On February 7, 2024, the IERC-20 protocol announced an important ecological milestone, marking a key moment in the continued development of the Ethereum Inscription ecosystem. The first IERC Improvement Proposal IEIP-1 ​​was launched on Snapshot, a fair governance tool and voting platform that allows DAOs, DeFi protocols, and NFT communities to vote easily without gas fees.

 

IERC-20 is the pioneer of an open trading market in the Ethereum inscription ecosystem. It is a scalable solution for Ethereum that provides everyone with a seamless, user-friendly and easily accessible experience for buying and selling IERC-20 based inscriptions.

 

The goal of IEIP-1 ​​is to optimize the supply of $ethpi, making it the latest and greatest addition to the IERC-20 Inscription ecosystem. $ethpi is an Inscription token that will launch in January 2024 in partnership with IERC-20. At launch, $ethpi will have a total supply capped at 21 billion, and embodies the core principles of decentralization and democratization, which are fundamental to the definition of the Inscription gaming venue.

 

The publication of IEIP-1 ​​on Snapshot highlights IERC-20’s commitment to fostering a community-driven decision-making process. The proposal represents a collaborative effort to optimize the utility and sustainability of $ethpi, ensuring it continues to grow and remain relevant in the evolving blockchain ecosystem.

 

PoW mining and DPoS staking are the main $ethpi production methods in IERC-20. Users who participate in DPoS staking can also receive daily $ethpi airdrops based on their daily ranking on the DPoS points consumption leaderboard. IERC-20 recently announced the development of an all-time DPoS points consumption leaderboard to provide additional incentives for historically top-ranked DPoS stakers.

 

The first governance proposal includes the following:

 

Supply cap adjustment: In order to protect the scarcity and value of $ethpi, it is proposed to limit its total circulating supply to 300 million, which is 1/70 of the total supply at launch. Once the circulating $ethpi generated through PoW mining, DPoS staking and leaderboard airdrops reaches 300 million (excluding burned tokens), all remaining $ethpi inscriptions will be destroyed.

Distributed Index Incentive Program: In addition to the aforementioned 300 million, an additional 30 million $ethpi will be allocated as rewards for building and running a distributed distributed index of trusted nodes in the IERC-20 ecosystem. This portion will be released linearly into circulation. In this way, the protocol aims to promote distributed indexing and ensure a fair distribution of index balances as part of its outstanding plan to become the first fully decentralized project in the field of PoW data indexing. This plan will incentivize the community's efforts to maintain network security.

Deflation Policy: IEIP-1 ​​announced $ethpi’s move to a deflationary model. Future deflation methods that may be implemented include fee discounts and buybacks, airdrop snapshots, and LaunchPad subscriptions.

The success of IEIP-1 ​​ultimately depends on the active participation and input of the IERC-20 community. Eligible $ethi holders are encouraged to vote on Snapshot to exercise their collective voice and shape the future direction of $ethpi and the broader IERC-20 ecosystem. If the community supports the proposal, the total circulating supply of $ethpi will be capped at 330 million, which is 1.57% of the total supply at launch, and the IERC-20 protocol believes that it will continue to decrease through deflation mechanisms.

 

As of this writing, 1.0825% or over 227M $ethpi has been mined, representing 75% of the newly proposed total circulating supply of 300M, available for mining and staking. If the percentage of votes in favor exceeds 2/3 of the total votes, IEIP-1 ​​will be considered successful and the proposed project will be implemented. The eligibility voting snapshot for all $ethi holders, including stakers, occurs at midnight UTC on February 7, 2024. Voting lasts for 7 days, until 4AM UTC on February 14, 2024. Over 140 unique holders have voted, with 2.2M $ethpi or over 99% of the votes cast in favor.

 

Overall, IERC-20’s DPoS and PoW can be considered a successful community experiment. The number of $ethpi holders is about to reach 10k, and nearly 300 ETH gas (worth over $700k) has been burned through mining and staking so far.

 

As the IERC-20 community welcomes the DPoS model, the protocol may explore the utility of expanding DPoS points. Both organizations and individuals can apply to publish their own points and staking pools in the IERC-20 inscription ecosystem to promote the sustainable development of projects and protocols.

 

IEIP-1 ​​aims to highlight the power of the community and focus on the future development path of the growing Inscription ecosystem on Ethereum. Eligible $ethi holders can vote on Snapshot and decide the token economics of $ethpi before February 14th.

 

IEIP-1 ​​Link:

https://snapshot.org/#/iercdao.eth/proposal/0xd8c42effb1453b60807116b2a2b8ed5b75bbef5ea200ca7b7c80d222d8f1b8e1