eths unexpectedly surged, BRC-20 founder liked the inscription "Summer is coming"?

On August 3, the floor price of eths, the leading "concept coin" on the Ethereum inscriptions protocol Ethscriptions, reached a historical high of around $640. The surge in prices made a number of investors claps their thighs, and was also recognized by domo, the founder of BRC-20.

Eths was launched in mid-June, with the minting cost for early users being 0.8 to 1 USD. In just one and a half months, the price has increased by about 640 to 800 times.

Ordinals revitalized the Bitcoin ecosystem, and now eths has caused FOMO in the community. Why is eths so popular and rising? After the outbreak of DeFi Summer and NTF Summer, can the inscription concept become the successor?

E ths fire

In recent days, many cryptocurrency KOLs have posted on social platform X that the floor price of eths has been constantly breaking records, and just yesterday the price reached a high of $640.

Faced with the continuous rise in eths and the exaggerated price growth, some netizens are glad that they have foresight and hoarded a lot of eths. But there are more voices of regret, and some netizens even said that it is easier to get rich by playing a few eths than to work hard on a project for half a year.

As of the time of writing, the eths floor price has fallen back to $550. However, many netizens still said that this is a great opportunity to get on board, and predicted that the eths floor price will rise to $1,000 in the next period of time.

The rise of eths has also changed the previous dismissive attitude of some KOLs, especially believers of Ordinals.

Ordinals Chinese community KOL Pan Pan @GGstarlord believed on August 2 that eths had no room for growth, but on August 3 he changed his mind and chose to buy eths, saying it was really good.

What are Eths ? How do Ethscriptions work?

Eths is considered to be the first "concept coin" of the first Ethereum inscription protocol Ethscriptions. Now the protocol also lists OG, etch, gwei, X, etc.

As the first "concept coin" of Ethereum, eths has a total of 21,000 pieces. As early as the launch stage, all of them were bought by users. Now, if you want to own an eths with the first 21,000 numbers recognized by consensus, you can only rely on over-the-counter transactions.

Golden Finance has a detailed introduction in the article "What is eths? Ethereum Inscription Concept Coin is also coming?", and mentioned in the article: When gas was still low at the beginning, the gas required to mint one "eths" was 0.8U, but a few days later in over-the-counter transactions, the sell order had reached 100U each, and the buy order was 50U each.

According to Dune data, eths is the first "Ethereum Inscription Concept Coin" deployed on the Ethereum mainnet, and the subsequent minting rules are established by the first minter.

Ethscriptions is similar to the Ordinals protocol on Bitcoin, allowing people to engrave different types of files on the Ethereum mainnet as long as the size does not exceed 96KB. To be precise, the protocol is to annotate information (hexadecimal characters) on a transaction and then record it in the block.

These burns make use of what’s known as Ethereum “calldata,” which refers to the data provided in a call to a smart contract.

Working method:

1. Any successful Ethereum transaction whose input data (when interpreted as UTF-8) is a valid data URI will create an Ethscription, provided that the data URI is unique. Duplicate content will be ignored. All valid MIME types are supported.

2. For the URI to remain unique, it must be satisfied that there is no Ethscription with the same content in the previous block or in earlier transactions in the same block.

3. Any Ethereum transaction whose input data is the transaction hash of a valid Ethscription is a valid Ethscription transfer, provided that the transaction sender is the owner of the Ethscription.

Why is eths rising?

Eths can reach a historic high thanks to the attention and support of the founder of BRC-20.

BRC-20 founder Domo first posted that it is cool to see BRC-20's semi-fungible, composable design gaining attention on Ethereum. I believe that there are still vast areas to be discovered by embracing the unique characteristics of this new asset class.

In response, Ethscriptions founder Middlemarch said he was honored to receive such praise and that Ethscriptions was created by standing on the shoulders of giants.

Then, Domo teasingly hinted that this summer might belong to the inscription concept.

Another reason for the rise in eths is the launch of Ethscriptions’ Marketplace V2.

Due to a vulnerability in V1, Ethscriptions was attacked on July 17, and about 123 addresses lost about 202 Ethscriptions.

Subsequently, on July 25, Ethscriptions rebuilt the Marketplace, and in the process launched a new protocol-wide approach to addressing the Marketplace (ESIP-2).

At the same time, the new version also launched the user collection function, which allows users to display and query the inscriptions they purchased. In addition, the official also launched GitBook, which allows users to help the project build and develop together.

The real reason for the continuous rise of eths is the broad consensus formed by the community. It is precisely because of their optimistic expectations for the prospects of eths and a series of marketing promotions that the price of eths has risen sharply.

As early as June, the fomo sentiment of eths was high in the Chinese community. In the Chinese community, investors placed orders in WeChat groups and found KOLs to act as middlemen to guarantee transactions, forming an over-the-counter trading market.

Even in the past two days, there are still KOLs seeking to join similar groups in order to obtain more value information and benefits of eths.