When the inscription style rises again, can it save the broken market of the people?

Original | Odaily Planet Daily

Author｜Golem

Is the inscription that once stood at the beginning of this bull market going to revive?

In the recent "garbage market" with poor market trends, sluggish counterfeit markets, and Meme's inactive "garbage market", the new inscription protocol on the chain of BRC-20 and L1 star Hyperliquid HRC-20 have attracted attention in the community.

The total amount is 21 million, and the BRC-20 "big truck" token that needs to be minted 2.1 million times (10 pieces) was once raised by MASK on the evening of February 23 to 14/byte. How many There are few "inscription trucks" that hope to be cast and have a total address of over 10,000. (Odaily note: The inscription truck refers to the BRC20 tokens that cost too much money and time.)

At the same time, the first HRC-20 token on Hyperliquid L1 was minted at 5:00 on February 21, with a total of 21 million pieces, and it took 5 hours to mint it. The official has spent US$109,154.01 to buy the Hyperliquid spot trading quota, and the transaction was opened at 5:00 am today, and the corresponding packaging assets wHYPI were launched in the Hyperliquid spot trading market.

Revival of the inscription or zombie fraud?

The growth of short-term FOMO sentiment often makes people in it have illusions.

MASK popularity comes quickly and goes quickly

The deployment time of the BRC-20 token MASK is March 10, 2023. Even during the peak period of the BRC-20 inscription, some players were put at the highest position at a minting rate of 30 Satoshi/byte last year.

Why did "old antiques" become popular again? There are two types of speculations circulating in the community. One is that MASK is a real "miner conspiracy disk". Miners cast large numbers of MASK to create the illusion of prosperity on the chain, allowing players to earn more Bitcoin fees; the second speculation is that MASK It is the new "inscribed land" and the "mysterious Eastern power" is behind it. No matter which one it is, it is a good thing as long as it can bring continuous flow and heat to the inscription.

On February 23, the MASK casting progress reached 70%, and the unit price of MASK in the OKX inscription market was US$0.3. I originally thought that MASK would be minted on February 24 and continue to push up the price, but the popularity of MASK has faded faster than expected. To this day (February 25), its progress has only reached 88%, and the unit price of MASK It fell to $0.1, and looking back at the price on February 23, it was already the top of the mountain.

Perhaps MASK will still be cast in the end, but the final outcome is likely to gradually disappear like the inscription truck EORB, which is also 2.1 million.

HRC-20 performance is worse than expected

HRC-20 is a homogenized token standard launched by HPS Protocol, the inscription protocol on Hyperliquid L1, which introduced the concept of Hyperscriptions on Hyperliquid L1 and HyperEVM. HYPI is the first HRC-20 token officially issued and is currently the only HRC-20 token with a number of addresses held at 2231.

At present, almost all the functions of the HPS Protocol platform are unavailable, and users cannot independently deploy and transfer HRC-20 tokens. Therefore, in order to quickly start trading, HPS Protocol chose to launch HYPI's packaging asset wHYPI in the Hyperliquid spot trading market first. The address holding HYPI will receive a 1:1 wHYPI airdrop when the transaction is opened. After the official HRC-20 market is launched, users can directly redeem wHYPI as HYPI, and always maintain the total circulation of HYPI and wHYPI to 21 million pieces.

The cost of casting of HYPI single sheet (100 pieces per picture) is 2-3 US dollars. Before the Hyperliquid spot market was launched, the community's off-market double bet transaction price reached up to US$25 per picture, with an estimated market value of US$5.25 million, compared with casting The cost has increased by about 10 times.

I thought that after launching the Hyperliquid spot market, HYPI, as the first inscription on the Hyperliquid chain, will still have some room for growth. But as disappointing as MASK, wHYPI started to fall after it was launched. The current price is US$0.024 ($2.4 per piece), with a market value of US$540,000, which has fallen below the cost of casting. The player who received the goods at $25 per ticket outside the field was "crying in the toilet" at this moment.

The market vitality is withering, but speculative demand remains

This morning, the overall crypto market fell again, and BTC fell below 91,000 USDT (at the lowest level to 90,888 USDT). The altcoin market is even more bloody, with ETH falling below USDT and SOL falling below USDT. The vitality of Meme market is even more terrible. On February 24, pump.fun graduated tokens in the past 24 hours were only 1. The market value of the Meme market exceeded US$1 million. Looking back on the Meme market last month, there were several Memes with a market value of US$1 million every day. It seems like a different life.

However, I think the more the market is, the more hungry the funds in the market are, the more speculative demand is, and the more anxious the small and medium-sized players are to "turn over". At this time, any new hype opportunity like a turbulent moment may attract great attention, but the side effect is that if there is no return in the short term, the funds will exit quickly. The inscriptions of BRC-20 on MASK and the HRC-20 on Hyperliquid L1 are a phenomenon in the context of the current market downturn and lack of hype opportunities.

Nowadays, inscriptions have become a very small angle in the market, as small as the number of people discussed is far less than the inexplicable post published by SBF, who has been in prison, after two years. Only some diamond players with love (or obsession) are still persevering.

Only things that have failed will talk about revival. To put it brutally, today's inscription is yesterday's Meme. But as long as speculative demand on Web3 always exists, we will eventually wait for the next asset distribution model that caused a sensation in the market. But, those who are involved in it must remember to stop "falling in love with" your investment projects.