Author: Mia, ChainCatcher

With the popularity of Pepe and Blad this year, Memecoin has once again been pushed to the forefront, attracting the attention of many traders. The dreams of getting rich overnight and the short-term speculative mentality are driving them to rush into the primary market. High returns come with high risks. While it seems to fulfill the dreams of getting rich in the primary market, there are hidden dangers. Various risks such as "Rug Pull" and the use of permissions and logical loopholes to take away investors' funds are rampant in the primary market. At the same time, in order to gain more chips during token issuance, traders often resort to extreme measures, and unethical trading behaviors such as "scripts" and "scientists" seriously disrupt the issuance order of the primary market. Users are beginning to crave a more fair token distribution mechanism, and "how to achieve a fair launch" has become one of the serious problems facing token issuance.

With the popularity of BRC20 tokens earlier this year, BRC20 tokens were successfully deployed on the Bitcoin chain through Ordinals. Its extremely simple token issuance method maximizes the fairness of token distribution and once again makes fair issuance on the Bitcoin chain a hot topic.

• Bitcoin's unique UTXO mechanism and low performance prevent many smart contract robots with speed advantages from working on the Bitcoin network, thus avoiding excessive advantages and preventing unfair behavior.
• The original intention of Bitcoin is to achieve complete transparency, fairness, and auditability. During issuance, everyone has a fair chance to participate, and all miners can independently participate in mining and bear the cost of computing power and electricity.
• The launch of the Ordinals protocol provides a fairer way of issuance. Since contracts cannot be deployed on the Bitcoin network, it avoids various security risks and some selfish designs in smart contracts. Everyone can only deploy and participate in token minting fairly on a first-come, first-served basis, and the transaction fee paid directly determines whether it can be packaged faster by miners.

Inspired by the fair issuance of BRC20, in the current pursuit of a more decentralized token issuance mechanism, the NULS ecosystem NERC20, as a new generation ERC20 fair launch platform, has been launched to bring the spirit of fair issuance to the NULS chain and the emerging Linea chain.

1. What is NERC20?

As an ERC20 fair launch platform, NERC20 combines the advantages of fair distribution and decentralization of Bitcoin with the flexibility of smart contracts and programmability, supporting rapid deployment of fair issuance in EVM smart contracts. It aims to be a connector of trust for projects and communities, allowing anyone to deploy and mint tokens on NERC20.

NERC20 tokens, based on the ERC20 standard protocol, have more functions compared to BRC20:

• NERC20 tokens have a wider range of applications and can be managed in wallets familiar to the public.
• Support for use in the DeFi ecosystem, including DEX, staking, lending, etc.
• NERC20 tokens have no Owner permission (ownerless tokens), and each user can enjoy the value of the tokens on an equal basis.
• Tick character count can be upgraded.
• Highly decentralized, contracts are deployed on the chain, including search, lookup, and other functions, all carried out directly in smart contracts, and users interact directly with the contracts.

Similar to most fairly distributed tokens, in NERC20, tokens are not pre-mined, and the total supply of tokens starts from zero and continues to be minted until the token cap is reached, ensuring that each token is fair and transparent. In addition, to prevent the rampant witching and smart contract robots and maintain the fairness of participants, NERC20 has added functions such as lock-up period, holding conditions, and pre-sale/crowdfunding based on the ERC20 standard contract.

Lock-up period:

The lock-up period can prevent unfair trading by witches and smart contract robots to maintain the fairness of participants. After the user mints for the first time, they will enter a lock-up period. If they want to continue minting during the lock-up period, they need to pay a small fee to the platform.

Each additional minting will double the fee. For example, for the first minting during the lock-up period, 1 NULS will be paid, the second time will require 2 NULS, the third time will require 4 NULS, and so on.

In addition, for NERC20 tokens with a lock-up period, batch minting (Rollup Mint) is not allowed.

Holding conditions:

The deployer can set holding conditions (holding assets include NFTs and other ERC20 tokens) to prevent witch accounts from minting tokens on a large scale.

Pre-sale/crowdfunding:

The deployer can set the pre-sale/crowdfunding price of the token to charge a certain fee during minting. However, tokens with high market recognition are generally minted for free.

Based on the different combinations of the above 3 sets of attributes, NERC20 tokens have the following 8 subtypes:

When deploying token contracts, issuers can set the above three attributes according to their needs.

2. How to Deploy Tokens on the NERC20 Platform

Currently, NERC20 version 2.0 has introduced a new choice of minting mode, which includes:

Free mode: Users can mint freely without any fees. Users only need to fill in the four items mentioned above to issue a NERC20 token without a lock-up period, holding conditions, and free minting. Click "Confirm" at the bottom right, call the "Metamask wallet," and start deploying the new token.

Donation mode: Deployers can set the minting price and collection address, and users mint according to the set minting price. The minting unit price refers to the amount of NULS paid by the user when minting. The minting price is denominated in NULS. When 1 is entered, the cost of a single minting is 1 NULS. Donation collection address refers to the address where the deployer receives donations, which defaults to the current linked E NULS wallet address. In other words, the donation mode is similar to sending tokens directly to the deployer and does not establish a liquidity pool.

Pool addition mode: Deployers can set the minting unit price and pool addition ratio, and users mint according to the set minting price. The minted tokens are added to the liquidity pool based on the set ratio and minting unit price in NULS (100%). LP tokens will be automatically sent to the black hole for permanent destruction through the contract. When the pool addition project reaches 100% completion, the tokens can be traded.

Pool addition ratio: The ratio at which the user's donation is added to the liquidity pool. For example, if the ratio is set to 30%, when a user mints 1 NULS, 1 NULS + 30% of the minted tokens will be added to the liquidity pool.

Currently, the deployment fee for NERC20 TOKEN on the ENULS chain is set at 10 NULS, and the deployment fee on the Linea chain is 0.01 ETH. Whether the fee rules will change in the future will also be determined by community proposal voting as the platform is improved and optimized.

3. How to Participate in Minting on the NERC20 Platform

According to the official website, NERC20 currently supports participation in minting on the ENULS chain and the Linea chain.

Purchase on the ENULS chain:

To participate in minting on the ENULS chain, users need to purchase NULS and then cross-chain them to E NULS through the NULS wallet nabox.io to start minting.

NERC20 contract address on ENULS: 0x07f93a28b330ad4efF5d2aefD9C114E98e385a26

Purchase on the Linea chain:

To participate in minting on the Linea chain, users need to cross-chain ETH to Linea for purchase, also completed through the NULS ecosystem wallet nabox.io.

NERC20 contract address on Linea: 0xF3Cb1Dca9fba743952273E353b44976FA58c30eC

When users participate in minting on the NERC20 platform, they should also pay attention to the risks involved. It is advisable to refer to the deployment mode mentioned above and choose projects with a pool addition ratio of 30%-50% to avoid the risk of capital return.

The minting process is as follows:

Click the button in the image above to start minting. First, the details of the token will be displayed, as shown in the image below:

Check if the minting parameters are correct.

Note: If they are not, a red warning will appear, and minting cannot continue at that time.

After clicking the "Mint" button, send the transaction in the wallet, and the minting will be completed when the transaction is confirmed.

4. Advantages of NERC20

Although NERC20 draws inspiration from BRC20, it is not completely limited to the framework of BRC20, but rather interprets "fair launch" more appropriately based on the characteristics of smart contract technology and the ecosystem.

NERC20 applies the mechanism of BRC20 to issue coins on the NULS chain with one click. While absorbing the fair issuance characteristics of BRC20, it combines the composability of the DeFi ecosystem.

• NERC20 tokens can be easily managed in wallets familiar to the public, eliminating the need to download a specialized BTC wallet like BRC20. This not only makes it more convenient to use but also lowers the barrier for user participation.
• To prevent whales and scientists from having too many chips, project deployers can set a whitelist on the NERC20 fair launch platform to achieve fair issuance.
• The pool addition mode allows users to add liquidity based on the set ratio and minting unit price during minting. LP tokens are permanently destroyed, preventing the project party from withdrawing from the liquidity pool and increasing the security of user participation. (It is recommended that deployers add a higher proportion to the liquidity pool to increase the attractiveness of the project.)
• In addition, once the token minting is completed, it will automatically start trading on PheasantSwap (a DEX platform on Linea).

Conclusion

Undoubtedly, the launch of the fair launch platform NERC20 has achieved fair issuance on NULS and Linea, greatly simplifying the token issuance process. Developers can efficiently, reliably, and cost-effectively deploy their own project tokens. The pool addition mode also effectively prevents Rugpull and greatly protects the rights of users. In the future, NERC20 may become the main battlefield for Memecoin in the NULS and Linea ecosystems.

As the Linea ecosystem gradually rises, more projects will be launched on Linea, and NERC20 will take the lead, injecting more momentum into the development of the Linea ecosystem. It will also expand to more public chains in the future.

Of course, NERC20's empowerment of NULS tokens and the integration with the ecosystem nabox.io also provide greater vitality and potential for the development of the NULS ecosystem. In addition to providing more fair and decentralized trading, the character count upgrade of NERC20's Tick will also open up more room for imagination for users, prompting them to explore and develop more innovative applications based on NERC20 tokens.

Currently, the community governance token $NERC has been fully minted and is open for trading. In the future, a community governance voting platform will be launched to assist in the decentralized development of NERC20.

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