This March, Bitcoin reached a new all-time high, while the whole crypto market cap has been steadily rising to record highs. Speaking the fundamental-analysis language, the industry is moving towards a new altcoin season. Meanwhile, the ecosystem of the biggest altcoin Ethereum witnessed the much anticipated EIP-4844 (Dencun) upgrade a.k.a. Proto-danksharding that significantly reduced the cost of posting L2 rollup data to Ethereum mainnet via blobs. Now let’s see what happened to the Layer 1.5 super solution IERC-20 that carves its own way to improve the scalability of Ethereum. Read this digest of major ecosystem news worth the community’s attention for March 2024. TL;DR: the protocol’s development is going at full speed.
Intro
IERC-20 Protocol is the pioneering open trading market within the Ethereum inscription ecosystem. It serves as an Ethereum scalability solution that enhances compatibility between inscription protocol services. It facilitates seamless buying and selling of a wide array of inscriptions based on IERC-20, ensuring a user-friendly and accessible experience for all.
Major Events
On March 5, $ethpi got its first listing on a centralized exchange, the world’s first social-infused exchange XT.com. $ethpi is the first PoW & DPoS project mined on IERC-20. It is dedicated to playing a crucial role in the distributed indexing initiative under development by IERC-20. The $ethpi/USDT trading pair is available at https://xt.com/en/trade/ethpi_usdt.
This listing signified a major leap forward for $ethpi, bringing enhanced liquidity and broader recognition for the most popular inscription tick in the IERC-20 ecosystem. Since liquidity is no longer a constraint, the team has intensified its development and partnership building efforts.
On March 9, IERC-20 performed a system update to increase the accessibility of its website for ecosystem partners.
On March 11, IERC-20 started a partnership with Bitverse, the beyond-a-wallet BTC-centric web3 platform for 0-slippage, 0-gas, UTA DEX, unique inscription market, and more. The official DApp of IERC-20 app.ierc20.com is now available in the Bitverse wallet.
According to the protocol’s CEO Serj, the PoW & DPoS mechanism behind $ethpi is set for continuous optimization and enhancement in upcoming releases. This accessible mechanism empowers individuals and project teams to issue and mint inscriptions seamlessly. Modularization of PoW & DPoS will bring cost and time efficiency to IERC-20. The protocol aims to attract more inscription projects to its platform by providing a flexible, secure, and incentivizing consensus mechanism module. The evolved modular DPoS & PoW mechanism will foster larger-scale capital inflows and enable multi-party platform traffic interchange.
Serj also announced the creation of IERC-20 DAO. Since IERC-20 creates an ideal and fairer ecosystem that benefits everyone involved, the DAO will be the key player in making it happen and can contribute to the growth and success of the IERC-20 ecosystem.
The DAO will base upon three pillars:
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Transparent decision-making — to build trust among community members and actively involve them in important decision-making;
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Financial Accountability — to promote responsible management of resources and help build trust among participants;
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Acceleration of growth and innovation — as a governing body for the community, the DAO will encourage innovation and boost productivity to steer the growth and development of the ecosystem.
IERC indexer code became open source on GitHub under the MIT License. IERC-20 introduced a comprehensive set of efficient and gas-saving indexes built on Ethereum. By utilizing hexadecimal representation, event information is permanently stored in the EVM input, ensuring tamper-proof data integrity. When no value is sent, events are directed to the black hole address, facilitating faster information retrieval for indexing purposes. This approach optimizes the protocol’s performance and enhances the efficiency of data retrieval and analysis. The indexer can parse Deploy/Mint/Transfer/Proxy transfer/Freeze sell, and other operations related to the IERC-20 protocol on blockchain.
IERC-20 welcomes ecosystem contributors to dock the ecosystem development or suggest code modifications and contributions. The protocol has been forging ahead in the field of inscription indexing and distributed indexing construction. Through continuous research and development, it contributes to the EVM ecosystem’s inscriptions. According to the project, the next major stop for its development efforts will be construction of decentralized distributed indexing.
The protocol reminded the community that development of its realization of ERC-721 is ongoing: the IERC-721 protocol will not only support the traditional NFT media link format IPFS/AR which will allow the traditional NFT to get a new rebirth in the inscription, but also support on-chain and blob inscription methods to ensure permanent or semi-permanent data storage.
On March 29, IERC-20 announced a partnership with the renowned BRC-20 inscription + AI project AINN and its ecosystem project AINN Layer2, the innovative BTC Layer 2 solution crafted with a focus on AI-driven modular construction. According to the parties, news on joint ecosystem development will follow.
The IERC-20 system, including indexes related to user signatures, were upgraded from SigntypeV3 to SigntypeV4 to provide users with a more intuitive and transparent service. Old orders with v3 signature have a white-colored background. This type of order can only be taken or canceled yet cannot be re-created and will be gradually phased out. New orders with v4 signature have a gold-colored background. In the future, these orders may support Permit consumption to ensure security while further simplifying user operations, ultimately reducing on-chain fees. Support for Multi-transaction Pair Orders was announced. Such orders will have a gold-colored background and display the price bar of transaction pairs; and users will be able to choose whether to allow $ethi or $ETH purchase. Internal testing of support for multiple trading pairs has started on the main network. Its open public testing is TBA.
Also, to implement IEIP-2, the platform service fee collection method changed from buyers to sellers. Currently, the 2% service fee in all orders is borne by the seller, meaning that there are no barriers to take orders. Optimization of the IERC-20 service fee mechanism will continue.
AMAs
On March 6, IERC-20 Protocol CEO Serj and Community Ambassador Zhi Ge joined the X Space AMA with XT.com to celebrate the listing of $ethpi and talk deeper about what IERC-20 is building. Four selected users from those who asked questions shared 10,000 $ethpi, and four users who reposted the AMA announcement post on X shared another 10,000 $ethpi.
On March 28, IERC-20 co-sponsored the 1st NODE TALK X Space by BiHelix together with HTX DAO, BTC Security Lab, DeThings, and NextAlphaDAO. It explored the dynamic power of the Eastern in web3 co-creation.
On March 31, the Chinese community representative of the IERC protocol participated in a collaborative Easter-themed AMA with partner AINN. Together with the inscription community and top KOLs in the Web3 field, they celebrated the upcoming launch of the AINN Layer2 mainnet.
Community
On March 3, IERC-20 started its first community event on Gleam where 50 qualifying users shared 100,000 $ethpi.
On March 5, a new community event started on Gleam to spread the news on $ethpi’s first CEX listing. 50 winners shared 100,000 $ethpi.
During March 15–21, 2024, voting on the second IERC-20 Improvement Proposal IEIP-2 took place on Snapshot. IEIP-2 proposed to change the protocol’s fee model. Previously, all transaction fees were borne by the buyer. This model is feasible in many market environments, but for specific markets like the inscription market this mechanism may lead to buyers facing higher cost burden. The high costs required to be paid by buyers could suppress their willingness to purchase, thereby affecting the liquidity and market vitality of the entire platform.
The old fee structure could lead to reduced market efficiency, especially in buyer-oriented markets like the inscription market. The high costs could hinder the addition of new users and the expansion of the market. Over 96% of the participating $ethi holders voted in favor of the new fee model where sellers are charged instead of buyers. The direct costs incurred by buyers during transactions have been reduced, enhancing buyers’ willingness to purchase and the overall activity level of the market. IEIP-2 has ensured more equitable cost-sharing between buyers and sellers and paved the way for a more dynamic and inclusive ecosystem, while maintaining the platform’s income stability. The new service fee mechanism will go live together with the new inscription purchase feature that is currently under development.
The IERC M4 Chinese community prepared a video explaining the advantages of IERC-20’s distributed indexing solution. Watch it here.
IERC-20 pre-announced a series of Easter activities for the community. Get more details on the protocol’s X and Telegram.
More info about IERC-20
Website: www.ierc20.com
X (Twitter): https://twitter.com/EthinscXYZ
Telegram: https://t.me/IERC20OFFICIAL
Whitepaper: https://docs.ierc20.com