At the risk of meriting this story with a response, from what I've read, I was under the impression that Arc was not implemented as an interpreter, but rather,

At the risk of meriting this story with a response, from what I've read, I was under the impression that Arc was not implemented as an interpreter, but rather, using macros. This would mean Arc has more of a compiler implementation (Arc => PLT) than an interpreter. Am I wrong about this? (It's on my list to read the source code, but haven't yet.)