What stories are there besides the Ethereum inscription behind the 6000-fold increase in ETHS?

As of now, the transaction volume of Ethscriptions platform is 7000eth, with a floor price of 4032U. The cost of initial investment on June 18th was less than 1U, and those who have stayed invested from the beginning have already gained 6000 times their initial investment.

Former HuobiGlobal CFO & former OKX CEO Chris Lee expressed affirmation of the power of trading platforms and communities in Greater China, while also expressing optimism about the potential of ETHS.

Last month, BlockBeats discovered the operational logic of Ethscriptions. At that time, the Ordinals ecosystem was still quiet, and after 3-4 months of stagnation between 270-300, Ethscriptions suddenly surged to 800U.

During the Ethscription surge, KOLs found many traffic passwords, playing a role in promoting the trend. The content of the post includes "#ETHS". All that is needed is some time for "silent blooming" and waiting for the ETHS army to arrive, which can result in many one-click likes and shares.

In the Telegram group of Ethscription, community members are always on standby, charging forward together to increase the traffic of relevant tweets. The higher the traffic, the more KOLs will talk about it, and the higher the price will be. With their help, more and more KOLs are joining in to flood the relevant content, forming a powerful traffic code.

Related reading: "ETHS hits new highs, how advanced are the operational methods behind it?"

L2 New Narrative

Ethscriptions allows non-financial and arbitrary data to be written to the Ethereum blockchain, as long as the file size does not exceed 96 kilobytes. Users can engrave any type of file. According to its creator, although it currently only allows images, this will change in the future.

These engravings use the so-called Ethereum "call data", which refers to the data provided in the call to a smart contract. Lehman said it is cheaper and more decentralized than using contract storage. The protocol "guarantees the uniqueness of all valid Ethscriptions content," the creator wrote on Twitter.

BlockBeats has previously written about ETHscriptions, and you can read more about it in the article "Ordinals Trigger "NFT Retrogression", Not an Idealistic Return".

In addition, another operational method 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. Layer 2 is a separate chain that can be closed off, while eths trades on the Ethereum mainnet. Gas fees are as cheap as Layer 2, and swap, defi, and gamefi on the mainnet can all be implemented on eths. Most importantly, it runs on the mainnet and cannot be closed off, making it more secure and decentralized than Layer 2. Currently, various Layer 2s have market values of tens of billions, while eths only has a few million." This statement is how the community expresses it to the public.

And the source of this L2 new narrative is the development proposal of ESIP-5 and ESIP-6 launched on Ethscription. The ESIP-5 proposal refers to Bulk Ethscription Transfers from EOAs. Currently, only single inscriptions can be transferred in a transaction for non-contract addresses. After the launch of ESIP-5, batch transfer of inscriptions will be supported in a single transaction. According to @0xHirsch's tweet, up to 4,000 inscriptions can be transferred in each transaction, and it only costs 0.11 ETH under the current gas fee.

Therefore, as the ESIP-5 and ESIP-6 development proposals are about to be implemented, members of the Ethscription community believe that "compared to other L2 solutions such as ZK and ARB, ETHS can achieve gas fees cheaper than L2 without the need for network switching. After upgrading to ESIP-5 today, the gas fee for each transaction has been reduced to around 0.05u, which is even cheaper than many L2 solutions."

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