IERC-20 Protocol presents to you the digest of major ecosystem news worth the community’s attention in the first half of February 2024. TL;DR: the protocol is pushing forward and up.
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
IERC-20 Protocol performed a website logic optimization and launched a new landing page. Currently, ierc20.com is the new landing where the protocol and its ecosystem are introduced, while the inscriptions DApp moved to a standalone page at app.ierc20.com.
After over a month since token launch and the start of DPoS & PoW competition, $ETHPI has reached a major milestone of 10,000 holders, while over 360 ETH has been burned through community PoW & DPoS so far.
According to on-chain data, $ETHPI allocation through mining, staking will end in less than 10 days. As of the writing time, over 289M $ETHPI has been minted. This number includes the tokens minted in PoW & DPoS, distributed in the leaderboard rank airdrops, and the 30M part reserved to reward the future ecosystem node operators.
The DApp of IERC-20 became available in the EVM main page of Inscriptions Marketplace in Binance Web3 Wallet and in the Inscriptions Zone in OKX Web3 Wallet. Users of these top-tier cryptocurrency exchanges can now explore the fairer inscription tick platform. Inscription and building on IERC Protocol is available on app.ierc20.com, including from web3 wallets.
AMAs
On Feb 7, IERC-20 CEO Serj joined an AMA on Binance Live hosted by Crypto Arena. They talked about IERC index, PoW, DPoS points, and the future of major inscription tokens such as $ETHPI and $ETHI. Its text version is available on IERC-20 Medium.
Community
On Feb 4, the IERC Story Time event ended on X. All the stories are available by the hashtag #IERCStoryTime.
During February 7th through 14th, the first IERC Improvement Proposal IEIP-1 was launched on the fair governance tool Snapshot. It was preceded by the community’s concerns about long-term sustainability of $ETHPI. In order to respect the community’s opinion, to address the concerns, and to maintain the future utility and scarcity of $ETHPI, the proposal of three items was put up for vote for $ETHI holders:
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Cap Adjustment: Mining of $ETHPI will permanently cease once the circulating supply (excluding zero-address burns) hits 300M. The original total supply of $ETHPI was 21 billion.
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Distributed Index Incentive Plan: After mining stops, an additional 30M $ETHPI will be reserved for rewards in the Distributed Index Incentive Plan for users who build and run trusted nodes for the protocol.
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Deflation Plan: as a widely recognized inscription token in the community, $ETHPI will potentially offer fee discounts and buybacks, airdrop snapshots, launchpad subscriptions, and other deflationary mechanics.
The proposal pass rule was at least ⅔ of votes for. According to the data, over 99% of participating $ETHI holders voted for this proposal, so it concluded successfully and will be implemented by IERC-20. It marked the start of active community governance in the protocol and confirmed the team’s commitment to respect the opinion of ecosystem holders and users. It also represents a pivotal moment in the ongoing evolution of the Ethereum inscriptions ecosystem.
On Feb 13, a quote & repost event was started on X after OKX announced that IERC-20 is available on its web3 wallet. The winner announcement can be found here.
Outro
IERC Protocol has the most exciting times ahead. By using 21,000 gas limit and the idle calldata space, it uncovers the potential of Ethereum to the most and brings back the long-forgotten low-cost smart contract transactions. It happens right on the world’s most popular smart-contract blockchain without additional networks or workarounds. IERC Protocol proves that effective scalability can be achieved right on Ethereum L1.
More info about IERC20
Website: www.ierc20.com
X (Twitter): https://twitter.com/EthinscXYZ
Telegram: https://t.me/IERC20OFFICIAL
Whitepaper: https://docs.ierc20.com