深度解析TON铭文生态
1. The inscription revolution from BTC to multi-chain
1.1 Analysis of the driving force behind the explosion of BTC Inscription
1) Funding basis: Thanks to the improvement of macro capital liquidity + spot ETF through + 2024 BTC halving expectation, the market found the BTC ecological inscription as the tipping point, funds poured in and started a bull market, narrative-led projects and values Leading projects compete to be first in the market.
2) Consensus basis: BTC consensus is the strongest consensus in the field of encryption. This has less to do with the technology itself and more to do with the historical annals of cryptocurrency. Developing products based on the existing strong consensus is much simpler than creating a new narrative or creating a new consensus in product development.
3) Growth expectations: The financial market looks at expectations. Low valuations and imperfect ecology mean huge room for growth. If the hundreds of billions of dollars in the Ethereum ecosystem are used to benchmark the BTC ecosystem, then the expectations for the growth of the BTC ecosystem are still extremely impressive. BTC is embarking on the development path of the Ethereum ecosystem. Speculation has played a driving role, but it has also brought funds and attention to the Bitcoin ecosystem. This boom also attracted a large number of builders to participate, laying an initial foundation for the development of the BTC track.
4) A hundred flowers bloom: Although Bitcoin’s inscription protocol is dominated by Ordinal, there are also many competitors, including Atomic, Rune, SRC 20, BRC 420, Taproot Asset, etc., each of which has its own advantages, application scenarios and Fans.
5) Head advantage: Funds and liquidity are mainly concentrated in Ordinals’ head inscription protocol, while other protocols usually only have the first project or a small number of projects with a certain market value and liquidity. This is still far from the situation in the previous bull market where a hundred flowers bloomed.
1.2 Reasons why the popularity of multi-chain inscriptions continues
1) Spillover effect: The transaction cost on the BTC chain, that is, the existence of miner fees, has become an entry barrier for many players. The prosperity of the BTC chain inscription ecology has brought about network congestion, which has increased the cost of mint inscriptions for users, which has made Players seek other chains to participate in inscription projects, which leads to the prosperity of inscription projects on other chains.
2) Low development and deployment costs: The development costs and technical requirements for the Inscription Protocol are not high compared to infrastructure or even most Defi projects, which to a certain extent lowers the threshold for project parties to participate. If OP stack achieves one-click chain distribution, Inscription also achieves one-click deployment in many cases using protocol standards. Therefore, for the Inscription Project, the most important thing is the utility empowerment and development planning of the Inscription Project itself, and therefore it is more necessary to emphasize operations and the market.
3) Lottery attributes of Inscription: Users playing Inscription are similar to buying lottery tickets. A large number of bids are emerging in the Inscription protocol every day, so liquidity is scarce for Inscription. People rarely use large funds to play the Inscription protocol, and their mentality is more like Buying lottery tickets with a small amount of money gives players continuity in their behavior. After diving into a lot of Inscription communities, I found that the consensus among most players is - Use 30 U for self-defense and 50 U for minimum security. This mentality represents that individual players actually do not want to miss any potential opportunity to make a fortune.
4) Fair Lanuch new narrative: Every asset has meme attributes. If a meme is the sum of a project’s mechanism, narrative, market value, background, and development history, then the most popular method in the secondary market is Fair Launch. From POW to ICO to Fair Launch, retail investors’ pursuit of a coinage distribution system with equal opportunities to participate has never changed. Compared with Public Sales, Inscription has achieved the ultimate in this point. Users only need to pay a small amount of network gas to mint coins.
2. Overview of TON Inscription Ecology
As an important encrypted public chain, TON has also kept up with the trend in this inscription craze. From December to January, several inscription projects burst out on TON, some of which are inscription protocols and some of which are inscription infrastructure. Some of these projects have achieved outstanding results. They are all building TONs inscription ecosystem and working hard. Ecological expansion in mini program front-end, asset trading, Defi, protocol integration and mini game applications.
2.1 Tonano
Tonano is the first inscription protocol deployed on the TON blockchain: TON 20. The casting process of the first TON 20 inscription nano (early December 2023) has had a wide-ranging impact on the TON ecosystem. The number of users involved and the network transactions triggered have formed a de facto infrastructure change for the TON network. pressure test.
Tonano launched its TON 20 inscription protocol on December 5, 2023. Although there was no pre-marketing activity, the minting activity of $nano (the first inscription) still brought huge traffic and transaction load to the TON blockchain , causing short delays in the processing of network transactions and network congestion, and Tonano suspended minting activities. After the network was restored, Tonano restarted inscription casting on December 11, 2023, completing $nano’s casting activity in one day. $nano brings over 20 million interactions and 37,000 unique minting addresses to the TON ecosystem.
After the successful minting of $nano, other TON 20 inscriptions were also actively deployed. Bolt 20 completed minting on December 16, with more than 31,000 minters. Dedust.io has also attracted over 20,000 minters.
First is first, the emergence of Tonano is a dual establishment of TON users’ minds and the Inscription brand. Looking at the BTC inscription ecology, the sequence has a strong impact on the value of assets and protocols. For example, the huge influence and community consensus generated by ordi as the first BRC 20 token is also a huge help for the project to become Dragon One.
In addition to the mentioned TON 20 inscription protocol (deployment, casting, query, transfer), Tonano is also updating the product ecosystem, launching TON 20 inscription index query, TON 20 inscription trading market and a cross-protocol asset bridge for inscriptions on the TON chain. Tonano’s Marketplace has over a million dollars in trading volume, which provides the necessary liquidity for TON 20. The cross-protocol asset bridge can realize asset swaps between TON 20 and other inscription protocols and Jetton tokens, making a broader inscription ecosystem possible.
Tonano will launch miniapp in 2024 Q1 to further supplement its shortcomings in user usability, consolidate its ecological position, and promote inscription to be easier to use and more used. In the future, Tonano will continue to focus on technological innovation and invest in the construction of the TON ecosystem, leveraging the high concurrency and low-cost technical features of the TON blockchain and combining it with Telegrams 800 million user platform resources to promote the large-scale application of the TON network.
2.2 Gram 20
The Gram 20 protocol is the second inscription protocol on TON. Different from TON 20, this protocol has greater ease of use and more features. Gram 20 is the first inscription protocol that uses the Telegram applet front-end to perform the deployment, casting, and transfer of inscriptions, and has launched a trading market to provide users with trading services. The Gram 20 protocol supports limiting the time interval for users to mint inscriptions, imposing penalties for early minting, and setting the starting time. This is an improvement over the basic inscription protocol.
The Gram 20 team conducted good publicity before the minting, opened the minting on December 22, 2023, and held conversations with OKX Ventures and TON DevRel managers with the help of the Odaily platform. For the sustainable development of the agreement, Gram 20 imposed a certain fee on the casting of inscriptions on its own platform, which reduced the enthusiasm of community members to participate. After seven days, the inscriptions were finally completed on December 29. The charging design of Inscription product design has brought backlash, not because the mechanism is bad, but because it is inconsistent with the mainstream narrative of freemint emphasized in the current Inscription market.
Although the minting of gram charges a protocol fee for minting, the platform promises that these funds will be used to meet future economic incentives and maintain the sustainability of the GRAM project, including 50% of the funds used to repurchase GRAM tokens and the other 50%. Used for infrastructure construction, ecological incubation investment, liquidity management, team building and market promotion. Subsequently, Gram 20 opened the OTC market with the help of the Umbrella platform, and through publicity with multiple institutions and KOLs, attracted user attention and conducted gram inscription transactions on Umbrella.
Gram 20’s team is highly professional in market making and is supported by a variety of resources, including joint meetings and promotions with exchanges, VCs and KOLs on market announcements. As a latecomer, it has gained good market attention and business cooperation. It promotes exchange listing, cooperates with Umbrella to launch the OTC market first, and has protocol asset reserves, leaving room for subsequent operations.
Using the TG applet as a starting point for the product has staggered the direct competition with TON-20 to a certain extent in the early stage. It is also a product implementation method that is very user-friendly and consistent with TGs planning for the applet; limit the mint command interval and Imposing penalties is a good way to increase user participation on the platform, avoiding plunder and escaping by the scientist group; and using the TON smart contract to charge users, it has realized an innovative POS chain ICO, namely Inscriptions Coin Offering; but unlike ICO in the traditional sense, the token exchange ratio obtained by the end user can be determined by the project party.
Gram 20 has launched a $200,000 Ecosystem Grant Program in terms of ecological development to help Gram 20 through wallet integration, browsers and indexers, creating the basis for a more powerful ecosystem; developing Inscriptions Bridge, DEX to use the Inscription ecology to build Defi; Build mini games for Telegram Mini Apps and use games to bring rich functions to Gram 20.
2.3 TONOT
TONOT combines the concept of inscriptions with the social attributes of Telegram to create fair inscriptions for every community user. By binding and activating a Telegram account, TONOT ensures the authenticity of Cast Inscription users. Each activated Telegram account bound address can mint 500 TONOT inscriptions, and each new invitation can mint an additional 50 inscriptions, with a maximum limit of 2,000.
TONOT was released on January 5, 2024, and the Inscription Protocol was launched. The extremely popular user participation was unexpected by the project team, causing problems with its front-end page. After being restored, TONOT was re-released on January 11, with full casting completed in close to 24 hours. $TOT itself also brought a lot of interaction to the TON ecosystem. The 61,751 independent minting addresses broke the previous record held by nano. This is a rare participation in any blockchain project.
This is achieved through its unique invitation mechanism and casting mechanism. TONOTs invitation mechanism requires users to be associated with Telegram accounts. TONOTs casting mechanism can only be achieved through the Telegram applet and limits the total number of users casting within a certain period of time. . It is also difficult for scientists to cheat by using scripts. TONOT effectively protects the interests of community users and provides a truly fair and transparent currency recording experience - the real FairMint. TONOT does not charge protocol fees and allows all users to engrave TOT inscriptions for free, which greatly increases users enthusiasm for participation.
So what practical applications can TONOT achieve? According to the official product plan, TONOT will achieve:
1. Staking and Mining: Users can stake TONOT inscriptions and mine tokens from other projects within the TON ecosystem (similar to Binance Launchpool), providing additional profit opportunities and obtaining dividends from the continued growth of the TON ecosystem.
2. Decentralized Identity (DID): Users can use TONOT inscriptions to generate exclusive decentralized identity attributes (DID). DID can be used for identity verification, digital signatures, encrypted emoticons and other applications, making TONOT the social currency of Telegram.
3. In-game token consumption: With the development of Telegram App, TON games will become TON’s core business. TONOT plans to cooperate with more than 50 games in 2024 to enrich TONOT’s application scenarios. In future GameFi cooperation, TONOT will be used as a consumption token, allowing users to purchase virtual items and upgrade equipment within GameFi in the TON ecosystem, encouraging users to play and earn for free.
TONOT is currently the first social inscription on the TON blockchain, with more than 60,000 holders. The integration of TONOT with Telegram ensures the fairness of the inscription, and by binding to Telegram accounts, TONOT also ensures that users authenticity. TONOTs product plan hopes to expand the application scenarios of inscriptions through inscription pledges, in-game currencies, and paid Telegram groups to help TONs network ecosystem.
2.4 FairTON
FairTON is a fairness-first, community-native, and full-lifecycle project launch platform. FairTONs positioning is not limited to the BRC 20 inscription protocol. It focuses on the localized innovation of the TON blockchain, abandons the Achilles heel of the off-chain indexer, and implements the primitive operation of inscriptions at the smart contract level.
fair first
The popularity of BTC Inscription has extended the wave of fair launch to the entire cryptocurrency ecosystem. Most Inscription project developers copy the off-chain indexing scheme of Bitcoin Inscription. Inscription’s technical solution is a compromise within the limitations of Bitcoin Script’s capabilities, rather than its essence. Fair token minting that everyone can participate in is in line with the spirit of the original Bitcoin. The off-chain indexing solution not only brings liquidity fragmentation to the public chain ecology, but also brings hidden dangers to asset security. People have witnessed multiple security incidents during the development of Bitcoin Inscription.
Community native
The community is the key to the early start of the Web3 project and the basis for sustainable development. As the worlds most popular social software platform, Telegram has 800 million monthly active users, far exceeding existing participants in the cryptocurrency industry. With Telegram’s native TON support and extensive social network, FairTON aims to simplify the entry of more individuals and projects into the Web3 field.
full life cycle
FairTON is not only committed to innovative project launch methods, but also provides a series of token management solutions, including highly customizable vesting tools, anti-rug mechanisms to protect the safety of participants funds, and liquidity tools for projects.
JettonX
FairTON launched JettonX (Jetton eXtension) for the first time in the TON ecosystem, which is fully compatible with the existing Jetton token specifications. Jetton (Russian Token) is an ERC-20 token model on TON, which supports the creation of homogeneous tokens such as USDT. This is currently the most widely adopted token standard in the TON ecosystem. FairTON can be customized to implement project launch methods such as fair token casting, lottery casting, proof-of-work casting, social fission airdrops and retroactive airdrops. The tokens launched through FairTON can be seamlessly connected to the liquidity and on-chain infrastructure of the entire TON ecosystem.
2.5 TownSquare
TownSquare is committed to promoting the mass adpotion of the TON blockchain, effectively connecting Telegrams extensive user base of 800 million with the privacy, transparency, openness and sovereignty inherent in the web3 world. The project focuses on developing necessary infrastructure and key applications within the TON ecosystem. TownSquare plans to launch the first decentralized, open-source inscription indexer. In addition, the team is actively committed to the exploration and development of protocols and application tools to achieve fair and safe asset insurance.
The data of the inscription is on L1, but the calculation process and data results are on the index, and the index is essentially an off-chain server, no different from the web2 website server. Inscriptions currency holdings and transfer records are all stored in a website server. Once there is a problem with the index service, the assets based on this index service will have problems, which may even lead to the collapse of the entire protocol ecosystem. Previously, there was a bug in the index of a certain protocol, and additional issuance was issued out of thin air. The data between the two index parties could not be aligned, causing the entire protocol to stagnate, causing huge losses to the community. Therefore, for the TON public chain, the decentralization of the inscription index must be achieved.
The decentralized index is similar to the nodes of the public chain, the code is unified, and the data obtained by anyone downloading and running is consistent. There will be no problem of joint fraud by several indexes. High data security. The protocol can be quickly upgraded by simply upgrading the decentralized index code in a unified manner, which will greatly improve the flexibility of the protocol.
Open source infrastructure
Referring to the development of the BTC ecosystem, Inscriptions infrastructure includes indexer, wallet support, marketplace, minting tools and data analysis. After nearly a year of development, the BTC ecosystem has blossomed, and TON is currently in the ascendant. Fortunately, Tonano, Gram 20, and TONOT launched in the pure community have received very good feedback in the early stages.
However, if the inscription ecology wants to develop in the long term, the construction of infrastructure is essential. Different inscription standards have led to the fragmentation and closure of the index. Fair participation itself is part of the inscription narrative. TownSquare is about to launch a completely open source third-party index. services to lower the threshold for potential inscription project parties to participate. TON ecosystem developers no longer need to develop an index by themselves, they only need to run the open source decentralized index program, which can be used very conveniently. The decentralized index planned by Unisat and IERC-20 also has an incentive mechanism, which makes more people willing to build indexes and further enhances the degree of decentralization.
Automation services
Making inscriptions itself is a kind of PoW (Proof of Work). In the release of Tonano and Gram, I have observed the asymmetric advantages of many scientists and programmers over ordinary retail investors. TownSquare will also launch a tool that can be automated. The bot that creates inscriptions makes the casting of inscriptions fairer.
I look forward to TownSquare being able to bring protocol standards to TON’s inscription ecosystem, standardize the inscription protocol on TON and provide users with a fairer way to participate in the ecosystem.
3. Summary
There are some common shortcomings in the current inscription projects of various chains:
1. Completely Free Mint results in a lack of sustainability for most projects. A few Inscription projects with sufficient funds will go to the secondary market to repurchase chips, bear the market-making costs themselves, and list on the exchange, which itself is a huge investment. Most start-up project parties also fell into an unsustainable dilemma after the lively inscription activities because they did not have token incentives and sustainable fundraising capabilities. Therefore, as an inscription project, the relationship between fair launch and sustainable development of the project should be weighed.
2. The copycat Inscription Protocol technology and gameplay are not innovative enough. Most inscription imitation disk projects copy the data format and gameplay of BRC 20 without considering the differences between the Bitcoin network and other general smart contract networks. Among the cookie-cutter Inscription Protocols, standing out requires reinvention in technology, token economic model, and even narrative level.
3. The inscription market is seriously fragmented. Most implementations of the Inscription Protocol adopt off-chain indexing solutions, resulting in the fragmentation of on-chain and off-chain states; over-reliance on centralized services limits the circulation and exchange of Inscription assets; the lack of programmability of smart contracts makes it difficult for the Inscription Protocol to utilize the blockchain composability and interoperability.
Fortunately, in response to the above problems, TON Ecosystems inscription project has given its own solutions in different aspects:
1. Make full use of Telegram’s social infrastructure and innovate social inscription gameplay
The Telegram applet can quickly respond to a large number of access requests, and provides a built-in official wallet @wallet or TON network wallet TONSpace for seamless on-chain transactions; Telegram accounts are naturally resistant to witch attacks, which is a great way to prevent scientists from stealing It is an effective way to run, swipe accounts and occupy network resources. Making good use of Telegrams mini-programs to provide Web3 users with a better product experience and at the same time achieve the conversion of Web2 users is a better way to achieve mass-adoption. Protocols such as Gram-20, TONOT, and FairTON combine the advantages of Telegram and TON networks. The mini program products they build are highly innovative inscription protocols, which have also achieved success to a certain extent. For example, the NEAT inscription project, which is publicly supported by NEAR officials and founder, Illia, has a final minting volume of 24,600 addresses, while a purely community inscription project like TONOT is still operating without official endorsement. The minting volume of 61,751 addresses was achieved. In an era when users and traffic are king, TON using Telegram as a carrier has high user authenticity and low acquisition cost, making it a unique existence in todays blockchain.
2. The Inscription protocol adds smart contract functions to bring programmability to Inscription.
At the TON network technology sharing meeting, I emphasized the flexibility of TON smart contracts. Through smart contracts, the protocol can directly add protocol fees to the contract like Gram-20 to achieve sustainable development of the protocol. At the same time, the protocol can also help Users pay Gas Fee to truly realize Free Mint. FairTON launches the JettonX token framework, which is fully compatible with the ERC 20 standard Jetton on the TON blockchain, providing customizable solutions for various innovative project launch mechanisms. On the premise of using TON network smart contracts, flexible and diverse payment methods and activation methods are completely achievable and full of imagination.
3. TON blockchain inscription ecology is in the ascendant
Similar to the BTC inscription protocol, a number of inscription protocols have emerged on TON, including Tonano, Gram-20, TONOT, and FairTON, focusing on on-chain inscriptions, TG applets, social attributes, and on-chain smart inscriptions. Inscription-based trading, lending, and stablecoin projects on BTC are gradually emerging. At present, TONs inscription ecology is beginning to take shape, and various companies are also exploring the inscription ecology to bring more utility to their inscription products.
The above is my public version of the analysis report on the TON public chain Inscription ecology. On behalf of the TON Foundation, I officially state that I do not have investment advice on the entire content. If you are interested in TON public chain ecological projects or work, please feel free to contact me:vivi@ton.org
reference：
https://twitter.com/thecryptoskanda/status/1725276441812832617
https://twitter.com/cheng_shutong/status/1726427906237399333
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