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

With the explosion of inscriptions in the Bitcoin ecosystem, new actions have also taken place in the Ethereum inscription ecosystem.

Recently, Facetswap, an inscription trading platform founded by Ethscription founder Middlemarch, was hotly debated by inscription players.

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

Facetswap successfully launched on November 30. On that day, it burned more ETH than Uniswap, and once ranked first in the network.

The reason for this high level of enthusiasm for trading is due in large part to the fact that Facetswap is really cheap.

Although all Facet transactions are Ethereum transactions, and all Facet data is stored on Ethereum, the gas fee it costs on the Ethereum mainnet is only one-tenth of what it used to be.

Of course, you need to consider costs and fees, and most of Ethereum’s transaction costs are gas fees, so when the network is congested, it is likely that you will be “unable to beat” a situation.

However, Facetswap has significantly reduced gas fees, and all data is on the main network rather than being implemented based on L2.

How is this done?

The idea of the Facet protocol is to use the predicted results of Ethereum transactions instead of actual smart contract transactions, thereby reducing costs. By sending transactions to a standard address instead of a smart contract, Facet can include the predicted results of interacting with the smart contract, thereby reducing transaction costs.

Simply put, everything is still happening on the Ethereum mainnet; it’s just that the way transactions are processed has changed.

And thanks to lower transaction fees, Ethereum’s inscription fever continued. After the official launch of Facetswap, several insign-related liquidity pools began to appear.

As of press time, there were 35 liquidity pools on Facetswap, involving 35 different inscription assets.

How to participate in FacetSwap?

1. Go to Facet Swap‘s official website and select the cross-chain bridge option;

2. Enter the amount of ETH you want to cross the chain. It must span FETH to use Facetswap, but the main network ETH used for settlement is used as gas.

Take Uniswap as an example. If the gas fee at the time of transaction is around 10U, then Facetswap’s gas is about 2U.

It should be noted that currently funds entering Facetswap are not allowed to be withdrawn. The founder responded that for the safety of the funds, it is necessary to wait five days after publication before they can freely enter.

Today, as liquidity increases, the ETHS price has surpassed $8,000.

As more Fomo funds pour in, this low-cost Facet Swap market is bound to receive more attention.

And it’s also easy to imagine that currently there is Uniswap on the Ethereum mainnet. Currently, FacetSwap only has a liquidity pool related to the inscription, but thanks to low processing fees, adding more assets to attract users to join may only be a matter of time.

Looking for potential assets in the early stages of Facet Swap’s launch

Looking at the moment, which coins in FacetSwap are worth focusing on?

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 was the first lettered inscription deployed after FacetSwap was launched. The total amount was 21,000,000. The Mint process lasted about half an hour, and it was also the first inscription to be completed by Mint. Today, the pool size is ranked fourth in FacetSwap, and retail investors add their own pools.

Meme points:

1. The first inscription to be cast;
2. alphabetical inscriptions for the first deployment;
3. In FacetSwap, the inscription is no longer created by transferring ETH to itself, but by transferring 0x000000000000000000000000000Face7, the official address deployed by the founder, which is also the origin of Face7’s name.

2. 18684900

18684900 is the inscription that Facetswap was first deployed after the launch. Also, because Facetswap officially launched on the main network in the 18684900 block, it is also known as 18 Genesis, with a total volume of 190,000. It finished after Face7 was minted. It is the second fully minted token. Currently, the pool depth ranks fifth, and retail investors are also adding it themselves.

Meme points:

1. The inscription for the first deployment of Facetswap after launch;
2. The founder of the Ethereum inscription personally participated in Mint, and 18684900 was the only minting operation it carried out that day;
3. 18 Special commemorative significance brought about by Creation.

3. PAMP

Among these tokens, Pamp is issued in a slightly different way: it is distributed via airdrop.

The project party used Ens’ ethscriptions.eths subdomain as an airdrop condition, and holders of the 10K ETHS domain will receive a free distribution of $Pamp, which is also the project’s official meme token. For every subdomain minted, you’ll receive 70,000 $pamp tokens. There is no maximum limit per wallet, but you can only mint up to 50 subdomains per transaction. The total token supply is 1 billion,

Although the pool ranked second in depth, most of it was added by the project party, which promised to use 40% of revenue and 20% of the total amount of Pamp as the initial liquidity pool for $pamp.

Meme points:

1. There was an official community and official promotion before the coin was issued;
2. Pamp it appears more frequently in the English community, meaning “pull plate”;
3. The developer has a close relationship with the founder of Ether Inscription.

4.ethx

Although ethx received less attention out of these four, it was still the 3rd contract deployed in the early days on Facet Swap. In Face7, 18684900, the last one was minted, with a total volume of 21,000,000, and a fair launch.

Currently, the pool is ranked 8th in depth, and retail investors are adding it independently.

Meme points:

• Facetswap is one of the four Genesis inscriptions;
• Compared to Face7 and 18684900, the ETHX name is more acceptable to investors;
• The market capitalization is the smallest of the four inscriptions.

Finally, while continuing the popularity of inscriptions, the launch of FacetSwap will inevitably drive up the prices of some of these assets. In the short term, it is foreseeable that there will be a peak in liquidity and user growth;

However, in the long run, we don’t want it to focus only on the inscription market. After all, a swap platform with lower transaction fees should benefit more assets within the ecosystem.

Let’s wait and see if FacetSwap can take a long time.

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