Facet Swap: An on-chain inscription trading platform created by the founder of ETHS, with participation methods and key token introductions

Author: Deep Tide TechFlow

With the explosive popularity of inscriptions on the Bitcoin ecosystem, the Ethereum inscription ecosystem has also made new moves.

Recently, the inscription trading platform Facetswap, founded by Middlemarch, the creator of Ethscription, has been a hot topic among inscription players.

On Facetswap, users no longer need to purchase Ethereum inscriptions (such as ETHS) one by one as before, but can buy them on demand.

Facetswap successfully launched on November 30, and on that day, the amount of ETH it burned exceeded that of Uniswap, briefly ranking first across the network.

The high trading enthusiasm can largely be attributed to the fact that Facetswap is incredibly cheap.

Although all Facet transactions are Ethereum transactions and all Facet data is stored on Ethereum, the gas fees incurred on the Ethereum mainnet are only one-tenth of the original.

When rushing for inscriptions, cost considerations are crucial, and the major part of Ethereum's transaction costs is gas fees, which can lead to situations where transactions become unaffordable during network congestion.

However, Facetswap significantly reduces gas fees, and all data is on the mainnet, rather than based on L2 implementations.

How is this achieved?

The idea behind the Facet protocol is to use the predicted results of Ethereum transactions instead of actual smart contract transactions to lower costs. By sending transactions to a standard address instead of a smart contract, Facet can include the predicted results of interacting with the smart contract, thereby reducing transaction costs.

In simple terms, everything still happens on the Ethereum mainnet; only the method of processing transactions has changed.

Thanks to the reduction in transaction fees, the enthusiasm for Ethereum inscriptions continues. After the official launch of Facetswap, several liquidity pools related to inscriptions began to appear.

As of the time of writing, there are a total of 35 liquidity pools on Facetswap, involving 35 different types of inscription assets.

How to Participate in FacetSwap?

1. Go to the Facet Swap official website and select the cross-chain bridge option;

2. Enter the amount of ETH you want to cross-chain; it must be converted to FETH to use Facetswap, but the mainnet ETH used for settlement acts as Gas.

For example, if the gas fee during a transaction on Uniswap is around 10U, then the gas fee on FacetSwap is about 2U.

It is important to note that currently, funds entering Facetswap are not allowed to be withdrawn. The founder responded that for security reasons, funds can only be freely accessed five days after the launch.

Now, with increased liquidity, the price of ETHS has surpassed $8,000.

As more Fomo funds pour in, this low-cost Facet Swap market is bound to attract more attention.

You might also think that there is currently Uniswap on the Ethereum mainnet. Although FacetSwap has only launched liquidity pools related to inscriptions, thanks to the low fees, adding more assets to attract users may just be a matter of time.

Finding Potential Assets in the Early Days of Facet Swap

Looking at the present, which tokens in FacetSwap are worth focusing on?

This article will summarize four tokens deployed in the first block: FacE7, 18684900, PAMP, and ETHX, exploring whether they can stand out in the new ETHS market.

1. FacE7

FacE7 is the first letter inscription deployed after the launch of FacetSwap, with a total supply of 21,000,000. The minting process lasted about half an hour, and it was the first inscription to be fully minted. Currently, its pool size ranks fourth in Facetswap, added by retail investors.

Meme Points:

• The first inscription to be completely minted;
• The first letter inscription deployed;
• In FacetSwap, the minting method for inscriptions is no longer to transfer ETH to oneself, but to transfer to the official address 0x00000000000000000000000000000000000FacE7 deployed by the founder, which is also the source of the name FacE7.

2. 18684900

18684900 is the first inscription deployed after the launch of Facetswap, and it is also referred to as the 18 Genesis because Facetswap officially launched on the mainnet in block 18684900. It has a total supply of 190,000 and was fully minted after the completion of FacE7. Currently, its pool depth ranks fifth, also added by retail investors.

Meme Points:

• The first inscription deployed after the launch of Facetswap;
• The founder of Ethereum inscriptions personally participated in the minting, and 18684900 was the only minting operation conducted that day;
• The special commemorative significance of the 18 Genesis.

3. PAMP

Among these tokens, PAMP has a different issuance method: it is distributed through airdrops.

The project team uses the ENS subdomain ethscriptions.eths as the condition for the airdrop, and holders of the 10K ETHS domain will receive free allocations of $Pamp, which is also the official meme token of the project. For each minted subdomain, 70,000 $pamp tokens will be received. There is no maximum limit per wallet, but a maximum of 50 subdomains can be minted per transaction. The total supply of tokens is 1 billion.

Although its pool depth ranks second, most of it is added by the project team, which has promised to allocate 40% of its income and 20% of the total amount of Pamp as the initial liquidity pool for $pamp.

Meme Points:

• An official community and official Twitter existed before the token issuance;
• The term "Pamp it" appears frequently in the English community, meaning "to pump";
• The developer has a close relationship with the founder of Ethereum inscriptions.

4. ETHX

Although ETHX has received less attention among these four, it is still the third contract deployed early on Facet Swap. It was the last to be fully minted among FacE7 and 18684900, with a total supply of 21,000,000 and a fair launch.

Currently, its pool depth ranks eighth, added by retail investors.

Meme Points:

• One of the four major Genesis inscriptions of Facetswap;
• Compared to FacE7 and 18684900, the name ETHX is more easily accepted by investors;
• It has the smallest market capitalization among these four inscriptions.

In conclusion, the launch of FacetSwap not only continues the enthusiasm for inscriptions but will also inevitably drive up the prices of certain assets within it. In the short term, we can foresee a peak in liquidity and user growth;

However, in the long term, we do not hope for it to focus solely on the inscription market, as a swap platform with lower transaction fees should benefit more assets within the ecosystem.

Whether FacetSwap can sustain itself in the long run remains to be seen.