As January 2024 closed in, IERC-20 Protocol releases the second biweekly digest of the biggest ecosystem news worth the community’s attention. TL;DR: the second half of January was the time of community voice.
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
The IERC-20 community has been vocal about improving & optimizing the incentive models of the protocol. After hearing out the community’s voice, careful consideration of overall development, participation levels, and technical feasibility, IERC-20 Protocol prepares a major proposal aimed at improving the synergy between the $ethpi, DPoS points, and $ethi models. It will include key adjustments to the total supply of $ethpi, enhancements in the mining methods, and strengthening the interests of mainstream inscription holders on the IERC-20 platform. With the powerful force of community self-governance, the ultimate proposal goal is to comprehensively optimize the IERC-20 ecosystem.
Current work focus is:
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Launch of the first IEIP Governance Proposal to fix the total supply of $ethpi.
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Introduction of $ethpi airdrops based on the total daily consumption of DPoS points by holders.
On January 26, 2024, DPoS Mining Reward Program was launched. It introduced 24-hour DPoS point consumption ranking as a new way to produce $ethpi. Every day, 3.6 million $ethpi is distributed among DPoS mining participants based on daily rank.
Only ranks #1 to #702 are rewarded in this program. If there are fewer than 702 participants, the remaining unallocated tokens will be burned. Ecosystem contributors can devise their own strategy, join the competition, and get $ethpi rewards. Program details are available in IERC Documents.
IERC-20 announced it discontinued the simultaneous DPoS + PoW mining. Currently, users must choose one method to participate in mining. The aim of this change is to maintain healthy and fair competition.
Next, following community discussions and team research, $ethpi model was adjusted to maintain network fairness and prevent a minority of users from disproportionately accumulating it through memory advantage. It balanced the output model of $ethpi and lowered the entry barrier for mining.
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The PoW difficulty reward coefficient has been set to 1, meaning that all users mining with difficulty >m4 will have the same output weight. This measure ensures a fairer mining opportunity for every participant.
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PoW cumulative block reward was reduced from 5 blocks to 2 blocks, while the number of maximum reward blocks was reduced to 1,000. This change increased the difficulty of PoW output.
Currently, IERC-20 has the TVL of over USD 10 million, while over 280 ETH (valued over USD 600,000 as of writing time) has been burned just in PoW & DPoS mining. This is a testament of high levels of community participation and interest in the inscriptions ecosystem that offers unprecedented scalability for Ethereum mainnet.
IERC-20 Protocol CEO Serj shared his insights about behavior in a falling market. Newer players expecting an uninterrupted bull run might have set unrealistic expectations. Corrections are part of the game, often accompanied by negative news to induce panic selling. Then, purposeful actions to motivate exits happen to safeguard deposits. Serj has three pieces of advice for such situations:
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Staying calm and avoiding panic-selling all coins. If after a portfolio review investors find out that some positions give an unstable vibe, they may be closed.
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Following projects and activity of their teams so as to pick up during corrections and/or market shifts.
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Self-control is a vital skill because even a giant like BTC can drop a dozen percent amidst significant FUD. The market may fluctuate greatly, and its participants need to stay vigilant and informed to adapt to it.
AMAs
The last days of January at IERC-20 were packed with X Spaces.
On January 25, IERC-20 joined an AMA on the fascinating world of GameFi and Inscriptions with the Bitcoin esports platform Elfin Metaverse. Serj, Xaxa of Elfin, and the host Naz dove into their impact, potential, and future trends. It was a blast with over 10,000 online listeners!
On Jan 26, IERC-20 Founder & CEO Serj together with Kamsébóng, contributor of the stablecoin-powered layer 1 blockchain HeLa, and the host Naz discussed the crypto landscape for stablecoins and inscriptions.
On Jan 30, IERC-20 joined a Space hosted by Synopsis Summit to explore the captivating realm of trading & inscriptions with the one-stop on-chain trading terminal Ave.ai.
Community
Enthusiasts interested in Ethereum inscriptions and their possible applications in other areas of blockchain and fintech can follow IERC-20 on X and enable post notifications to join the upcoming AMA Spaces, ask questions, and get rewarded when the questions are picked by the Space guests.
During January 29 to February 3, 2024, IERC-20 ecosystem participants who like telling stories about crypto can join the IERC-20 Story Time Event. Ten winners will share a $300 prize pool. See this post for event requirements.
In the first days of February, a governance vote on $ethi DPoS & PoW will take place. Through the DAO governance vote results, IERC-20 will adjust the total output of $ethpi, fully reflecting the power of community governance. IERC-20 Protocol looks forward to active participation of the community and is open to suggestions to propel the inscriptions ecosystem forward!
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