ETHS hits a new high, how sophisticated are the operational strategies behind it?
What is the reason for the arrival of spring for Ethscription this time? Who are the driving forces behind it? What are the sophisticated operational strategies?Author: Jaleel, BlockBeats
Amidst the silence in the ordinals ecosystem, Ethscriptions, which mimics BRC-20 Tokens, has suddenly surged, nearly doubling to 800U after hovering around 270-300 for 3-4 months.
This has surprised many, as Ethscriptions initially launched without indexing, a trading market, or even the well-prepared technical documentation like BRC-20.
Promoters are optimistic about ETHS and are entering the market in droves
Ethscriptions allow non-financial and arbitrary data to be written onto the Ethereum blockchain, as long as the file size does not exceed 96 kilobytes, users can inscribe any type of file. According to its creators, while it currently only allows images, this will change in the future.
These inscriptions utilize what is known as Ethereum "call data," which refers to the data provided in calls to smart contracts. Lehman stated that this is cheaper and more decentralized than using contract storage. The protocol "ensures the uniqueness of all valid Ethscriptions content," the creators wrote on Twitter.
BlockBeats previously wrote about Ethscriptions when it launched. For further reading: “The 'NFT Ancestry' Triggered by Ordinals is Not a Return to Idealism”.
In a tweet posted two years ago, @dhof graded ETH "on-chain NFTs" based on different implementations of "fully on-chain NFTs." One-star is storing data in the calldata field of ETH transactions, two-star is storing data via the EVM opcode sstore and rendering it through external scripts, and the highest three-star is storing data via the EVM opcode sstore and rendering it through a built-in renderer in the smart contract to output SVG images or other similar data URIs.
If we rate Ethscriptions according to this standard, it can only receive a one-star rating. As mentioned at the beginning of its official website, Ethscriptions are achieved by storing data in the calldata field of ETH transactions. The rendering of images must be done through off-chain indexing, and by open-sourcing the index, off-chain operations are also made decentralized.
So, what has caused the arrival of Ethscriptions' spring? Who are the promoters behind it? What sophisticated operational strategies are at play?
"Dude, you understand the traffic secrets"
During the rise of Ethscriptions, KOLs found many traffic secrets, playing a role in boosting the momentum. Their posts included "#ETHS," and all that was needed was some time for "silent blooming," waiting for the ETHS army to arrive, which could yield many one-click interactions.
In the Ethscriptions Telegram group, community members were always on standby, charging forward to boost the traffic of related tweets. The higher the traffic, the more KOLs talked about it, and the higher the price went. Under their influence, many small players followed suit, flooding the content with interactions, forming a powerful traffic secret.
"We focus on a new narrative for L2"
In addition, another operational strategy of the Ethscriptions army is to compare ETHS with L2, which has gained strong traction within the community.
"ETHS is another approach for Ethereum Layer 2. Layer 2 is a separate chain and can close backdoors. ETHS trades on the Ethereum mainnet, with gas fees as cheap as Layer 2. Swaps, DeFi, and GameFi on the mainnet can all be realized on ETHS. Most importantly, it runs on the mainnet, which cannot close backdoors, making it safer and more decentralized than Layer 2. Currently, various Layer 2s have market caps in the billions, while ETHS only has a few million." This statement has become a set of copy-paste rhetoric.
The source of this new L2 narrative seems to be the upcoming ESIP-5 and ESIP-6 development proposals for Ethscriptions.
The ESIP-5 proposal refers to Bulk Ethscription Transfers from EOAs. Currently, non-contract addresses only support transferring a single inscription in one transaction, but after ESIP-5 goes live, it will support bulk transfers of inscriptions in one transaction. According to a tweet from @0xHirsch, each transaction can transfer up to 4,000 inscriptions, costing only 0.11 ETH at the current gas fees. The ESIP-6 proposal refers to Opt-in Ethscription Non-uniqueness. Currently, inscriptions with the same content (characters) are only considered valid for the first one. This indexing rule ensures the uniqueness of inscriptions, but it poses limitations and issues for use cases that require passing on repeated information, such as the operation of the Ethscriptions virtual machine, which needs to exchange and verify information between smart contracts and Dumb Contracts.
Therefore, as the ESIP-5 and ESIP-6 development proposals are about to be executed, members of the Ethscriptions community believe: "Compared to other L2 solutions (like ZK, ARB), ETHS can achieve gas fees cheaper than L2 without network switching. After upgrading to ESIP-5 today, the gas for each transfer has dropped to around 0.05U, making gas interactions cheaper than many L2s."
In the current crypto environment, project narratives, rhetoric, and operational strategies have become increasingly sophisticated. With the clever means of community operation, Ethscriptions has gained significant traffic and attention. Regardless of the project's own development, the operational strategies behind ETHS have proven the high level of communication and operation that can be achieved in the crypto asset circle. However, whether its technical strength can support the current high valuations remains to be seen.
