Author: Encryption Horizon

As the title suggests, the current leader of ERC20, $eths, has a single price of 1.398ETH, approximately 2600U, while the initial MINT price was only 2-3U per piece, and the early off-market price was around 50U.

So this is indeed a thousandfold track, although it is not as good as the $ORDI and $SATS tracks of the brc20, it is still quite outstanding compared to other inscription tracks.

Ethscriptions Concept

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

It is also a protocol that allows users to share information and execute calculations on the Ethereum L1 at extremely low cost.

This goal is achieved by bypassing smart contract storage and execution and instead calculating state by applying deterministic protocol rules to "dumb" Ethereum call data.

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

Today, Ethscriptions mainly serves as a cheaper NFT. On August 7, 2023, 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 act 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 trading market: https://www.etch.market/tokens

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

On June 17th of this year, the Ethereum inscription protocol Ethscriptions was launched, with a minting cost of about 0.5 U per $eths. In the days following the end of minting, the off-market price reached 100 U, bringing early participants a hundredfold return.

As shown in the figure below, the current number of holders is 2208, which is still lower than the 13196 holders of ORDI, and the market value of ETHS is 55 million USD, while ORDI is 150 million USD, a difference of 3 times. Both have a total supply of 21,000,000.

Development History

On June 17th, Ethscriptions was founded, and the first project officially launched by the team was Ethereumpunks, which sold out within about 2 hours of going live. The current secondary floor price is 0.006 E.

Although Ethereumpunks was the first project officially launched by the team, the market response was not strong. It was the $eths that brought impressive returns that truly made the Ethereum inscription stand out.

On July 25th, founder Tom Lehman announced the official launch of Ethscriptions Marketplace V2 via a tweet.

On August 8th, the ESC VM (Ethscriptions Virtual Machine) testnet went live, taking Ethscriptions onto a new development trajectory.

On September 8th, the Ethscriptions team officially announced $eths as their official token.

On the evening of October 8th, $eths saw a surge in both volume and price, skyrocketing from around 300 U to 800 U, sparking widespread discussion.

FACETSWAP

Project Background

Website: http://facet.org

Email: hello@facet.org

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. Prior to this, the project was called dumbswap, and it is now renamed Facetswap. The previous protocol was the Ethscriptions Virtual Machine, now referred to as the Facet protocol or simply Facet.

This gives the project a larger story background, backed by the ERC20 protocol in the inscription track. It has now firmly established itself as the second leader in the dragon, with the leading project, ETHS, approaching 3000U per piece. With this momentum, FACET can develop even better.

Project Roadmap

1. In November, the official inscription split bridge and FacetSwap exclusive to eths inscription will go live on the mainnet!

2. Details of the mainnet launch schedule and exact launch time will be officially disclosed next week.

3. Eths inscription holders will continue to receive benefits from other projects in the Ethscriptions ecosystem.

4. The first benefit exclusive to eths inscription holders is coming soon. Holding eths inscription will provide the opportunity to mint Free Mint, a well-known NFT project of Ethscriptions. Specific details are yet to be announced.

Token Situation

Uppercase $Facet total supply 21000 pieces, single piece 1000 coins

Lowercase $facet total supply 21000 pieces, single piece 1000 coins

Price 0.02199ETH, market value 461.79ETH

Why are there uppercase and lowercase? Due to indexing issues and the mainnet not being live, both uppercase and lowercase FACET were almost simultaneously deployed, causing a split in the community. There are also two trading markets.

Etch - mainly for trading lowercase facet; website: https://etch.market/market

While https://ethsmarket.xyz/market mainly trades in uppercase. Please pay attention to the distinction.

Since the founder has always used uppercase $Facet and has repeatedly emphasized index consistency, we recommend focusing on uppercase Facet. However, regardless of the final decision, we hope it will not affect the project's development.

Evaluation

Compared to the price and market value of the leading $eths, $Facet still has a long way to go. Although both founders are Middlemarch, the missions of the two are different. As a platform token for swap, the advantages of $Facet will only be highlighted after the mainnet goes live. Therefore, we believe the reasonable valuation of $Facet is between 0.1ETH-0.2ETH, and the overall market value can be 1/5 of ETHS. However, the final market situation still depends on the overall development of the ERC20 track, which is a place where miracles can be created after the BRC20 track.

IERC20-$ethi

IERC-20 official Twitter @EthinscXYZ

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

ETHI is the first token in the IERC20 ecosystem, currently priced at 0.016ETH

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

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

Overall, ERC20/Ethscriptions can only compare to BRC20. Although the official intention is to compare to the Layer2 track, the gap is too large, even compared to the BRC20 track. After all, apart from the top two, the participation is not high. The current popularity is also due to the wealth effect generated by the surge of the leading project. However, after the market calms down, it is still necessary to attract more users.

Three development stages can be set:

• First stage: In this stage, $eths can be compared to $ordi;
• Second stage: In this stage, $eths is a pass. The base layer can be compared to Arbitrum or Optimism, and different types of native projects will emerge
• Third stage: In this stage, 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.

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