Author: Climber, Jinse Finance
On August 3, the floor price of eths, the leading "concept currency" on the Ethereum inscription protocol Ethscriptions, reached an all-time high near $640. The skyrocketing phenomenon made many investors take a lot of money, and at the same time, it was also recognized by the founder of BRC-20, domo.
eths was launched in mid-June, and the minting cost for early users was 0.8-1 US dollars, an increase of about 640-800 times in just one and a half months.
In the past, Ordinals revitalized the Bitcoin ecology, and the existing eths cited community FOMO. Why on earth can eths be favored and rise? After the outbreak of DeFi Summer and NTF Summer, can the concept of inscription become the successor?
e ths fire
In recent days, a number of KOLs in the crypto have posted on the social platform X one after another, saying that the floor price of eths has continuously set new records, and the price reached a maximum of $640 just yesterday.
Faced with the continuous rise of eths and the exaggerated price growth rate, some netizens are glad that they have the foresight to hoard a lot of eths. But the voice of regret is more. Some netizens even said that it is easier to make a few eths and make a fortune than to spend half a year working hard on a project.
As of writing, the eths floor price has fallen back to $550. But there are still many netizens who say that this is a great opportunity to get on the car, and predict that the floor price of eths will rise to $1,000 in the next period of time.
The rise of eths has also changed the contemptuous attitude of some KOLs, especially Ordinals believers.
Ordinals Chinese community KOL Pan Pan @GGstarlord thought on August 2 that eths had no room for growth, but changed his view on August 3 and chose to buy eths, saying that it was really fragrant.
What is e ths ? How does Ethscriptions work?
eths is considered to be the first "concept currency" of Ethscriptions, the first Ethereum inscription protocol, and now OG, etch, gwei, X, etc. are also listed on the protocol.
As the first "concept currency" of Ethereum Inscription, eths has a total of 21,000 tokens. As early as the launch stage, it has been completely beaten by users. Now if you want to have an eths with the first 21,000 numbers recognized by the consensus, you can only rely on off-site transactions.
Jinse Finance in "What is eths?" Ethereum inscription concept currency is also coming? "It was introduced in detail in the article, and it was mentioned when the article was written: when the gas was still low at the earliest, the gas required to mint an "eths" was 0.8U, but a few days later when it was traded over the counter, the sell order and pending order had reached 100U , the bill is 50U each.
According to Dune data, eths is the first "Ethereum Inscription Concept Coin" deployed on the Ethereum mainnet, and the rules for subsequent minting are established by the first miner.
Ethscriptions is similar to the Ordinals protocol on Bitcoin, allowing people to engrave different types of files on the Ethereum mainnet, as long as the size does not exceed 96KB. To be precise, the protocol is to remark information (hexadecimal characters) on a transaction, and then record it in the block.
These burns make use of so-called Ethereum “calldata,” which refers to data provided in calls to smart contracts.
Way of working:
1. Any successful Ethereum transaction whose input data (when interpreted as UTF-8) is a valid data URI will create an Ethscription, provided that the data URI is unique. Duplicate content will be ignored. All valid MIME types are supported.
2. For the URI to remain unique, it must be satisfied that there is no Ethscription with the same content in the previous block or earlier transactions in the same block.
3. Any Ethereum transaction whose input data is the transaction hash of a valid Ethscription is a valid Ethscription transmission, provided that the sender of the transaction is the owner of the Ethscription.
Why does eths rise?
eths can usher in a new historical high, which is inseparable from the attention and support of the founder of BRC-20.
Domo, the founder of BRC-20, first posted that it is really cool to see BRC-20's semi-substitutable, composable design gaining attention on Ethereum. I believe there is still vast ground to be discovered by embracing the unique characteristics of this new asset class.
In response, Middlemarch, the founder of Ethscriptions, responded that he was honored to receive such praise. Ethscriptions was born on the shoulders of giants.
Then, domo jokingly hinted that this summer may belong to the concept of inscriptions.
Another reason for the rise of eths is the launch of Marketplace V2 of Ethscriptions.
Due to the vulnerability of V1, on July 17, Ethscriptions was attacked, and about 123 addresses lost about 202 Ethscriptions.
Then, on July 25th, Ethscriptions rebuilt the marketplace and in the process introduced a new protocol-wide approach to address Marketplace (ESIP-2).
At the same time, the new version also introduces the user collection function, and the inscriptions purchased by users can be displayed and queried. In addition, the official also launched GitBook, users can help the project to build and develop together.
The real reason for the continuous rise of eths is the broad consensus formed by the community. It is precisely because of their optimistic expectations for the prospects of eths and a series of marketing promotions that the price of eths has risen.
Back in June, eths fomo sentiment was running high in the Chinese community. In the Chinese community, investors rely on WeChat groups to place orders and find KOLs as intermediaries to guarantee transactions, forming an over-the-counter trading market.
Even in the past two days, there are still KOLs looking for similar groups to join in order to obtain more value information and benefits of eths.
