my @arc trenches thesis

4 weeks ago, people were reportedly paying $57 for 1 USDC on Arc. Today, the premium is still ~200%.

on paper, that’s terrible risk reward. paying $2 for $1 of deployable capital means you effectively need a 2x just to offset the premium once USDC rates normalizes.

but the premium is also the alpha because arc has an access problem

despite heavily constrained liquidity, an entire speculative stack is already forming:

https://x.com/arndxt_xo/status/2098338464840417515