From 2023 to now, the community has been praised by the outside world as the most cohesive and united community. This is because ETHS community members insist on the concept of decentralization to build the community, which coincides with the vision of the Facet protocol, and cleverly makes the development of#ETHScommunity and Facet seamless.
Currently, the Facet protocol has become the only Ethereum scaling solution in the Unstoppable Rollup sector invested by the Ethereum Foundation.
The Ethereum Foundation’s investment announcement was retweeted as follows:
https://x.com/0xfacet/status/1923061970535895165?s=46
Officially certified by Ethereum, Facet has an official Twitter account, which literally translates to “Ethereum that cannot be shut down”! Facet is the only Ethereum rollup that cannot be shut down!
The ETHS community is also the value center and consensus cornerstone for building the Facet ecosystem - a model of decentralized community power.
1. Genetic advantage: ecological legitimacy of inscription tokens As the first 21 million constant-total tokens based on the Ethscriptions protocol on the Ethereum mainnet, ETHS has undergone two years of market cycle verification and has completed the key transition from technological innovation experiment to ecological value carrier. Its unalterable protocol genes and scarcity design have established its core asset status in the Facet ecosystem.
2. Community potential: the core driving force of ecological development Native consensus cohesion: Ethscriptions and Facet are the earliest self-organizing communities formed in the ecology. After two years of existence, the community cohesion and activity have passed the test of time and the market. Technology co-construction practice: Deeply participate in the upgrade and iteration of the Facet protocol layer, and witness the continuous innovation and improvement of the Facet protocol. Ecological expansion engine: Promote the cold start of core applications such as DEX and NFT market, and contribute more than 85% of the ecological TVL.
3. Value closed loop: multi-dimensional ecological empowerment system Payment layer: as the benchmark trading pair of FacetSwap, upeths (test network has been launched), etc., the average daily settlement volume exceeds $120M Governance layer: holders enjoy upeths proposal weight bonus Application layer: integrate GameFi medal system, and profit sharing of the upeths platform to be launched soon
Previous life: Origin and background The birth of ETHS: ETHS (Ethscriptions) is an inscription protocol on Ethereum, inspired by Bitcoin's Ordinals inscriptions, allowing users to store data through Ethereum's Calldata and create low-cost on-chain assets (such as NFTs or tokens). ETHS was launched in 2023 and quickly attracted community attention due to its low gas fees and decentralized features, becoming the leading project in the Ethereum inscription ecosystem.
The emergence of Facet protocol: Facet protocol is promoted by the founding team of ETHS (Facet protocol founder @dumbnamenumbers), aiming to solve the pain points of Ethereum inscription transactions, such as high gas fees and complex cross-chain operations. Facet is positioned as an Ethereum extension layer based on inscription technology, with the goal of improving transaction efficiency and building a user-friendly ecosystem.
Early Relationship: $ETHS, as the native token and core asset of the Facet protocol, carries the payment and governance functions of the Facet ecosystem. The original intention of Facet development was to provide a more efficient trading platform (such as Facetswap) for inscription assets such as ETHS, thereby enhancing the practicality and community consensus of ETHS.
This life: cooperation and development The core contributions of the Facet protocol: Facetswap platform: Facet launched Facetswap, allowing users to directly exchange ETH for inscription assets such as ETHS with low gas fees, simplifying the transaction process and improving the user experience. V2 mainnet upgrade: At the end of 2024, the Facet V2 mainnet will be launched, further optimizing on-chain transactions, supporting one-click exchange of ETH to ETHS, and reducing cross-chain complexity.
"Unstoppable Rollups": Facet proposed an innovative Rollup solution and received funding from the Ethereum Foundation, becoming the only funded project in the "Unstoppable" category. This recognition marks Facet's transformation from the Inscription Protocol to the Ethereum Layer2 ecosystem.
The role of the ETHS community: The ETHS community is not only the user base of Facet, but also promotes the development of the protocol through token economic incentives and community governance. As the payment token of Facetswap, the price performance of ETHS (such as a 10-fold surge in May 2025 due to foundation funding) reflects the community's confidence in Facet. Community members actively participate in the testing and promotion of Facetswap, forming a strong consensus network to help expand the Facet ecosystem.
Integration with the Ethereum community: Facet has been funded by the Ethereum Foundation and officially integrated into the mainstream Ethereum ecosystem. Its "Unstoppable Rollups" is regarded as an important exploration of Ethereum's scalability. Through the success of Facet, the ETHS community has shifted from the inscription narrative to a wider range of Ethereum Layer2 applications, achieving a transformation of "born from inscriptions, higher than inscriptions".
The essence of the relationship is mutual benefit and symbiosis: Facet provides ETHS with technical infrastructure and trading platforms, enhancing its liquidity and application scenarios; ETHS brings community support and token economic incentives to Facet. Since the protocol was launched on June 18, 2023, the community has insisted on building the protocol day after day, making various suggestions and discussions to the founders to iterate and optimize the protocol. The ETHS community has long adhered to the decentralized value investment concept and continuously transfused blood to the Facet protocol and its founders, providing the nutrients needed for growth.
Shared Vision: Both are committed to promoting the decentralization and scalability of the Ethereum ecosystem. Facet's technological innovation and ETHS's community vitality complement each other. Key Person Bond: Facet founder @dumbnamenumbers and other core members play a bridging role between ETHS and Facet, ensuring the consistency of project concepts and community culture.
$ETHS & Facet Development History:
2023/06/18 Ethscriptions protocol is born, $ETHS inscriptions are launched fairly
2023/07/28 ETCH.Market trading market is launched
2023/08/15 Ethscriptions is recognized as Ethereum infrastructure by the Ethereum Foundation 2023/09/23 ETHS community is officially established
2023/10/09 Bitget Wallet officially connected to the ETHS ecosystem
2023/10/12 Gate Wallet officially connected to the ETHS ecosystem
2023/10/31 The protocol founder clearly stated that $ETHS is the first token with an official bridge. 2023/11/09 OKX Wallet officially connected to the ETHS ecosystem
2023/11/30 Ethscriptions Mainnet (Facet) is officially launched
2023/12/23 BIT, BitKan, and BitMart exchanges officially launched $ETHS tokens 2023/12/25 OKX Wallet accesses the Facet (ESIP-4) protocol and supports flash transactions 2023/12/26 Debox supports ETHS ecological tokens
2024/01/04 Ethscriptions index officially open source
2024/02/01 Binance Wallet joins the Ethscriptions ecosystem
2024/02/25 Coinbase/Forbes adds $ETHS to the watch list
2024/03 Facet passed the Gitcoin financing round, received full support from the ETHS community, and won the first place in donations
2024/03/28 V God tweeted to thank Blobscriptions(ESIP-8)
2024/05/08 Facet (ESIP-4) won the first place in GG20 infrastructure with a donation of $51,000. 2024/06/01 $ETHS on-chain transaction volume exceeded 106,000 ETH, about $400 million. 2024/11/14 Facet protocol upgraded its code through Zellic, and the project compliance took a big step forward.
2024/12/10 Facet mainnet launch
2025/05 Facet received the Ethereum Foundation's "Unstoppable Rollups" investment grant 2025/05/08 $ETHS community met with Facet founder Tom in Hong Kong to consolidate the partnership. It started with inscriptions, but it is higher than inscriptions.
The future is here, and more big news and opportunities are on the way...
Development Outlook Technical Level: The continuous optimization of Facet V2 and the advancement of Rollup technology may make Facet an important player in Ethereum Layer2 and further improve the on-chain transaction efficiency of ETHS.
Community level: The ETHS community is expected to leverage Facet’s brand effect and foundation endorsement to attract more developers and users and promote ecological diversity.
Market level: As the payment token of Facet, the value of ETHS is closely related to the growth of the Facet ecosystem and may benefit from the overall development of the Ethereum ecosystem in the future. With the development of RWA in the future, Facet will fully inherit all the advantages of Ethereum with its unique characteristics and may carry the possibility of trillions of funds.
ETHS community official website: https://eths.global/
Facet Whitepaper: https://facet.org/whitepaper
