Circle Internet Group (CRCL.US) 2026年第一季度业绩电话会
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会议摘要
Circle Internet Group achieved remarkable Q1 2026 results with a 28% year-over-year increase in USDC circulation to $77 billion, a 263% surge in on-chain transaction volume to $21.5 trillion, and a 20% revenue growth to $694 million. The company launched the Circle Agent Stack and Arc network, raising $222 million in presale, positioning itself as a leader in stablecoin networks and the agentic economy. USDC accounted for 80% of on-chain digital currency transactions, showcasing Circle's significant market share and strategic advancements in blockchain infrastructure and AI technology.
会议速览
Circle Internet Group's Q1 2026 Earnings Call: Q&A Session to FollowCircle Internet Group's Q1 2026 earnings call begins, welcoming participants and outlining a question and answer session following prepared remarks, with instructions for asking and withdrawing questions provided.
Circle's Q1 2026 Earnings: USDC Growth, Blockchain Integration, and AI AlignmentCircle's Q1 2026 earnings highlight significant growth in USDC circulation and on-chain transactions, showcasing the company's strategic focus on blockchain and AI integration. The discussion underscores Circle's vision for the future of internet finance, emphasizing its role in the evolving economic infrastructure.
Circle's Financial Growth, Stablecoin Dominance, and Digital Asset ExpansionCircle highlights significant financial growth, including a 20% annual increase in income and a 24% year-over-year rise in adjusted EBIT. The company showcases its leadership in stablecoin transactions, with USDC accounting for 63% of all stablecoin transactions. Circle also discusses the expansion of its digital asset portfolio, including plans for a new Bitcoin product, and the upcoming launch of the Arc mainnet, emphasizing its strategic positioning in the digital currency market.
Arc: Circle's Interoperability Platform for Global Financial InfrastructureArc, designed by Circle, offers a comprehensive network for asset issuers, payment firms, and capital markets. It supports cross-chain transfers, enhances interoperability, and ensures post-quantum security, aiming to revolutionize the blockchain ecosystem.
Circle Announces Arc Token Pre-Sale: Building a New Economic OS with Global Financial EcosystemCircle initiates Arc token pre-sale, aligning stakeholders for network growth. The token facilitates governance, staking, and protocol functions, inviting app builders, users, and institutions to participate. Backed by major asset managers, banks, and venture firms, it aims to construct a new economic operating system.
Circle's AI-Driven Expansion: Introducing Agent Wallets, Marketplace, and Enhanced InfrastructureCircle is accelerating its AI integration, launching Agent Wallets for seamless transactions, an agent marketplace with over 500 endpoints, and a CLI for infrastructure integration. Internally, AI adoption is transforming workflows, with 85% of employees using AI tools for automation, boosting productivity and product velocity.
AI-Driven Transformation and Growth in Payment ProductsThe company is capitalizing on AI advancements, deploying over 600 native AI apps, and ensuring safe governance. Progress continues in payment products with new launches, growing TPV, and increased financial institution adoption.
Circle's Managed Payments: Accelerating Bank Adoption on Cpn for a New Internet Financial System EraCircle introduces managed payments to simplify bank integration onto Cpn, leveraging its global infrastructure and compliance capabilities. This service aims to expedite the adoption of stablecoin networks by financial institutions, positioning Circle at the forefront of the evolving internet financial system era, where AI and economic activities converge at scale and velocity.
Strong Q1 Performance Highlights USDC Growth and Financial DisciplineA review of the first quarter reveals robust growth in USDC circulation, strong financial results, and disciplined execution. Despite market declines, USDC's non-crypto utility expanded, with $13.7 billion held on the platform. Revenue and reserve income increased, as did adjusted EBITDA, reflecting strategic investments. Guidance for 2026 remains unchanged, excluding future impacts from Arc incentive programs, which are seen as long-term growth factors.
Strategies for Maintaining Leadership in the Stablecoin MarketDiscusses key initiatives to sustain dominance in stablecoins, focusing on global expansion, network effects, innovative blockchain infrastructure, regulatory clarity, and fostering new economic systems.
Shift Towards Real Economic Activity in USDC Usage and Circle's InitiativesDiscussed the current split of USDC usage between real economic activity and trading/arbitrage, highlighting a 60% involvement in commercial transactions. Emphasized Circle's efforts to increase real economic demand through partnerships with financial institutions and leveraging regulatory frameworks like Genius Act and Clarity Act for global financial integration.
Analysis of Robust Rlt C Margin Drivers and Sustainability in Q1Discussed factors contributing to a strong Rlt C margin, highlighting growth in other income and on-platform former coinbase activities. Addressed the sustainability of this margin above LBC targets, noting the influence of highly incentivized channels and potential for fluctuation.
Circle's Agent Stack Launch: Driving AI-Driven Economic Automation and Stablecoin AdoptionCircle introduces its Agent Stack, enhancing USDC and AI-driven payment protocols. With 80% of on-chain transactions in USDC, the platform prioritizes AI-centric infrastructure, aiming to revolutionize the identic economy through economic automation and blockchain convergence.
Regulatory Impact on USDC Revenue Model and Promotion StrategyA discussion on how regulatory changes might influence Circle's revenue model, shifting focus from asset-based earnings to transaction-based rewards, and its effect on promoting USDC.
Legislation's Role in Driving Utility Value of Stablecoins and USDC AdoptionThe dialogue discusses how recent legislation, particularly the Clarity Act, is guiding the growth of stablecoins by linking their incentives to real-world utility and transactions, thus promoting the adoption of USDC through network effects. This approach ensures that stablecoin rewards align with the expansion of the network, potentially providing a significant boost to its further adoption.
Congressional Action on Clarity Act Benefits Digital Asset Industry and Circle's USDCDiscussion focuses on the impact of the Clarity Act on digital assets and Circle's USDC, emphasizing legal certainty for traditional financial institutions, stablecoin use cases, and potential congressional support for incentivizing USDC utility. GAAP net income is touched upon, with guidance highlighting investment in growth opportunities.
Balancing Value Accrual and Economic Tensions Between ARC and Circle in Blockchain EcosystemThe dialogue discusses the importance of balancing value accrual between the ARC token and Circle, emphasizing the need for stakeholder engagement and governance participation to ensure the thriving of the distributed network. It highlights Circle's significant role as a founding creator and stakeholder, expecting substantial benefits on revenue and margin structure. The discussion also touches on the infrastructure's purpose to create an open network with major companies, developers, and end-users, leveraging the utility of the digital token for incentive systems and alignment.
Arc Network's Role in Amplifying Circle's Financial Ecosystem and Revenue StreamsThe Arc network's successful adoption significantly boosts Circle's stablecoin network and digital assets, creating a flywheel effect that enhances revenue from existing and emerging streams, emphasizing a value growth opportunity for shareholders.
Full-Stack Advantage Over Point Solutions in Blockchain DevelopmentDiscusses the competitive edge of offering a full-stack solution in blockchain, emphasizing the benefits of a foundational core, interoperability, and comprehensive developer tools, which accelerate application development and enhance ecosystem integration.
Understanding the Financial Impact of Token Creation on RevenueThe dialogue explains how the creation of tokens, such as $100 million of Ardo tokens, impacts financial statements. Initially, tokens are recorded at zero cost on the balance sheet. Upon fulfilling pre-sale obligations, the token value is recognized as other revenue, directly affecting the company's net income and adjusted EBITDA.
Exploring Arc's Benefits in Economic Operating Systems and Token SalesThe dialogue highlights Arc's role as a versatile economic operating system, emphasizing its infrastructure for payments, liquidity, and interoperability. It discusses benefits for asset issuers, banks, and digital asset markets, and touches on plans for broader token sales and distribution, aiming to enhance evaluation and ecosystem adoption.
Arc Token's Role in Network Utility, Governance, and Future DistributionArc token's primary role is in utility, governance, staking, and security as the network grows. The token sale raised $222 million with a commitment to distribute tokens. 60% of tokens are reserved for ecosystem grants, airdrops, and incentive programs, showcasing future distribution opportunities.
DeFi Ecosystem Stability Amid Hacks and Institutional Protocol AdvancementsThe DeFi ecosystem faced a breach through a hacked interoperability company, highlighting the need for robust security and regulatory structures. Despite this, on-chain lending platforms remain significant, with efforts to develop institutionally ready protocols. Centralized control structures akin to regulated companies are seen as crucial for enhancing the security and trustworthiness of decentralized protocols, applications, and services.
Comparing Blockchain Platforms and Collaborative Efforts in the Crypto IndustryThe dialogue explores the competitive landscape among blockchain platforms, emphasizing market and platform neutrality of stablecoin networks. It highlights the interconnectedness of various networks through initiatives like cctp, aiming to integrate traditional volumes into blockchain ecosystems. The focus is on collaboration over competition, showcasing the potential for collective growth in the crypto space.
Prioritizing Interoperability and Innovation for a Global Digital EconomyFocus on creating a reliable, well-regulated digital dollar for global platforms, emphasizing interoperability and competitiveness in emerging blockchain systems. Anticipates convergence of AI and economic operating systems to reshape global markets over the next decade, positioning for leadership in this transformative space.
Interoperability and Corporate Treasury Management: Key Drivers for Blockchain AdoptionThe dialogue emphasizes the importance of interoperability across blockchain networks for asset transfer and the potential of Treasury management as a crucial channel for corporate adoption of digital assets like USDC.
Stablecoin Integration, Platform Growth, and Channel Dynamics in Treasury ManagementDiscussed the benefits of stablecoin integration, emphasizing USDC's role in mainstream adoption through partnerships with leading treasury management providers. Addressed the modest pullback in highly incentivized channels, noting it neither positively nor negatively impacted the quarter, reflecting consistent quarterly fluctuations. Highlighted stellar platform growth driven by expanding partnerships, leveraging infrastructure, wallets, custody technology, and developer tools, with Circle's agent stack and gateway product enhancing ecosystem growth.
Stablecoin Resilience Amid Market Deleveraging and Growing AdoptionDespite market challenges and quarter-on-quarter flat circulation, stablecoins, particularly USDC, demonstrated resilience and gained market share in on-chain transactions. The dialogue highlights optimism for the future growth of regulated digital dollars, driven by increasing application development, institutional adoption, and regulatory clarity, envisioning a future of trillions in stable digital money.
Exploring Transaction Generation and Its Potential NatureDiscussion revolves around the concept of generating transactions and curiosity about its nature and implications, emphasizing the intrigue and interest in understanding transaction dynamics.
Exploring Revenue Streams and Token Incentives in Blockchain DesignThe dialogue explores the potential revenue from trading, token grants, and validator roles within a blockchain network, highlighting the strategic use of tokens to drive network growth and alternative revenue streams.
Closing Remarks and Gratitude for Call ParticipationExpresses thanks to all attendees for their participation in the morning call and anticipates future connections, concluding with an invitation to disconnect.
要点回答
Q：What are the two major technology infrastructures mentioned that are transforming the internet?
A：The two major technology infrastructures mentioned that are transforming the internet are new operating systems for intelligence and new operating systems for economic activity.
Q：What was discussed about AI agents and the agentic economy in the previous quarter's discussion?
A：In the previous quarter's discussion, it was highlighted that there is a need for AI agents to operate on economic infrastructure that enables trusted value exchange and economic coordination. The concept of the agentic economy and the emergence of next-generation blockchains, which facilitate value, identity, policy, and contracts on computer networks, was also discussed.
Q：How is Circle's platform positioned to benefit from the upcoming changes in the economic system?
A：Circle's platform is positioned to benefit from the upcoming changes in the economic system by rapidly moving into a world where AI-powered software machines, operating on blockchain computers, will deliver an increasing share of economic activity, which aligns with Circle's fundamental vision, mission, and strategy. Circle is building a leadership position in this new era, leveraging its strengths in a broad-based internet finance platform and the interwoven flywheels of its business.
Q：What are the key financial highlights for Circle's latest quarter?
A：The key financial highlights for Circle's latest quarter include having $77 billion of USDC in circulation, representing 28% year-over-year growth, and an on-chain transaction volume of $21.5 trillion, up 263% year over year. Total revenue and reserve income grew to $694 million, a 20% year-over-year increase, with adjusted EBITDA of $151 million and a strong adjusted EBITDA margin of 53%.
Q：What significant partnerships and adoption successes have been announced for USDC?
A：Significant partnerships and adoption successes for USDC include Meta using USDC for creator payouts, global enterprises like DoorDash and DNV integrating USDC into their payment flows, blockchain platform Polygon adopting USDC for funding and settlement, and Airborne Bank using USDC to power 24/7 banking. Circle is also participating in the DTCC's test run of tokenized security trading and gaining traction as collateral on regulated derivatives exchanges.
Q：What is the market share of USDC in stablecoin transactions and how does it compare to other stablecoins?
A：USDC accounts for 63% of all stablecoin transactions according to reported figures, and the most widely transacted and used dollar digital currency in the world. In terms of on-chain transaction volume, USDC grew over 260% to $21.5 trillion in the quarter, representing approximately 80% of all on-chain transaction volume.
Q：How has Circle's digital asset portfolio grown, and what new product is planned?
A：Circle's digital asset portfolio has grown with EUC, the world's largest euro stablecoin, increasing 2x year-over-year to €358 million, and the tokenized money market fund UYC growing over 300% to $3 billion. Circle is planning the introduction of a new Bitcoin product, which would be compliant, secure, and issued by CDP on both the Ethereum and Arc networks.
Q：What is the status of the Arc main net launch and what is its purpose?
A：The Arc main net launch is imminent, and the platform has been designed with a broad group of partners to be one of the most institutionally ready networks. It aims to bring financial institutions onto the new economic systems with powerful interoperability infrastructure and features that simplify how stablecoins and tokenized assets interact with the financial system and financial services.
Q：How is Circle positioned to benefit from the growth of the blockchain ecosystem?
A：Circle is becoming the leading interoperability platform in the blockchain ecosystem, having scaled the cross-chain transfer protocol to almost $50 billion in volume and capturing approximately 60% of all cross-chain traffic. This strategic capability allows Circle to leverage its network reach and utility for meaningful value propositions within the ecosystem.
Q：What is the purpose of opening up the CCDP to other asset issuers?
A：The purpose of opening up the CCDP to other asset issuers is to allow anyone doing tokenization to get the same interoperability, transport, and distribution that has been built around the world across various blockchain networks.
Q：What are the safety, trust, and monetization options available to asset parties using the new infrastructure?
A：The new infrastructure provides safety, trust, and monetization options available to both Circle parties that use them, which are considered a pillar ability of AR and are platform-wide.
Q：What is the significance of the post-quantum readiness roadmap announcement?
A：The post-quantum readiness roadmap announcement signifies that transaction messages on AR will be post-quantum secure from the start, reinforcing the focus on foundational security.
Q：What is the goal of the Arc Token pre-sale?
A：The goal of the Arc Token pre-sale is to help bootstrap and scale the network by aligning participants with the long-term success of the network, enabling governance, staking, security, and other protocol functions across the network.
Q：Which companies and financial institutions participated in the Arc Token pre-sale?
A：The Arc Token pre-sale was led by 16Z crypto and included some of the world's largest asset managers, financial markets firms, and leading global banks as well as venture firms.
Q：What are the components of the Circle Agent stack?
A：The components of the Circle Agent stack include the launch of Agent Wallets, which allows permissionless build on-chain wallets, conduct transactions on USDC, and operate with policies and safety; Circle Agents of payments online, which enables high-frequency machine-to-machine payments; the first version of the agent marketplace, an open hub for users and agents to discover and invoke agent services; and the Circle Platform CLI, which provides a command interface to the full range of infrastructure.
Q：How is AI being integrated into Circle's operations?
A：AI is being integrated into Circle's operations by building an AI-driven company, aggressively rolling out AI infrastructure, and building genetic workflows to drive productivity. AI agents are proliferating across the business, with AI coding tools showing rapid adoption among employees.
Q：What is the significance of the over 600 AI native apps deployed by Circle?
A：The significance of deploying over 600 AI native apps is that it represents the capitalization on major breakthroughs in AI and AI development, while ensuring safety as a regulated company.
Q：What are the recent developments in Circle's payment products?
A：Recent developments in Circle's payment products include the introduction of Cpon managed payments, and the product line is now becoming robust and competitive, with CBN growing. The company ended the quarter with $8.3 billion of annualized total payment volume, up 17% quarter over quarter, and over 136 financial institutions using Circle products, up 36% quarter over quarter.
Q：What is the purpose of managed payments for banks and financial institutions?
A：The purpose of managed payments for banks and financial institutions is to offload the complexity of operating on a stablecoin payment network such as Cpon by leveraging Circle's global infrastructure, compliance, liquidity, network effects, and interoperability, thus accelerating their participation and reducing time to market.
Q：What is Circle's position in the stablecoin market according to third-party data?
A：According to third-party data, USDC accounted for 80% of digital currency transactions on-chain in Q1, which is a considerable increase year on year, signifying strong growth and adoption.
Q：What are the strategies being implemented to expand the global reach and accessibility of the stablecoin network in USD?
A：The strategies implemented include expanding access and liquidity of USDC in markets around the world, especially in emerging markets, as well as expanding partnerships and use cases across various firms building on USDC. The growing use of USDC by major companies and in Treasury management systems multiplies the network effects of USDC.
Q：What is the significance of the new blockchain infrastructure, Arc, and its role in the stablecoin ecosystem?
A：Arc is described as a stablecoin native layer 1 blockchain infrastructure that is expected to bring a wide array of applications in payments, capital markets, and technology. It signifies a key focus area for the ongoing efforts to enhance the stablecoin ecosystem.
Q：What is the projected impact of new economic operating systems and networks on digital cash instruments like USDC?
A：The projected impact is that the dominant form of transactions in the emerging economy will be conducted on new economic operating systems and networks, with well-regulated digital cash instruments like USDC being the preferred form of payment. The use of AI agent protocols and networks, such as OAI 402, is expected to facilitate this shift.
Q：How is Circle actively shifting the use of USDC away from speculative trading and towards underlying non-speculative demand?
A：Circle is actively shifting the use of USDC by focusing on the growth of commercial, real economic transactions. This is evident from the robust growth in real commercial transactions that USDC facilitates, the increase in the use of stablecoin payment networks, and the confidence it is providing to corporations and financial institutions to build and use the technology.
Q：How does the dominance of USDC in commercial transactions reflect the growth of the stablecoin and its underlying infrastructure?
A：The dominance of USDC in commercial transactions, representing approximately 60% of all commercial, real commercial transactions, signifies the growth of the stablecoin. This growth is driven by financial institutions building products that deliver digital dollars worldwide, leading to a 75% increase in the annualized total payment volume since the last reporting period.
Q：What is the relationship between AI technology and the growth in stablecoin transaction volume?
A：The relationship between AI technology and the growth in stablecoin transaction volume is synergistic. The explosion in AI technology has influenced the strategy of platforms like Circle, which are focused on applied AI, and this is reflected in the increased transaction volume in stablecoins and notably USDC, which accounts for a significant portion of on-chain digital value transactions.
Q：How does the current legislative climate impact the promotion strategy for USDC and the pursuit of transaction-based revenue streams by Circle?
A：The legislative climate impacts the promotion strategy for USDC and the pursuit of transaction-based revenue streams by ensuring that incentives for stablecoins are tied to real-world utility and transactions. This alignment with network growth provides a powerful tailwind for USDC adoption. The Clarity Act is beneficial for Circle as it offers legal certainty for traditional financial institutions to use digital assets, which is integral for the growth of transaction-based revenue streams.
Q：What does Title IV of the Act address and why is it significant for the tokenization of securities?
A：Title IV of the Act specifically addresses stable use cases by banks, broker-dealers, and custodians, providing them with the permissibility to engage in tokenization activities.
Q：How does USDC's utility and velocity differ from its idleness, and what are the expected stablecoin use cases mentioned?
A：USDC's value is in its velocity and utility, not in its idleness. Expected stablecoin use cases include payments, conversions, remittances, market making activity, posting collateral, and native Web3 activities like validation.
Q：What is the guidance given for the remainder of the year with respect to expenses?
A：The guidance given for the remainder of the year with respect to expenses is to refer to the overall Opex guidance provided, which includes all the necessary pieces for understanding the expenses.
Q：How should investors think about the balance between value accrued by the Arc token and Circle's native token, and how can this balance be maintained?
A：Investors should understand that the Arc token is designed to drive value for stakeholders across the Arc ecosystem. Circle retains 25% of the tokens, which is significant, to ensure alignment with the ecosystem's success. The Arc token also provides a mechanism for governance and major companies and stakeholders can be incentivized economically and through utility, maintaining value for both tokens.
Q：What financial impacts can be expected for Circle from the successful adoption of the Arc network?
A：The successful adoption of the Arc network is expected to have a large flywheel effect on Circle's stablecoin network and digital assets, resulting in significant impacts on revenue, margin structure, and EBITDA.
Q：What competitive advantage does Circle have with a full stack of solutions compared to other entities that build point solutions?
A：Circle has a full stack of solutions which provides a foundational core operating structure that is simple to adopt, along with high-performance capabilities. This includes interoperability technology and a range of services, protocols, and digital assets, which makes Circle more competitive in deploying and scaling solutions.
Q：What is the impact of future tokens on revenue and other financial metrics?
A：The future tokens will be held at cost zero in the balance sheet. When obligations under token pre-sales are completed, the value of these tokens will be recognized as other revenue, which will then impact the company's LTC and adjusted EBITDA.
Q：What are the benefits of using the Arc layer 1 network over others?
A：The Arc layer 1 network is designed as a general-purpose horizontal economic operating system. It is expected to excel in various economic activities such as payments, financial services, capital markets, and will be suitable for a range of applications from software machines to AI agents. Additionally, Arc caters to regulated banks and market participants with features designed for operational compliance and security.
Q：What benefits does the Art platform provide to asset issuers?
A：The Art platform offers asset issuers benefits such as performance and security, privacy features, liquidity through USDC, and distribution through interoperability infrastructure. It functions as a liquidity and distribution hub for asset issuers, providing a full spectrum platform.
Q：What is the current status of the Arc token pre-sale and what is the plan for token distribution?
A：The Arc token pre-sale has been conducted with a $3 billion fundraising, raising $222 million. There are obligations to distribute tokens to pre-sale participants, but the core focus is on launching the Arc main net and driving utility and growth on the network. The Arc token plays a significant role in utility, governance, staking, and security. 60% of the tokens are designed for ecosystem grants, airdrops, and incentive programs.
Q：What is the impact of the breach on Aave and the DeFi ecosystem?
A：The breach was not an attack on Aave itself but on an interoperability infrastructure company that Aave depends on, which was hacked by North Korea and exploited through other DeFi protocols. The protocols themselves did not break and Aave remains an important online chain lending protocol. Circle purchased Aave tokens as part of support for the ecosystem.
Q：How is the DeFi industry expected to evolve in terms of regulation and control structures?
A：The DeFi industry is expected to evolve with clearer Sros type structures due to its global nature and lack of explicit regulation. Lessons learned include the importance of operational and information security. Centralized control structures that are adopted by regulated companies are deemed important for unchained protocols, applications, and services.
Q：How does Circle's strategy position it in the competitive landscape of Layer 1 blockchain networks?
A：Circle's strategy positions it well in the competitive landscape of Layer 1 blockchain networks. The stable coin network is market and platform neutral, operating on 34 different blockchain network platforms and ensuring interoperability. Circle aims to attract leading institutions and compete for new mainstream scale adoption blockchain platforms.
Q：What is the significance of interoperability in Arc's platform?
A：Interoperability is a central theme of Arc, allowing companies that issue on Art to leverage CTP to bring their assets to various networks such as Aave, Ethereum, Solana, or others. This cross-platform reach and interoperability are crucial for the many apps that will be built on different platforms.
Q：How does the integration of USDC with Treasury management services drive corporate adoption?
A：The integration of USDC with Treasury management services is a necessary step for mainstream adoption as it allows for the easy use of stablecoins within existing systems and control infrastructure. This integration is expected to happen over time, and companies like Kyriba are leading the way in providing these capabilities.
Q：What is the effect of the modest pullback in certain highly incentivized channels on the company's results?
A：The modest pullback in certain highly incentivized channels is not seen as a positive or negative development by the company in any one quarter. There are ups and downs across various channels, and the company remains happy with its guidance for the full year.
Q：What factors contributed to the robust platform growth?
A：The robust platform growth was not specifically detailed in the provided text, but it is mentioned that there was significant platform growth which is expected to be a positive factor. Further explanation or analysis of the driving factors for this growth is not included in the given content.
Q：What are the potential sources of growth for the platform mentioned in the speech?
A：The potential sources of growth for the platform include the addition of more partnerships that build on Circle's infrastructure, such as wallets, custody, technology, and developer tools. Furthermore, the development of AI and automated applications by developers on this infrastructure is seen as a means to drive platform growth.
Q：What is the significance of USDC's market share in on-chain transaction usage?
A：The significance of USDC's market share in on-chain transaction usage is that it has been taking a majority of utility share, which is a very important trend indicating the future mainstreaming of these technologies.
Q：What potential revenue streams could arise from future aDAOrewards and Arc token incentives?
A：Future revenue streams from aDAOrewards and Arc token incentives include the value received from selling pre-sale tokens, the recognition of value created by incentivized grants with performance conditions, and potential revenue from running a validator on the Arc network. These mechanisms are designed to fund the costs associated with these incentives while recognizing the value created.
