Heroglyphs: using Ethereum validator graffiti to mine elite memecoins
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Explains how Heroglyphs encodes tokens in the validator graffiti field so solo validators can mine memecoins, countering liquid staking centralization of Ethereum validation. Covers ticker leasing, token emission tables and the author's thesis that elite memecoins will attract solo stakers.
Key claims
Large node operators can be excluded by filtering contract-based withdrawal addresses
Tickers are leased and can be taken over by a higher valuation
Author plans to hold Genesis Key NFTs and start mining
Ethereum is at risk.
Strong centralizing forces lead to a consolidation of node operators that could leave the network prone to vulnerabilities & regulation.
The solution? Inscription-style "Elite Memecoins" that will go to the moon and save decentralization in the process.
Is this @0xMaki's next big move?
Let me explain anon. ⤵️
⚠️ Is Ethereum at risk?
Originally, the Ethereum validation landscape was exclusively composed of node providers that stake 32 ether and run solo validators.
However, an increasing number of liquid staking protocols that reduce the technical complexity of validation & ease economic participation via the issuance of liquid staked tokens (LSTs), have significantly changed this.
Today, most economic participants (stakers) are not actually validation contributors.
This heavily skews the landscape, as this sort of participation doesn't decentralize the validation process beyond the democratization of economic rewards from the validation process.
In fact, it actively gives rise to centralization risks as the process is left to a few node runners as large node operators have more incentives than complete (solo) validators.
That's the problem @0xMaki set out to solve with @hero_glyphs.
🧠 What are Heroglyphs?
The key question is: How can we build a system that incentivizes more stakeholders fully involved in the validation process instead of just partially by staking with @LidoFinance and co?
Well, this is exactly what Heroglyphs protocol is attempting to fix.
It aims to achieve this goal by leveraging a byproduct of Ethereum’s proof of stake validation known as “Graffiti.” This approach is designed to incentivize independent complete validators (ICV) in an approach that draws parallels with the original Bitcoin proof-of-work validation process. The system is built on the core principles of decentralization, security, and resilience.
⚙️ How does it work?
A key concept in the context of @hero_glyphs is graffitis.
Graffitis exist as a small piece of passive and arbitrary data element included in a block’s header.
Originally, this was designed to be used for personal messages, identifiers, or random data.
Sounds familiar?
It should.
It's basically how Inscriptions on $BTC work.
For $BTC inscriptions, images, texts, and audio (ordinals) are inscribed into a spare blockspace and attached to sats.
Similarly, graffiti through two modules:
✦ Encoder
✦ Translator
These enable the creation, emission, transfer, and transformation of NFTs, memecoins, decentralized gaming mechanics, etc.
Meet @hero_glyphs.
In simple terms, Heroglyphs encoding is the way all the values we talked about earlier are included in the graffiti.
It's like embedding important info into the head of a blockspace. This can be info to create a token, set its properties, define metadata, and even specify wallet addresses for distriution
The Translator on the other hand acts kind of like an operator.
It mines the encoded token, whether an NFT or a memecoin, and transfers it to the recipient according to the encoded distribution/emission schedule.
The translator basically functions as a smart contract, translating the encoded information into tangible on-chain actions.
Within this framework, Heroglyphs exist as a form of ‘hieroglyphics,’ translating to a system that uses symbols to represent words.
More specifically, Heroglyphs tickers are used to represent token values.
These tickers or @hero_glyphs are embedded into the graffiti to be mined by a miner who translates them into on-chain operations by leasing the ticker.
Using this model, a ticker is accorded a value by the miner and pointed to an address on a lease, which means the validator is paying a regular tax on that ticker.
Another interesting feature of all of this is that the value a miner accords to a ticker is also the value at which another user can take over the ticker.
This means that should another user accord more value to a ticker, the former user will end up losing that @hero_glyphs ticker.
This could lead to bidding wars around the tickers, driving up the value of these elite Memecoins.
So in short: Complete validators enjoy the rewards or incentives from this speculation on tickers.
It allows them to create elite memecoins or NFTs and have users speculate over them, earning an equitable share of fees on this beautifully degenerate process.
🤔 Wait, why won't @LidoFinance just get all these tokens?
Good thinking anon.
Luckily, large node operators can actually be kept out of all this stuff pretty easily.
Mainly because their withdrawal addresses are different from those of solo validators, which are usually set up as regular user accounts (EOAs).
So, if we exclude validators with addresses set up as contract addresses, the partial validators can be locked out from joining in.
📊 What about the Tokenomics?
✦ MOLANDAK (Arbitrum, later Monad): Supply: 888,888,007,000,000, Emission: 8 Months, Pre-mint: 60%
✦ LUEYGI (Avalanche): Supply: 19,830,914,000, Emission: 6 Months, Pre-mint: 50%
✦ PORIGON (Polygon): Supply: 1,000,000,000, Emission: 9 Months, Pre-mint: 10%
✦ OVERPOWERED (Optimism): Supply: 9,000,000,000, Emission: 91 Days, Pre-mint: 25%
✦ ARBINAUTS (Arbitrum): Supply: 1,969,160,900,000, Emission: 5 Months, Pre-mint: 50%
✦ 69 (Mantle): Supply: 69, Emission: 30 Days, Pre-mint: 5%
✦ ONEPUNCH (Linea): Supply: 201,510,500,000, Emission: 4 Months, Pre-mint: 75%
✦ KABOSU (Base): Supply: 200,500,090,020,420, Emission: 18 Years, Pre-mint: 98%
✦ SCRIBES (Scroll): Supply: 500,000,000,000, Emission: 5 Months, Pre-mint: 39%
✦ frxBULLAS (Fraxtal): Supply: 333,333,333,333,333, Emission: 90 Days, Pre-mint: 39%
✦ GNOBBY (Gnosis): Supply: 201,704,240,170,000,030, Emission: 9 Months, Pre-mint: 1%
✦ GARFELDO (Arbitrum): Supply: 197,800,060,190, Emission: 30 Days, Pre-mint: 89%
✦ OogaBooga (Arbitrum, later Berachain): Supply: 202,411,777,777,777, Emission: 4 Months, Pre-mint: 17%
✦ SANICSUPERSPEED, MILADY, and BigBang do not have tokens at this time, to be addressed in Phase 3.
🌐 How to participate as a Validator?
Solo validators mint Genesis tokens by following the below steps:
✦ Create Heroglyphs ID from Validator Withdraw Credential address.
✦ Set your Heroglyphs ID to your Validator Index.
✦ Have Genesis Key NFTs in the ID receiver address wallet.
✦ Generate graffiti on Heroglyphs website starting with #.
✦ Input graffiti into Validator's graffiti field.
✦ Receive tokens in your ID receiver address when proposing a block if graffiti is correct.
All validators receive medals for each block they attest.
These medals are off-chain and serve as indicators only.
Medals can be redeemed for $BADGES, which are soul-bound tokens (SBT).
By holding Genesis Key NFTs in the Validator Withdraw Credential, validators can claim the corresponding genesis token(s) by redeeming the $BADGES.
⬆️ How does the Road Ahead look?
While there is an emphasis on expanding Heroglyph Assets beyond the Ethereum Virtual Machine (EVM) into other virtual machines using bridges or messaging protocols.
Additionally, @hero_glyphs is looking to:
✦ Expand accessibility for validators
✦ Explore DVT solutions
🔮 My Thesis for Heroglyphs
Heroglyphs are a very nascent concept.
Think back to when inscriptions appeared in your feed for the first time.
No one knew what it was.
Few cared.
It's the same now.
Almost nobody understands why @hero_glyphs matter.
But they do.
We're not in a full blown bull now and retail isn't here yet.
But it's the cycle of memecoins and airdrops.
So imagine we're peak bull.
Now tell me, how bullish are you on an "official" @hero_glyphs Monad memecoin called $MOLANDAK that is not only a great meme but actually serves a greater purpose, promoting Ethereum's decentralization?
What about the same on @Berachain?
All the L2 memes?
I think you see where I'm going with this.
And as opposed to stuff like @pumpdotfun, we're not talking the trashy memecoins that literally anyone can create.
These are elite memecoins that serve a purpose on the infra level and that can only be created by the unsung heroes, a.k.a. kings of the Ethereum ecosystem.
The complete validators.
Can imagine that in a few months there will bea huge hype and everyone wants to set up a solo validator to mine these memecoins.
@hero_glyphs will moon and you will look back to this day and ask yourself why you didn't realize the potential.
I for my part will definitely hold on to my Genesis key NFTs (demand will explode once people understand) and look to start mining myself soon.
Study @hero_glyphs anon.
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