ETH’s 6000-fold increase, does it have any practical value besides being a meme?
Can ETH's 6000-fold surge hold any practical significance beyond just being a meme?
As of now, the trading volume of the Ethscriptions platform is 7000eth, and the floor price is 4032U. The cost of entering the market on June 18th was less than 1U. Those who have never left the market have made 6000 times the profit.
Chris Lee, former HuobiGlobal CFO and former OKX CEO, expressed confidence in the power of trading platforms and communities in Greater China, as well as the potential of ETHS.
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BlockBeats discovered the operational logic of Ethscriptions last month. At that time, the ordinals ecosystem was still silent. After 3-4 months of sideways movement in the range of 270-300, Ethscriptions suddenly surged to 800U.
During the rise of Ethscription, KOLs found many traffic passwords and played a role in boosting the momentum. The content of the articles included “#ETHS”, and as long as they needed some time to “bloom in silence”, they could wait for the ETHS army to attack, and they could get many one-click likes and shares.
In the Ethscription Telegram group, community members are also on standby, charging forward together, increasing traffic for related tweets. The higher the traffic, the more KOLs will speak about it, and the higher the price will be. With their support, more and more KOLs are joining in to promote related content, forming a powerful flow of traffic.
L2 New Narrative
Ethscriptions allows non-financial and arbitrary data to be written into the Ethereum blockchain. As long as the file size does not exceed 96 kilobytes, users can record any type of file. According to its creator, although it currently only allows images, this will change in the future.
These recordings make use of the so-called Ethereum “Calldata”, which refers to the data provided in the call to the smart contract. Lehman said 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 has previously written about related content when ETHscriptions was launched. Related reading: “Ordinals Triggered the ‘NFT Regression,’ Not an Idealistic Return.”
In addition, another operation of the Ethscription army is to compare ETHS with L2, and this new narrative has gained strong dissemination within the community.
“eths is another approach to Ethereum Layer 2, where the Layer 2 is a separate chain and can have a backdoor. eths operates on the Ethereum mainnet, with gas fees as cheap as Layer 2. It allows for swaps, defi, and gamefi on the mainnet. Most importantly, it runs on the mainnet and cannot be backdoored, making it more secure and decentralized than Layer 2. Currently, various Layer 2 solutions have market valuations in the tens of billions, while eths only has a few million.” This statement is how the community communicates it to the public.
The origin of this L2 narrative comes from the development proposals ESIP-5 and ESIP-6 on Ethscription. ESIP-5 refers to Bulk Ethscription Transfers from EOAs. Currently, in a transaction from a non-contract address, only a single inscription transfer is supported. With the launch of ESIP-5, batch inscription transfers will be supported in a single transaction. According to @0xHirsch’s tweet, each transaction can transfer up to 4,000 inscriptions, costing only 0.11 eth at the current gas fees.
Therefore, as the development proposals ESIP-5 and ESIP-6 are about to be implemented, members of the Ethscription community believe: “Compared to other L2 solutions like ZK and ARB, ETHS achieves even cheaper gas without the need to switch networks. After the upgrade to ESIP-5 today, the gas cost for each transfer has dropped to around 0.05u, making it cheaper than many other L2 solutions.”