ETHS 6000 times increase, what other stories were told besides Ethereum inscriptions?
The cost of participating in Ethscriptions is less than 1U, and those who have stayed in from the beginning have already achieved a 6000-fold return.Author: Jaleel, BlockBeats
As of now, the transaction volume on the Ethscriptions platform has reached 7000 ETH, with a floor price of 4032 USD. On June 18, the initial cost was less than 1 USD, and those who have stayed in since the beginning have seen a return of 6000 times.
Chris Lee, former CFO of HuobiGlobal and former CEO of OKX, expressed his recognition of the power of trading platforms and communities in Greater China, while also showing optimism about the potential of ETHS.
Last month, BlockBeats discovered the operational logic of Ethscriptions. At that time, the ordinals ecosystem was still in a state of silence, and after hovering around 270-300 for 3-4 months, Ethscriptions suddenly surged to 800 USD.
During the rise of Ethscriptions, KOLs found many traffic secrets and played a significant role in promoting it. The content of their posts included "#ETHS", and all it took was some time for "silent blooming" while waiting for the ETHS army to arrive, which could lead to many one-click interactions.
In the Ethscription Telegram group, community members are always on standby, charging forward to increase traffic for related tweets. The higher the traffic, the more KOLs speak, and the higher the price. Driven by them, more and more KOLs came to flood the relevant content, forming a powerful traffic secret.
Related reading: 《ETHS Hits New High, How Sophisticated Are the Operational Tactics Behind It?》
L2 New Narrative
Ethscriptions allows 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 creator wrote on Twitter.
BlockBeats previously wrote about Ethscriptions when it launched. Related reading: 《The "NFT Ancestry" Triggered by Ordinals Is Not a Return to Idealism》。
In addition, another operational tactic of the Ethscriptions army is to compare ETHS with L2, and this new narrative has gained strong traction within the community.
"ETHS is another idea for Ethereum Layer 2. Layer 2 is a separate chain and can have 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 have 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 is how community members express it when communicating externally.
The source of this L2 new narrative is the ESIP-5 and ESIP-6 development proposals launched on 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 the launch of ESIP-5, it will support bulk transfers of inscriptions in a single transaction. According to @0xHirsch, each transaction can transfer up to 4,000 inscriptions, costing only 0.11 ETH at the current gas fees.
Therefore, as the ESIP-5 and ESIP-6 development proposals are about to be executed, members of the Ethscription 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 0.05 USD, making gas interactions cheaper than many L2s."
