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Facet Swap: an on-chain inscription trading platform created by the founder of ETHS (with participation methods and introduction to key tokens)

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

Original Title: "Facet Swap: On-Chain Inscription Trading Platform Created by ETHS Founder, with Participation Method and Key Token Introduction Attached"

Original Source: TechFlow of DeepTech

With the popularity of inscriptions in the Bitcoin ecosystem, the inscription ecosystem in Ethereum has also seen new developments.

Recently, Facetswap, a glyph trading platform founded by Middlemarch, the founder of Ethscription, has been widely discussed among glyph 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 was successfully launched on November 30th, and on that day, the amount of ETH burned by it exceeded that of Uniswap, ranking first on the entire network for a time.

And the reason why it can generate such a high trading enthusiasm is largely due to the fact that Facetswap is just too cheap.

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

When considering the cost of Chongming Wen, of course, the transaction cost of Ethereum is mainly gas fee, and it is very likely to encounter a situation of "unable to afford" when the network is congested.

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

How is this done?

The idea of the Facet protocol is to use the prediction results of Ethereum transactions instead of actual smart contract transactions to reduce costs. By sending transactions to a standard address instead of a smart contract, Facet can include prediction results that interact with smart contracts, 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 of transaction fees, the heat of Ethereum's NFT market has continued. After the official launch of Facetswap, multiple liquidity pools related to NFTs have emerged.

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

How to participate in FacetSwap?

1. Enter 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 crossed as FETH in order to use Facetswap, but the mainnet ETH used for settlement will be used as gas.

Using Uniswap as an example, if the gas fee for a transaction is around 10U, then the gas fee for FacetSwap is approximately 2U.

Please note that currently, funds deposited into Facetswap cannot be withdrawn. The founder has responded that in order to ensure the safety of funds, they must wait five days after the launch before allowing withdrawals.

Currently, with increased liquidity, the price of ETHS has surpassed 8,000 US dollars.

With more Fomo funds pouring in, this low-cost Facet Swap market will undoubtedly receive more attention.

And you can easily think of Uniswap on the current Ethereum mainnet. Although FacetSwap currently only has liquidity pools related to inscriptions, thanks to low transaction fees, it may only be a matter of time before more assets are added to attract users to join.

Looking for potential assets in the early stage of Facet Swap's launch

Looking at the present, which tokens in FacetSwap are worth paying attention to?

This article will summarize the four tokens deployed in the first block: FacE7, 18684900, PAMP, and ETHX, and explore 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 of 21,000,000. The minting process lasted about half an hour and it was also the first inscription to be fully minted. Today, the pool size ranks fourth in FacetSwap and is added by retail investors independently.