Circle launched the public mainnet of its Arc platform on September 16, 2026, describing it as an open Layer 1 blockchain designed for financial services and fast, agentic movement of money. Arc will use USDC for gas payments rather than a native volatile token, and Circle said more than 100 projects were working on the platform on its first day.

The launch also brought trading infrastructure and memecoin launchpads into the same ecosystem. Circle identified Aero, fomo and Uniswap as anchors of Arc’s day-one trading infrastructure. Pump.fun was among the onchain trading and liquidity protocols listed as live on, or exploring, Arc. Cryptopolitan reported that Pump.fun received $1,118,478 of the $1,141,120 earned by all launchpad projects on August 9, 2026, representing 98% of the total. See: https://www.cryptopolitan.com/pump-fun-98-percent-launchpad-revenue/

Pump.fun uses a bonding-curve model that keeps a token’s liquidity in its own contract until the token reaches a market-capitalization threshold and “graduates” to a public liquidity pool. Bullcheese, another memecoin launchpad, does not use that process. Its first public launch took place at the same time as Arc’s mainnet release, and tokens created through the platform go directly into a standard Uniswap v3 pool, with the entire token supply locked in the pool during the first trading block.

According to Circle, Arc is expected to have 11 initial validators in a staged rollout: BlackRock, Depository Trust & Clearing Corporation, Galaxy, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, Visa and Worldpay, previously known as Global Payments. Arc LLC and its permissioned validators state that they are not responsible for the content, accuracy, legality or functionality of third-party applications, protocols or services used in the Arc ecosystem. Circle’s validator announcement is available at https://www.cryptopolitan.com/circle-names-validators-arc-september-launch/.

Competition among Arc launchpads was already significant before mainnet launch. AirdropAlert, an affiliate blog reporting on September 17, 2026, said that 18 launchpads had applied to become Arc’s equivalent of Pump.fun. That competition makes Bullcheese’s operating model relevant beyond its own listings: the early Arc market is testing whether projects prefer a public pool from the first block or a launch process that delays external liquidity until graduation.

Bullcheese describes itself as a place to “launch and explore fixed-supply tokens.” Its homepage and token names show that it functions as a memecoin launchpad. USDC is the platform’s currency, and Bullcheese documentation describes all tokens as being paired with USDC. On September 17, 2026, all 87 launch records in its feed—85 public launches and two hidden test launches—used USDC as the pair asset.

Bullcheese operates on Arc’s mainnet, which has chain ID 5042. It uses another chain ID for Arc’s testnet. The platform’s first public token launch, for the token with ticker CHZLND, occurred at 08:40:48 UTC on September 16, 2026, when Arc’s public mainnet launched.

Bullcheese is developed and maintained by TrustSwap El Salvador, S.A. de C.V., according to its Terms of Use. Launches are processed through MintPlus, a Team Finance product, and Team Finance also provides the liquidity-locking mechanism. Bullcheese was among more than 100 projects Circle listed as available on Arc’s first day. However, Circle’s documentation did not specifically mention Bullcheese, TrustSwap or Team Finance, so the launch date itself does not establish a special relationship with Circle.

Bullcheese’s distinguishing feature is the combination of its design choices rather than any single one. Those choices include the absence of a bonding curve, the placement of the entire token supply in a locked Uniswap v3 position, a 75% creator share of trading fees and volume-based listing tiers. None of those individual features is unique to Arc. A Bullcheese analytics-page screenshot showed 86 token launches and $59,700 in locked liquidity through September 17, 2026. The figure was slightly below the 87 listings in the launch feed because the two systems count activity differently. Bullcheese’s website is

Bullcheese launches do not require creators to deposit a liquidity pair and do not charge a launch fee. Its creation form is called “Launch Fee Free.” Under the documented structure, creators contribute no asset from the pair; buyers provide the USDC side of the position. Creators still need USDC to pay Arc gas fees. They can also make an optional initial purchase and include that purchase in the locked liquidity position.

The maximum supply of each token is 1,000,000,000. The entire supply is placed in a single liquidity position containing only the token. The position price is above the current spot price and, according to Bullcheese documentation, starts “just above the opening price to the top of the usable tick range.” Creators choose an opening market capitalization of either $20,000 or $5,000. Buyers then provide the USDC side of the position, which is gradually converted to USDC through trading. MintPlus handles token minting, pool creation and liquidity locking in one step.

A Bullcheese launch is completed in one onchain transaction, alongside two cost-free offchain actions: a sign-in signature and metadata pinning. An optional initial trade on Arc is included in the same transaction. If the transaction succeeds, the token is created; if it fails, no token is created. By design, a Bullcheese token cannot exist without its pool and liquidity lock already in place.

This differs from a deterministic bonding-curve launchpad. Pump.fun documentation describes bonding curves as systems that provide buy and sell prices through onchain reserves. Tokens can be traded immediately after launch, before any later presale or liquidity-seeding process. When a token reaches a specified threshold, the bonding curve closes and liquidity moves to an exchange.

Graduation is uncommon on Pump.fun. Solana Compass cited on June 10, 2026, that fewer than 2% of all Pump.fun tokens had ever graduated. Daily rates vary: Cryptopolitan reported that 269 tokens graduated on January 29, 2026, representing more than 1% of tokens launched that day and the highest rate since graduation reached 0.92% in summer 2025. These figures apply to Pump.fun rather than all curve-based launchpads. Cryptopolitan also reported that Solana launched 263,000 tokens in one day on September 10, 2026. See https://www.cryptopolitan.com/no-token-fatigue-solana-marks-all-time-record-with-263k-tokens-launched-in-a-day/.

Bullcheese has neither a bonding curve nor a migration stage. The Uniswap v3 pool in which a token trades during its first block remains its trading pool, and no migration or redeployment occurs. Bullcheese uses “Aged Cheese, graduated” for a listing tier, but that label does not describe a technical migration process.

The factory and position-manager addresses listed in Bullcheese documentation match official Uniswap deployments on Arc. DexScreener identifies the CHEESE/USDC market as a standard Uniswap v3 pool. DexScreener and GMGN can detect the pools, although Bullcheese says its own token pages may take several minutes to load. In-app swap quotes use the 0x Swap API, and the pools can be traded wherever Arc is supported. Bullcheese says its pools support limit orders, but the research did not identify the venue where those orders could be placed. AI agents can use Bullcheese’s Model Context Protocol server and receive an Arc wallet to launch and trade tokens. GMGN also provides instant trading for Bullcheese tokens.

The practical difference between the two models concerns where tokens trade and how they appear to third-party tools. Curve-based tokens can be traded before graduation, but they remain inside the launchpad’s contract until migration. A token using a standard Uniswap v3 pool is visible to compatible third-party services from the beginning.

Every transaction through a Bullcheese pool carries a 1% fee, which Bullcheese documentation and its creation form describe as the standard Uniswap fee level. The fee applies to the pool, not to the token, so trades through other pools for the same token do not carry the Bullcheese fee. Of that 1%, 75% goes to the token creator and 25% to the platform when fees are claimed. The person holding the liquidity lock, who may not be the token creator, must collect the fees from the token page.

Fees accrue in the asset used for each trade: USDC for a purchase and the token itself for a sale, according to an onchain reading of the CHEESE/USDC pool on September 17, 2026. They continue accruing while the position remains in the pool. After the lock expires, the position owner withdraws it and fee collection follows ownership of the lock. The 75/25 split was recorded for each launch, and the research found no evidence that it was a limited-time promotion.

However, a single-owner wallet can change the platform fee in the launch contract. Bullcheese has not stated how a fee change would affect tokens that were already launched. The liquidity position is locked rather than burned, so it continues earning its share of trading fees during the lock period, and the position or its owner can collect those fees. The fees are not guaranteed income, profit or a return because they depend on continued trading. Bullcheese’s Terms of Use state that most tokens created on permissionless exchanges lose value or fail.

Bullcheese locks 100% of each token’s liquidity position at launch. On September 17, 2026, its interface offered lock periods from 90 days to five years, or 1,825 days. The lock uses a Team Finance locker contract. Bullcheese says a lock period selected at launch cannot be reduced, although the locker can be transferred to another wallet.

The 90-day minimum was an interface setting rather than the contract’s actual minimum. The locker contract’s floor was 30 days, and the sole wallet controlling the launch contract could adjust that floor as well as the fees. A liquidity lock prevents the position from being removed during the lock period but does not prevent the token price from falling.

TrustSwap describes Team Finance as the trust layer of its wider stack. According to TrustSwap, Team Finance has secured more than $2.7 billion in assets. The official Team Finance website showed approximately $499 million in active total value locked on September 17, 2026, a substantially lower figure that was not explained in relation to the $2.7 billion company claim.

TrustSwap’s security page lists audits of Team Finance contracts. CertiK conducted a full contract-suite audit for Team Finance V2 in 2023, Hacken audited Team Finance V1 locking and vesting contracts in 2022, and BailSec audited the Team Finance V2 staking module in 2023. MintPlus, the Team Finance technology underlying Bullcheese, was audited by Solid Proof. Later liquidity locks were audited by BailSec, Hacken and CertiK.

Those audits concern Team Finance’s own contracts. They do not audit Bullcheese, the MintPlus deployment on Arc or tokens issued through Bullcheese. In October 2022, an unknown attacker stole between $14.5 million and $15.8 million from Team Finance through token migration and later returned approximately $7 million. The incident predated the CertiK and BailSec audits, and Hacken said the exploited feature had been implemented after its audit.

TrustSwap El Salvador, S.A. de C.V. operates Bullcheese, while the website footer attributes the company to TrustSwap Inc. TrustSwap says it has built token-market infrastructure since 2020 and served more than 40,000 token projects across 26 blockchain networks. MintPlus combines token creation, Uniswap v3 pool setup and liquidity locking. Team Finance was acquired by TrustSwap shortly after its founding in 2020.

TrustSwap also owns The Crypto App and describes it as a distribution channel for projects in the TrustSwap ecosystem. Research found no Bullcheese-specific feature in the app. TrustSwap says the app has received more than 5.7 million downloads, although that figure cannot be independently verified because Apple does not publish download counts. On September 17, 2026, the app had a 4.7-star rating on the U.S. App Store based on approximately 2,500 ratings.

The figures of 40,000 projects, $2.7 billion secured and 5.7 million downloads are TrustSwap-reported figures associated with products owned by TrustSwap, including Bullcheese, MintPlus, Team Finance and The Crypto App. They should therefore be treated as company-reported rather than independently verified. Bullcheese documentation is available at

Circle’s official materials identify fomo, alongside Aero and Uniswap, as part of Arc’s day-one trading infrastructure. Therefore, whether Bullcheese has a separate fomo integration is less significant because fomo already operates on Arc. Bullcheese calls fomo an integration partner, although the research found no official confirmation of a partnership.

GMGN supports trading of Bullcheese tokens and listed an “Instant trade” option for Bullcheese’s CHEESE token on September 17, 2026. Bullcheese also describes this as an integration, although GMGN indexes Arc liquidity pools rather than maintaining a separate Bullcheese integration. Bullcheese tokens therefore trade on fomo and GMGN, both of which target memecoin traders. Fomo says it has 2,500,000 traders, while GMGN describes itself as a meme-token trading platform. On September 17, 2026, CHEESE had approximately $1.4 million in 24-hour trading volume on DexScreener.

Bullcheese listings begin in the Fresh Cheese tier. A token moves to Aged Cheese after recording at least $20,000 in trading volume over a rolling seven-day period. The Bulls Arena has no fixed number of listings. A listing that meets the Aged Cheese requirements and has $50,000 in USDC liquidity can be admitted during the weekly intake at 00:00 UTC every Monday.

Bullcheese documentation says all trading counts toward the thresholds, including wash trading and purchases by the token creator. Tier eligibility depends on trading activity rather than price. A token worth millions can remain in Fresh Cheese without trading activity. Movement is asymmetric: a token can leave Bulls Arena if its volume or liquidity conditions fail, but it can move upward only during the weekly Monday intake.

Bullcheese’s website does not mention paid placement. The Bulls Arena nevertheless displays TrustSwap’s SWAP token as “Featured.” The Terms of Use allow the platform to hold, trade and feature available tokens, and the website code says that a fixed amount of fees is used to buy back SWAP tokens. SWAP was not launched through Bullcheese and does not use Arc.

Bullcheese defines a tier as “a liveness label, not a prize” and says that tiers do not indicate token quality because their liquidity and volume requirements can be artificially created. Its Terms of Use also state that featuring a token is not a recommendation or opinion about its worthiness, security or authenticity. On September 17, 2026, the homepage showed 81 Fresh Cheese tokens, four Aged Cheese tokens and one Bulls Arena token.

Compared with Pump.fun, Bullcheese offers a different fee structure. Pump.fun’s fee documentation dated May 20, 2026, says creators receive 0.30% of volume on the bonding curve and between 0.05% and 0.95% after graduation, depending on market capitalization. The documentation also says Pump.fun may change those fees without prior notice.

Bullcheese’s 0.75% creator share is higher than Pump.fun’s below a market capitalization of $59,000 and above $2 million. Between those levels it is slightly lower, and it is equal to Pump.fun’s when market capitalization is between $900,000 and $2 million. Neither structure is universally preferable; the result depends on where trading volume occurs. Bullcheese’s absence of migration also means that it has no graduation stage, while fewer than 2% of Pump.fun tokens have graduated.

Other Arc launchpads use similar elements. KuCoin News reported on September 9, 2026, before Arc’s official launch, that another launchpad used no curve, placed the full supply in a locked USDC pool and distributed approximately 64% of fees to creators, 12% to holder rewards and 10% to the protocol. A TechBullion release dated September 14, 2026, described another all-USDC launchpad that would allocate 75% of fees to creators and community allocations after first using a bonding curve. A third launchpad was reported elsewhere as allocating 80% of creator fees. TrustSwap’s own Arc materials divide launch venues into bonding-curve designs and single-sided designs that open a public pool from the first block.

Thus, Bullcheese’s combination of features is distinct but not unique. Curve-based platforms can also use USDC pairing: Pump.fun documentation says creators have been able to pair new tokens with USDC since May 21, 2026.

The design has limitations. The Team Finance locker contract permits a 30-day minimum, while Bullcheese’s interface offered 90 days or more, and the contract owner can modify the restriction. One wallet can alter the fee setting and lock floor, pause the MintPlus contract and upgrade the Team Finance locker on Arc. Bullcheese did not clarify whether fee changes apply to previously launched tokens. Changes to MintPlus integration addresses, such as the Team Finance locker address, have a 48-hour timelock according to an onchain reading on September 17, 2026. No timelock was set for fee changes, the lock floor or locker upgrades. These controls are therefore important items to monitor as Arc’s staged rollout continues, along with whether Bullcheese’s public-pool model attracts sustained trading and how the competing launchpads structure their fees and liquidity.

Launch markets may be thin because the full token supply begins above the spot price in a single position. Small trades can therefore have a large effect on price. Bullcheese and its Arc contracts were newly deployed, with the contracts deployed on September 15, 2026. The $2.7 billion Team Finance figure, the “trust layer” description and the Featured SWAP token are company statements rather than independent facts; Bullcheese documentation also says that Bulls Arena has no fixed number of places.

Bullcheese is designed for memecoin developers who want to launch without supplying their own liquidity pair and who accept the possibility of a narrow, uneven market immediately after creation. It may also appeal to creators who want a fee share that does not decline as market capitalization rises and who understand that fees accrue only if other users continue trading.

It is not suitable for users who view a liquidity lock or tier as evidence of token quality or security. It is also unsuitable for creators who expect the fee split to be immutable, because one wallet can change the fee setting. Bullcheese warns that users may lose money. Cryptopolitan reported on August 19, 2026, that only 6.25% of Solana meme-trading wallets were profitable over the previous 90 days. See https://www.cryptopolitan.com/6-solana-meme-traders-profit-in-90-days/.

Access to Bullcheese is prohibited in Cuba, Iran, North Korea, Syria, Russia, Belarus, the Crimea region of Ukraine, Myanmar, Venezuela, the United Kingdom, member states of the European Union and territories subject to comprehensive sanctions imposed by the United Nations, the U.S. Office of Foreign Assets Control, the EU or the UK. Users must determine whether local law permits them to access the service.

Bullcheese removes the bonding curve and graduation stages used by platforms such as Pump.fun. Instead, the entire token supply is placed in a locked Uniswap v3 pool from the first block, the pool charges a 1% trading fee divided 75/25 between the liquidity-lock holder and the platform, and listing tiers are based on trading volume rather than price.

The platform began operating on the same day as Arc’s mainnet and entered a launchpad market in which one bonding-curve platform has historically captured most revenue. Its design combines several features that are not individually unique. Relevant considerations include the fact that several performance figures were supplied by TrustSwap, one wallet controls important underlying contract settings, and Bullcheese’s own terms warn that most tokens launched through permissionless platforms lose value or fail.

The information above is not trading advice. Cryptopolitan.com accepts no liability for investments made based on the information presented. Memecoins are highly speculative, and a locked liquidity pool or platform tier is not a statement about a token’s value or safety. Creator fee shares depend on continued trading and are not guaranteed income or returns. Users should conduct independent research, consult a qualified professional where appropriate and confirm that they are legally permitted to use any launchpad in their jurisdiction.