A look at the Ethereum Inscription Track Besides the thousandfold coin ETHS, which other projects are worth paying attention to?

Exploring the Ethereum Ecosystem Beyond ETHS, Which Other Projects Are Worth Your Attention?

Author: Crypto Insights

As the title suggests, the current leader in the ERC20 race is $eths, with a price of 1.398 ETH, approximately 2600U for one token. The initial MINT price for a token was only 2-3U, and the early off-market price was around 50U.

So this is definitely a track that has multiplied in value by thousands, although it is still not as impressive as the $ORDI and $SATS tracks of the brc20. However, compared to other inscription tracks, it is already quite excellent.

Ethscriptions Concept

Ethscriptions is an alternative to smart contracts and L2, which are currently centralized.

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It is also a protocol that allows users to share information and perform computations on Ethereum L1 at a very low cost.

This is achieved by calculating the state through the application of deterministic protocol rules to “dumb” Ethereum call data, bypassing the storage and execution of smart contracts.

The goal of Ethscriptions is to enable ordinary users to perform decentralized computations at a reasonable price.

Now, Ethscriptions primarily serves as a cheaper NFT. On August 7, 2023, the Ethscriptions Virtual Machine (ESC VM) was proposed, which is a new protocol built on top of Ethscriptions. The purpose of ESC VM is to enhance the functionality and scope of the Ethscriptions protocol by enabling it to serve as a general-purpose computing engine.

Founders:

• Middlemarch@dumbnamenumbers, equivalent to domo of BRC20
• Michael Hirsch@0xHirsch

First Protocol Token ETHS

Ethscriptions minting and secondary market: https://www.etch.market/tokens

Ethscriptions official Twitter: https://twitter.com/eths_official

Ethscriptions, the Ethereum inscription protocol, was launched on June 17th this year. The minting cost of its text token $eths is approximately 0.5U, and the off-market price reached 100U within a few days after minting, bringing early investors a hundredfold return.

In the image below, you can see that the current number of holders is 2208, which is still lower than the number of holders of ORDI, which is 13196. The market cap of ETHS is 55 million USD, while ORDI is 150 million USD, a difference of three times. Both have a total supply of 21,000,000.

Development History

On June 17th, Ethscriptions was founded, and the first project launched by the official was Ethereumpunks, which sold out completely in approximately 2 hours after going live. Currently, the floor price for Ethereumpunks is 0.006E.

Although Ethereumpunks was the first project launched by the official, it did not receive a strong market response. The real game-changer for Ethereum inscriptions was the profit-generating $eths.

On July 25th, founder Tom Lehman tweeted announcing the official launch of Ethscriptions Marketplace V2,

On August 8th, the ESC VM (Ethscriptions Virtual Machine, Ethereum Inscriptions Virtual Machine) testnet went live, taking Ethscriptions on a new development trajectory.
On September 8th, Ethscriptions officially announced $eths as their official token.
On the evening of October 8th, the price of $eths skyrocketed from around 300 U to 800 U, causing widespread discussion.
FACETSWAP
Project Background
Website: http://facet.org
Email: [email protected]
Discord: http://discord.gg/facet
GitHub: http://github.com/0xfacet
Facet is the new name for the decentralized low-cost trading platform built by Middlemarch and Michael Hirsch. Before this, the project was called dumbswap and has now been renamed Facetswap. The previous protocol was Ethscriptions Virtual Machine, now known as the Facet protocol or simply Facet.
This gives the project a bigger backstory, as it is backed by the ERC20 protocol in the Inscriptions track, which is now firmly positioned as the second biggest project, with the leader project ETHS approaching 3000U per token. With this tailwind, FACET can develop even better.
Project Roadmap
1. In November, the official inscription split bridge exclusively for eths inscriptions and FacetSwap will go live on the mainnet.
2. Details and exact launch time on the mainnet will be officially disclosed next week.
3. Eths inscription holders will continue to benefit from other projects in the Ethscriptions ecosystem.
4. The first exclusive benefit for eths inscription holders is coming soon. Holding eths inscriptions will provide the opportunity to participate in the well-known NFT project Free Mint by Ethscriptions. Specific details will be announced.
Token Information
Total supply of the uppercase $Facet is 21000 tokens, with each token being worth 1000 coins.
Total supply of the lowercase $facet is 21000 tokens, with each token being worth 1000 coins.
Price: 0.02199ETH Market cap: 461.79ETH
Why are there uppercase and lowercase tokens? This is due to indexing issues and the mainnet not being launched yet. Both uppercase and lowercase FACET were almost simultaneously deployed, resulting in a divided community and two trading markets.
Etch – primarily for trading lowercase facet tokens; website: https://etch.market/market

While https://ethsmarket.xyz/market focuses primarily on uppercase transactions, everyone should pay attention to the difference.

Because the founder has always used uppercase $Facet and has also emphasized index consistency multiple times, we recommend focusing on uppercase Facet. However, regardless of how it is ultimately handled, we hope it does not affect the project’s development.

Evaluation

Compared to the price and market value of $eths, the road ahead for $Facet is still long. Although both founders are Middlemarch, their missions are different. As a platform token for swapping, facet’s advantages will only become evident once the mainnet is launched. Therefore, we believe the reasonable valuation for $Facet is between 0.1ETH and 0.2ETH, and the overall market value can be 1/5 of ETHS. But in the end, the market’s verdict depends on the development of the ERC20 track as a whole. This is a place where miracles can happen after the BRC20 track.

IERC20-$ethi

IERC-20 official Twitter @EthinscXYZ

We classify this new protocol as the Ethereum Inscription Protocol. IERC20 is the inscription token protocol for ETH and is responsible for standardizing inscription token protocols. Anyone can deploy their tokens, mint tokens, and trade tokens on IERC20.

ETHI is the first token in the IERC20 ecosystem, with a current price of 0.016ETH.

Trade market: https://www.ierc20.com/

Others: Image market https://ethscriptions.com/

In general, ERC20/Ethscriptions can only compare to BRC20, although the official goal is to compare to the Layer2 track. However, the gap is too large, even compared to the brc20 track. After all, apart from the Dragon – Dragon II, the level of participation in the other projects is not high. The current market enthusiasm is also due to the soaring of the leader, which has produced a wealth effect. But after the market cools down, it still needs to attract more users through construction.

Three development stages can be set:

• Phase 1: In this phase, $eths can be compared with $ordi;
• Phase 2: In this phase, $eths becomes a token. The base layer can be compared with Arbitrum or Optimism, and different types of native projects will emerge;
• Phase 3: In this phase, the projects on the Ethereum mainnet will expand to the ecosystem of dumb contracts.

This also clarifies the development goals, and we look forward to more high-quality ERC20 projects in the future.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!