUS could continue evolving from:
Arc Launchpad → Arc Trading Infrastructure → Community-Owned Token Infrastructure → Privacy / RWA / Stock Pairing
This is also why I would not simply interpret ARGUS’s future upside as “Arc Meme continues to rise.”
The real market bet could be:Arc Growth → More Tokens → More Trading → More Fees → ARGUS Value Capture
plus:V2 → CTO → Token Lifecycle → More Sustainable Trading
and eventually:Stock / Index Pair → RWA Trading → More Asset Volume
So for ARGUS’s next phase, I would watch the catalysts in this order:
First: V2 Official Launch
This is the clearest near-term event catalyst.
Second: A Real Successful CTO Case
This is the most important Product Validation.
If a Token that has already died is taken over by the community and starts generating trading volume again, it would directly prove that CTO has real utility.
Third: Trading Volume and Revenue Growth Driven by V2
Ultimately, it still comes back to:V2 → Users → Volume → Fees → ARGUS Buyback/Burn
Fourth: Stock / Index Pair Launch
This would further expand the RWA Narrative around ARGUS.
Therefore, my current view of ARGUS’s positioning is:
Before: ARGUS = Arc First Runner / Launchpad
Now: ARGUS = Arc Launchpad + Trading Infrastructure
After V2: ARGUS = Token Launch + Trading + Community Ownership + Token Lifecycle Infrastructure
If Stock / Index Pair and Privacy-related roadmap items continue to be implemented, it could further become:
ARGUS = Token + RWA + Trading Infrastructure on Arc
But the most important point is not to price every roadmap item as already realized fundamentals.
V2 is the next catalyst, but what ultimately determines whether this Narrative can upgrade is the data after V2 goes live.
The key things to watch are:
CTO Count ↑ V2 Launch Count ↑ V2 Trading Volume ↑ Platform Fees ↑ ARGUS Buyback/Burn ↑ Stock/Index Pair Launch
If these metrics grow together, ARGUS’s logic could shift from “Arc First Runner Premium” toward “Arc Infrastructure Premium.”
So what V2 needs to prove is whether it can turn this existing trading volume into longer Token lifecycles, stronger community participation, and more sustainable platform revenue.
Chart: https://t.co/AVzwUW9dqQ > 引用 @cfm_sol: Perhaps it is worth starting to watch $ARGUS.
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The Arc chain itself has institutional backing and capital-flow catalysts, and ARGUS is also about to do a livestream, which could bring another wave of attention.
The detailed analysis is here:
Circle has recently released a series of positive updates. For background: Arc is a Layer 1 built by Circle itself, with Circle as the parent company.
On September 22, Binance announced a partnership: Binance invested about $100 million in Circle by purchasing approximately 12,400 shares. The two sides also renewed and expanded their USDC promotion agreement to five years, with Binance planning to increase USDC usage and incentives across its platform.
On September 16, Arc mainnet went live, with BlackRock, Visa, Mastercard, DTCC, and other traditional financial institutions among the validator participants. Around the same time, 10 billion ARC tokens were minted at genesis.
From September 21–22, the ecosystem continued to launch new products, including cirBTC and StableFX.
If these catalysts are correct, then speculative capital on Arc could first flow into ARGUS, the launchpad.
Circle’s positive developments can draw attention and capital toward this new Arc chain, but institutions are focused on payments, RWA, and foreign exchange. During the first week, however, the things actually trading on-chain were mainly launchpad tokens. On Arc’s first day, DEX trading volume was around $411 million, with launchpads accounting for roughly 82% of the total. Arguspad alone generated around $202 million in volume, accounting for 86% of newly launched tokens. Over the past week, it has remained the largest player, with roughly half of the share yesterday.
So for short-term traders, the point of focus is very straightforward: this is where the capital is entering. Once the new-chain narrative heats up, retail traders are unlikely to immediately buy BlackRock’s tokenized funds. They will first go to the launchpad that currently has the most activity to look for opportunities, and Arguspad is a very obvious one.
On top of that, there is a clear catalyst tonight.
The founder will be on MCGlive at 12:30 PM ET to discuss the bullish thesis for Argus and the Arc ecosystem, while the official account is also teasing V2.
Chart: https://t.co/SQtX6ryI0a https://x.com/cfm_sol/status/2103763876508819657