Author: Jaleel, BlockBeats Researcher
In the silence of the ordinals ecosystem, the Ethscriptions, which imitates the BRC-20 Token, suddenly exploded. After a horizontal period of 3-4 months from 270-300, it nearly doubled to 800U last night.
This surprised many people, after all, when Ethscription was first issued, there was no index, no trading market, and even no well-prepared technical documents like BRC-20.
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The promoters are optimistic about ETHS and enter the market in a big way
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 burn any type of file. According to its creators, although it currently only allows images, it will change in the future.
These burns use the so-called Ethereum “calldata”, which refers to the data provided in the call to a 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.
In a tweet published two years ago, @dhof classified ETH “on-chain NFTs” based on different implementation methods. One-star is storing data in the calldata field of ETH transactions, two-star is storing data through the EVM opcode sstore and rendering data through external scripts, and the highest three-star is storing data through the EVM opcode sstore and rendering it through the built-in renderer of the smart contract to output SVG images or other similar data URIs.
If we rate Ethscription according to this standard, Ethscription can only get a one-star rating. As mentioned at the beginning of its official website, Ethscription is achieved by storing data in the calldata field of ETH transactions. The rendering of images relies on off-chain indexing, and by open sourcing the index, off-chain operations also become decentralized.
So why is it that Ethscription’s spring is coming? What are the driving forces behind it? And what are the superb operational methods?
“Bro, you understand the secret of traffic”
In the process of Ethscription’s rise, KOLs have also found many secrets to traffic, playing a role in promoting it. The content of their articles includes “#ETHS”, as long as they need some time to “bloom silently” and wait for the ETHS army to attack, they can get a lot of likes, comments, and shares with just one click.
In the Ethscription Telegram group, community members are also on standby at all times, charging forward to increase traffic for related posts. The higher the traffic, the more KOLs will talk about it, and the higher the price. With their lead, many small fish and shrimps also follow suit, flooding the relevant content, forming a powerful traffic secret.
“We focus on an L2 new narrative”
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 idea for Ethereum Layer 2. Layer 2 is a separate chain that can have a back door. eths trades on the Ethereum mainnet, with gas fees as cheap as Layer 2. Swaps, defi, gamefi on the mainnet can all be implemented on eths. The most important thing is that it runs on the mainnet and cannot be closed. It is more secure and decentralized than Layer 2. Now various Layer 2 have market values in the tens of billions, while eths only has a few million.” This paragraph has become a set of copied and pasted scripts.
And the source of this L2 new narrative seems to be the upcoming ESIP-5 and ESIP-6 development proposals from Ethscription.
The ESIP-5 proposal refers to Bulk Ethscription Transfers from EOAs. Currently, in a transaction from a non-contract address, only a single inscription transfer is supported. After ESIP-5 is launched, batch inscription transfers will be supported in a transaction. According to @0xHirsch’s tweet, each transaction can transfer up to 4,000 inscriptions, costing only 0.11 eth under the current gas fees. The ESIP-6 proposal refers to Opt-in Ethscription Non-uniqueness. Currently, only the first inscription with the same content (characters) is considered valid. This indexing rule ensures the uniqueness and uniqueness of the inscriptions, but it limits and poses problems for scenarios such as smart contracts that require the transmission of duplicate information. For example, the operation of Ethscriptions virtual machine requires the exchange and verification of information between smart contracts and Dumb Contracts.
Therefore, as the ESIP-5 and ESIP-6 development proposals are about to be implemented, members of the Ethscription community believe: “Compared with other L2 solutions (such as ZK, ARB), ETHS can achieve gas cheaper than L2 without network switching. After upgrading to ESIP-5 today, the gas for each transfer has been reduced to about 0.05u, which is even cheaper than many L2 in terms of gas interaction.”
In the current crypto environment, project narratives, scripts, and operational strategies have become increasingly fancy. With the help of clever community operations, Ethscription has gained a lot of traffic and attention. Regardless of the development of the project itself, the operational strategies behind ETHS have proven the level of dissemination and operation in the crypto asset community. However, whether its technical strength can support the current high valuations remains to be tested by time.
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