Circle released the public mainnet of its Arc platform on September 16, 2026, describing the project as an open Layer 1 blockchain created specifically for financial services and fast, agentic movement of money. Gas on Arc will be paid in USDC instead of using a native volatile token and Circle claims that there were over 100 projects working on the platform on the very first day.

The launch also brought trading infrastructure and memecoin platforms into the same ecosystem. Circle said Aero, fomo and Uniswap anchor Arc’s day-one trading infrastructure, while 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 out of $1,141,120 earned that day by all the launchpad projects on August 9, 2026. That accounts for 98%. The platform uses a bonding curve technology that locks liquidity of a token in its own contract until the market capitalization reaches some limit and the token “graduates” to a public liquidity pool.

Unlike Bullcheese, another memecoin launchpad that had its first public launch simultaneously with the mainnet release of Arc, the platform omits this procedure. All the tokens that it mints go straight to trade within a standard Uniswap v3 pool where the whole token’s supply is locked within the first block of trading.

According to Circle, the platform is supposed to feature eleven initial validators, which include the following companies: BlackRock, Depository Trust & Clearing Corporation, Galaxy, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, Visa and Worldpay (previously known as Global Payments), as part of a staged roll-out process. 

However, the platform warns about the responsibility of Arc LLC and permissioned validators: neither the company nor any of the validators is responsible for the content, accuracy, legality or functionality of third-party applications, protocols and/or services used within the Arc ecosystem.

Even before the launch of the mainnet, the competition in this market was tough enough. As per AirdropAlert, an affiliate blog that reported the event on September 17, 2026, 18 launchpads applied to become Arc’s Pump.fun.

What Is Bullcheese?

According to Bullcheese, it is where you can “launch and explore fixed-supply tokens.” In reality, it is a memecoin launchpad, as evident from the names of tokens that appear on its homepage.

The platform uses USDC as the native currency. All tokens described in Bullcheese’s documentation are paired with USDC, and on September 17, 2026, 87 out of 87 launch records appearing in the platform’s launch feed- 85 public launches and two hidden test launches- had USDC as the pair asset.

Bullcheese operates on the Arc mainnet, chain ID 5042 (Bullcheese uses another chain ID for its testnet on Arc’s testnet). The platform’s first public launch of a token with the ticker CHZLND took place at 08:40:48 UTC on September 16, 2026, when the Arc public mainnet was launched.

Bullcheese is developed and maintained by TrustSwap El Salvador, S.A. de C.V., as stated in Bullcheese’s Terms of Use. Launches are done through MintPlus, which is a Team Finance product. Liquidity locking is also done via Team Finance.

Bullcheese is among over 100 projects listed by Circle as being available for use on the first day of Arc’s release. The absence of mention of Bullcheese, TrustSwap or Team Finance in Circle’s documentation itself means that there is nothing unique about the launch date. In the case of Bullcheese, what distinguishes it is the specific mixture of traits and not any one particular trait such as lack of a bonding curve, total supply in a locked Uniswap v3 pool, a 75% fee share for creator and tiers of reward based on trading volume. As will be evident from the analysis in later sections, none of these elements are individually unique to Arc.

A screenshot taken from the analytics page of Bullcheese shows 86 token launches and $59,700 liquidity locked till September 17, 2026. This number is slightly lower than the 87 listings in the launch feed due to the difference in the systems used.

Launching Without Posting Liquidity

One position above spot

The creators post no liquidity pairs for launching the token on Bullcheese, which is completely free of any launch fees. The create form on Bullcheese is called “Launch Fee Free,” and according to the documentation, the creator posts no assets from the pair, as all the buyers post their own. There are two important notes regarding the same topic, but the first one is that the gas fees on Arc will be paid in the form of USDC, and therefore, the creator needs some funds on hand. The second note is about the optional initial buy, which can be used by the creator to include it in the locked liquidity position.

The maximum total supply for each token is 1,000,000,000, and the whole supply is included in a single liquidity position, which consists only of tokens. The position price is above the current spot price – as per the documentation, it is described as the one “that starts from just above the opening price to the top of the usable tick range.” 

The creators define the opening market capitalization as either $20,000 or $5,000. Then, the buyers provide the USDC side of the liquidity position, which is gradually converted to USDC. MintPlus, the Team Finance product behind the launch, handles the minting, pool creation and locking in one step.

All in one transaction

A Bullcheese launch is a single onchain transaction, wrapped around two offchain steps that cost nothing: a sign-in signature and metadata pinning. In Arc, an optional initial trade is included in the same transaction. It either succeeds and creates the token or fails and results in nothing at all. By design, a token cannot exist on Bullcheese without its pool and its lock already in place.

No Bonding Curve, No Graduation

The graduation funnel on curve platforms

Every token launched on a deterministic bonding-curve launchpad, which provides buy and sell prices through its reserves on-chain, as per Pump.fun documentation. It is tradable as soon as it launches and not post-presale or liquidity seeding like other platforms. Once the token hits a certain graduation threshold, the bond curve is closed and the pool moves to an exchange.

That migration step is rare in practice. Fewer than 2% of all Pump.fun tokens have ever graduated, Solana Compass cited on June 10, 2026. Daily rates differ widely because, as per Cryptopolitan, 269 tokens graduated on January 29, 2026, which accounted for over 1% of all tokens launched, which was the highest rate since it hit 0.92% in summer 2025. All the above figures pertain only to Pump.fun and not curve-based launchpad platforms as a whole.

For instance, Cryptopolitan noted that Solana created a record on September 10, 2026, by launching 263,000 tokens within a day.

What a standard Uniswap v3 pool changes

Bullcheese has neither a curve nor a migration step. The pool in which a particular token is trading at its first block will be the pool it will trade in forever. No moving or redeployment of anything takes place. (“Bullcheese” refers to the second tier as “Aged Cheese, graduated” on its own website, but this does not refer to a migration process; it is a listing tier only.) The addresses used for the factory and position manager in Bullcheese’s documentation are the same as those of the official deployments of Uniswap on Arc, and DexScreener calls the CHEESE/USDC pool a standard Uniswap v3 pool.

Third-party charting services such as DexScreener and GMGN can detect those pools, although Bullcheese states that the token page on their platform will take several minutes to load. In-app swap quotes rely on the 0x Swap API and since the pool itself is a regular Uniswap v3 pool, it can be swapped wherever Arc support exists. Bullcheese claims that limit orders are supported by its pools, yet the venue where one could place them was not specified within the scope of the research. The AI agents could use Bullcheese’s Model Context Protocol server and receive their own wallet on Arc to launch and trade tokens there. In addition, the GMGN terminal allows instant trading of Bullcheese tokens.

The distinction in the practical implementation of both models lies in the place of token trading and visibility of the token to third-party tools. It is not about whether the curve token can be traded before graduating, as it can. In the case of a bonding curve, the token remains locked inside the platform’s contract until the migration event takes place, whereas in the case of the standard Uniswap v3 pool, it is visible from the beginning.

The Creator Fee: 1% Per Trade, Split 75/25

Every transaction using the Bullcheese pool will be charged a 1% fee, the standard Uniswap fee level, according to Bullcheese’s documentation and its creation form. Transactions through any other pools for the same token will not have this fee because it applies to the pool but not the token.

Out of the 1% fee, 75% of it will go to the token’s creator and 25% to the platform, collected when fees are claimed, according to Bullcheese’s documentation. All launches have shown a 25% share for the platform. The person who holds the liquidity lock and not necessarily the creator of the token, must collect the fees from the token’s page.

The fees will accrue in whatever asset is used in making the transaction: USDC when buying and the token itself when selling, based on the on-chain read from the CHEESE/USDC pool on 17th September 2026. The fees will accrue as long as the position is in the pool. After the lock period ends, the owner of the position will withdraw the position and the collection of the fees will follow the ownership of the lock according to Bullcheese’s documentation.

The 75/25 percentage split will be recorded with each launch, and no data from any research shows evidence of a limited-time promotion. However, a single-owner wallet may change the fees charged by the platform in the launch contract, and there is nothing Bullcheese has stated regarding the effect of the change on already-launched tokens.

This position is locked but not burned, and therefore continues to earn its fair share of the trading fees throughout the lock period. Also, the position or its owner can collect the earned fees. This is not in any way income, profit or an assurance of a return, because it all depends on others continuing to trade the token. It has been indicated in the Terms of Use of Bullcheese that most tokens created on permissionless exchanges lose their value or fail.

Liquidity Locked, Not Burned

Lock terms

Bullcheese locks 100% of the liquidity position of every token at launch, according to its documentation and the create form, which, on September 17, 2026, provided for 90 days as the shortest lock. This lock uses a Team Finance locker contract, and the available choices range from 90 days to five years (1,825 days). A lock period set at the time of launch cannot be reduced, as per Bullcheese’s documentation, although the locker can always be moved to another wallet.

Two important qualifiers should be added to these figures. First, the 90-day period is just the floor of the user interface; the actual floor of the locker contract is 30 days, and both of them, as well as the fees charged by the launch contract, can be adjusted by the sole wallet that owns the launch contract, as explained in greater detail later in this article. Second, the lock is, in the words of Bullcheese, not an assurance about price; while a lock on liquidity will prevent it from being removed, it cannot do anything about the decrease in price.

Team Finance and its audit record

Team Finance acts as the locking layer behind Bullcheese, and the owners of Team Finance, TrustSwap, tout it as the trust layer of their wider stack. That is TrustSwap’s language, and not that of independent auditors or analysts.

According to TrustSwap, over $2.7 billion worth of assets have been secured by means of Team Finance. The Team Finance official website shows that around $499 million worth of TVL was active on September 17, 2026 – a significantly lower figure that is not defined in relation to the $2.7 billion assertion.

TrustSwap’s security page mentions four audits of Team Finance’s own contract: CertiK conducted a full contract suite audit for Team Finance V2 in 2023, Hacken conducted a locking and vesting contracts audit for Team Finance V1 in 2022, and BailSec conducted a staking module audit for Team Finance V2 in 2023.

The primary underlying technology behind Bullcheese (MintPlus – a part of Team Finance) was audited by Solid Proof, and subsequent liquidity locks were audited by BailSec, Hacken, and CertiK. In each case, the audit pertains solely to Team Finance’s own contracts; not to Bullcheese, not to the MintPlus deployment on Arc, and not to any token issued via Bullcheese.

The security history of Team Finance can be supplemented by the following case in addition to the aforementioned audits. In October 2022, an unknown attacker stole between $14.5 million and $15.8 million from Team Finance using token migration, and subsequently restored about $7 million. This event is chronologically older than the audits by CertiK and BailSec provided above, and as Hacken claims, the exploited feature was implemented after their audit.

The TrustSwap Stack Behind It

TrustSwap El Salvador, S.A. de C.V. is the operator of Bullcheese, while the website footer attributes the company to TrustSwap Inc. TrustSwap claims that it has been creating infrastructure for the token market since 2020, serving more than 40,000 token projects on 26 blockchain networks, which is a company-reported statistic attributed to other TrustSwap and Team Finance pages as something different.

MintPlus, the platform that powers all launches of Bullcheese projects, is the product of Team Finance and it unites the process of creating tokens, setting up the Uniswap v3 liquidity pool and liquidity locking into one process. Team Finance was acquired by TrustSwap right after its founding in 2020, and its security record is outlined above.

Also, TrustSwap is the owner of The Crypto App, which, according to the company, is a distribution channel for projects from the TrustSwap ecosystem; however, no Bullcheese-specific features inside the app were found. TrustSwap claims that the app has received more than 5.7 million downloads. However, this number cannot be verified since Apple does not release the number of app downloads. The app’s rating can be checked directly: 4.7 stars on the US App Store from about 2,500 ratings, as of September 17, 2026.

Each one of these figures – whether 40,000, 2.7 billion, and 5.7 million – is owned by TrustSwap, which owns the products that have these figures associated with them – Bullcheese, MintPlus, Team Finance and The Crypto App. It doesn’t make any of the figures a reason for skepticism, but it means the figures should be considered reported rather than independently verified figures. For more information on Bullcheese’s mechanics, see its documentation.

Getting Launches in Front of Traders

Official documents by Circle itself indicate that the fomo application is an anchor, together with other platforms like Aero and Uniswap, for the day-one trading infrastructure of Arc. Thus, it does not matter whether Bullcheese integrates with fomo or not since the latter already has fomo on its mainnet. Bullcheese also refers to fomo as an integration partner even though no official information about such a partnership was found during research.

GMGN supports and allows trading of Bullcheese tokens. The site of this project contained information that it had an option for “Instant trade” of Bullcheese’s CHEESE token as of September 17, 2026. Bullcheese also considers this an integration even though GMGN indexes the liquidity pools of Arc rather than having a separate integration with Bullcheese.

The obvious thing is that the tokens of Bullcheese trade on two applications that were created specifically for memecoin traders, namely fomo and GMGN. According to fomo, it has 2,500,000 traders, while GMGN claims that it is a meme token trading platform. As of September 17, 2026, the CHEESE token of Bullcheese had roughly $1.4 million in 24-hour trading volume on DexScreener.

Fresh Cheese, Aged Cheese and the Bulls Arena

How tiers move

Each Bullcheese listing begins with an A level named Fresh Cheese based on Bullcheese’s official documentation. Once the token has made at least $20,000 in trading over a rolling seven days, then the token goes to Aged Cheese. Further, based on Bullcheese’s documentation, there is no set number of listings for the highest tier on Bullcheese known as Bulls Arena, and each listing meeting the requirements of both Aged Cheese and a $50,000 USDC liquidity requirement is accepted during the weekly intake process at 00:00 UTC each Monday.

All trading activity counts towards meeting these criteria, including wash trading and the creator of the token buying their own token, according to the documentation provided by Bullcheese. It is important to note that a token is eligible for each tier based on trading activity, regardless of price: even a token that is worth millions will be stuck in Fresh Cheese until some trading occurs on it. Movement is asymmetric: a token can fall out of the Arena whenever any of the volume or liquidity conditions fail, but cannot move up except once every week on the Arena intake day, Monday.

There is no paid placement mentioned anywhere on Bullcheese’s website. However, the Bulls Arena features TrustSwap’s SWAP token as “Featured”, while the Terms of Use allow the platform to hold, trade, and feature tokens available through it. In addition, the code of the Bullcheese website says that a fixed amount of fees is used to buy back SWAP tokens. SWAP is not a Bullcheese token launch and does not use Arc.

What tiers do not measure

Bullcheese’s own documents define a tier as “a liveness label, not a prize” and explicitly state that tiers indicate nothing about the quality of the token since both liquidity and volume gates that underlie the tier may be artificially created. Bullcheese’s Terms of Use also state that featuring a token does not mean any recommendation or opinion about the worthiness, security, or authenticity of the token. As of September 17, 2026, Bullcheese’s home page had 81 tokens on the list in Fresh Cheese, 4 tokens in Aged Cheese, and 1 token in Bulls Arena.

How Bullcheese Compares

What does the table say?

It is all about shape rather than overall size. According to the Pump.fun fee documentation dated May 20, 2026, this protocol pays out creators 0.30% of the volume on its bonding curve and between 0.05% and 0.95% depending on market cap after graduation (Note that the Pump.fun documentation explicitly mentions that this company can change these fees without prior notice). The 0.75% flat share of Bullcheese comes out higher than Pump.fun’s when the token is worth less than 59,000 USDC in market cap and more than 2 million USDC. In between the mentioned values, it is slightly lower than Pump.fun’s and equals Pump.fun’s when the market cap of the token is between 900,000 USDC and 2 million USDC. There is no clear preference between the two types of structures. It just depends on where the volume ends up being.

Absence of migration means no graduation as well. Graduation remains a rarity on the largest curve platform since only less than 2% of Pump.fun tokens ever graduated.

Each feature of Bullcheese on its own is not unique to the platform on Arc. There is another launchpad on Arc which also doesn’t employ curves but deposits the whole supply in a locked USDC pool and distributes around 64% of fees to the creators, 12% to holder rewards, and 10% to the protocol, according to KuCoin News on September 9, 2026, before the official launch of Arc. On the other hand, another launchpad for September 9, 2026, described as an all-USDC one, said it will allocate 75% of fees to creators and community allocations through a bonding curve first, according to a news release from TechBullion on September 14, 2026. Finally, there was a third launchpad listed somewhere else allocating 80% of creator fees. TrustSwap’s own information about Arc launchpads directly recognizes this split market, saying launch venues on Arc are divided between bonding curve designs and single-sided designs that open a public pool from the very first block.

Thus, the combination of features on Bullcheese is distinct but not unique. It’s also worth noting that curve platforms are not locked out of USDC pairing either: Pump.fun’s own documentation says creators have been able to pair new tokens with USDC since May 21, 2026.

Where it lags

Some restrictions exist along with the design. The locker contract’s minimum lock period is 30 days, while the interface provided by Bullcheese supports 90 days and more, and the contract owner is allowed to modify this restriction. On a general note, the owner of one wallet will be able to alter the fee setting, lock floor, pause the MintPlus contract, and upgrade the Team Finance locker contract on Arc. Bullcheese did not clarify if the fee change would be applied to the already launched tokens. The alteration of the integration addresses on the MintPlus (for example, changing the Team Finance locker address) is supported with 48 hours of timelock, as seen from onchain read on September 17, 2026, but no timelock is set for fee setting, lock floor and locker upgrade.

The markets for the new tokens will be thin at launch as the entire supply of tokens is above the spot price in one single position, and small transactions may make a huge difference in the price. Access is not allowed in the UK and the EU, along with other regions, which are listed below. The platform and the contracts for Arc have just been deployed, with the contracts being deployed on September 15, 2026. Plus, the numbers provided about the Bullcheese stack, such as the $2.7 billion from the Team Finance, the “trust layer,” and the Featured SWAP token by TrustSwap in the Bulls Arena, are not factual but statements made by the company, as the documentation clearly says that the Arena has no fixed number of spots.

Who Bullcheese Is For

Best suited for

Bullcheese is ideal for memecoin developers who wish to go live without posting their own liquidity pair, and who do not mind having a narrow, lopsided pool in the first moments after a token’s creation. In addition, Bullcheese is appropriate for memecoin developers who wish to have a fee share that does not diminish even as a token’s market capitalization increases, and who understand that the only way that they can generate any income from fees is through trades.

Not suitable for

Bullcheese is not well-suited to people who see a reading of a lock or tier as an indicator of quality or security, as Bullcheese itself warns against doing in its documentation. Bullcheese also will not work well for creators who expect a guarantee that the fee split will not change, because Bullcheese gives one person the ability to alter the fee split. Furthermore, Bullcheese is not well-suited to people who cannot afford to take a risk with their money, as Bullcheese warns that there could be losses incurred by using Bullcheese. As Cryptopolitan stated on August 19, 2026, only 6.25% of Solana meme-trading wallets were profitable over the last 90 days.

Jurisdictions where restrictions apply

Access to Bullcheese is not allowed from Cuba, Iran, North Korea, Syria, Russia, Belarus, Crimea region of Ukraine, Myanmar, Venezuela, the United Kingdom, member states of the European Union and territories under comprehensive sanctions implemented by the UN, the US Office of Foreign Assets Control, the EU or the UK. Users should ensure that they have permission to access this service according to their local legislation.

Conclusion

Firstly, Bullcheese takes away from platforms like Pump.fun both the bonding curve and the graduation phase. Instead, a token’s whole liquidity is allocated in a locked Uniswap v3 pool right at the very first block; 1% trading fees are split 75/25 between whoever locks the liquidity and the platform; and tiers are defined not by price, but by volume of the token’s trading.

It started operating on the same day that Circle’s Arc mainnet was launched, joining the launchpad market that’s still being ruled by revenue by a single bonding-curve platform. There are some flaws in this concept worth considering along with its benefits – several of the metrics used to create it were provided by TrustSwap itself, a single wallet controls the configuration of the underlying contracts, and like any memecoin launchpad, most of the tokens launched here won’t retain their value.

—-

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Memecoin Risk Notice: Memecoins are highly speculative. Most tokens created on permissionless launchpads lose value or fail entirely, and a locked liquidity pool or a platform tier is not a statement about a token’s value or safety. Cryptopolitan reported on August 19, 2026 that only 6.25% of Solana meme-trading wallets were profitable over the previous 90 days. Creator fee shares depend on continued trading and are not income or a guaranteed return. Access to Bullcheese is restricted in the United Kingdom, the member states of the European Union, and sanctioned jurisdictions, per its Terms of Use. Check the law where you live before using any launchpad.