Facet Swap: An on-chain inscription trading platform by ETHS founder, with participation guide and key token introduction
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Facet Swap: An on-chain inscription trading platform by ETHS founder, with participation guide and key token introduction
On Facetswap, users no longer need to buy Ethereum inscriptions (such as ETHS) one by one as before, but can purchase them on demand.
Navigating Web3 tides with focused insightsWritten by: TechFlow
As the Bitcoin ecosystem witnesses a surge in inscriptions, new developments are also emerging within Ethereum's inscription space.
Recently, Facetswap, an inscription trading platform founded by Middlemarch, the creator of Ethscription, has sparked widespread discussion among inscription enthusiasts.
On Facetswap, users no longer need to purchase Ethereum inscriptions (such as ETHS) one by one, as was previously required. Instead, they can buy fractions on demand.
Facetswap successfully launched on November 30 and on its first day surpassed Uniswap in terms of ETH burned, briefly ranking first across the entire network.
The high level of trading enthusiasm is largely due to the fact that Facetswap is incredibly cheap.
Although all Facet transactions are Ethereum transactions and all Facet data is stored directly on Ethereum, the Gas fees incurred on the Ethereum mainnet are only about one-tenth of the usual cost.
Cost is naturally a key consideration when minting inscriptions. The primary expense in Ethereum transactions comes from gas fees, which can become prohibitively expensive during periods of network congestion.
However, Facetswap significantly reduces gas fees while keeping all data on the mainnet—without relying on Layer 2 solutions.
How is this achieved?
The core idea behind the Facet protocol is to use predicted outcomes of Ethereum transactions instead of actual smart contract executions, thereby reducing costs. By sending transactions to a standard address rather than interacting with a smart contract, Facet embeds predictions of contract interactions, significantly lowering transaction fees.
In simple terms, everything still happens on the Ethereum mainnet—only the method of processing transactions has changed.
Thanks to reduced transaction fees, the inscription trend on Ethereum continues to gain momentum. After Facetswap officially launched, multiple liquidity pools related to inscriptions began to emerge.
At the time of writing, there are 35 liquidity pools on Facetswap, involving 35 different inscription assets.
How to Participate in FacetSwap?
1. Visit the Facet Swap official website and select the bridge option;
2. Enter the amount of ETH you wish to bridge. You must convert it to FETH to use Facetswap, though mainnet ETH is used for gas payments during settlement.
For example, if a trade on Uniswap costs around $10 in gas, the equivalent transaction on FacetSwap would cost approximately $2.
Note that funds deposited into Facetswap cannot currently be withdrawn. The founder explained that for security reasons, withdrawals will only be enabled five days after launch.
Now, with increasing liquidity, the price of ETHS has surpassed $8,000.
As more FOMO-driven capital flows in, this low-cost Facet Swap market is bound to attract greater attention.
You might also realize that Uniswap already exists on the current Ethereum mainnet. Although FacetSwap currently only supports inscription-related liquidity pools, thanks to its low fees, adding more assets to attract users may just be a matter of time.
Identifying Early Potential Assets on Facet Swap
Given the current landscape, which tokens on FacetSwap deserve close attention?
This article will summarize the four tokens deployed in the first block: FacE7, 18684900, PAMP, and ETHX, analyzing whether they could stand out in the new ETHS market.
1. FacE7
FacE7 is the first alphabetical inscription deployed after FacetSwap went live. With a total supply of 21,000,000, its minting process lasted about half an hour and was the first inscription to be fully minted. Today, its pool ranks fourth in size on FacetSwap, with liquidity added organically by retail users.
Meme points:
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First inscription to be fully minted;
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First alphabetical inscription deployed;
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On FacetSwap, inscription minting no longer involves sending ETH to oneself but requires transferring ETH to the official address 0x00000000000000000000000000000000000FacE7, set up by the founder—this is where the name FacE7 originates.
2. 18684900
18684900 is the first inscription deployed after Facetswap’s launch. It is also named "18 Genesis" because Facetswap officially went live on Ethereum at block number 18684900. With a total supply of 190,000, it was fully minted right after FacE7 and became the second completely minted token. Its current pool depth ranks fifth and was also created organically by retail users.
Meme points:
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First inscription deployed after Facetswap’s launch;
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Personally participated in minting by the founder of Ethereum inscriptions, who only performed this minting operation once on that day;
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Special commemorative significance due to the "18 Genesis" designation.
3. PAMP
Among these tokens, Pamp has a unique distribution method: it was distributed via airdrop.
The team used subdomains under Ens's ethscriptions.eths as eligibility criteria: holders of 10K ETHS domains received free allocations of $Pamp, the project’s official meme token. Each subdomain minted grants 70,000 $Pamp tokens. There is no maximum per wallet, but each transaction can mint up to 50 subdomains. The total token supply is one billion.
Despite ranking second in pool depth, most liquidity was added by the project team. The team has committed to allocating 40% of revenue and 20% of the total $Pamp supply to establish initial liquidity.
Meme points:
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Had an official community and official Twitter account established before token launch;
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"Pamp it" is frequently used in English communities, meaning "to pump" or drive price up;
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Close relationship between developers and the founder of Ethereum inscriptions.
4. ETHX
Although ETHX has received relatively less attention among the four, it was still the third contract deployed early on Facet Swap. Minted after FacE7 and 18684900, it has a total supply of 21,000,000 and was fairly launched.
Currently, its pool depth ranks eighth, with liquidity added organically by retail users.
Meme points:
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One of the four genesis inscriptions on Facetswap;
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Compared to FacE7 and 18684900, the name ETHX is more intuitive and investor-friendly;
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Smallest market cap among the four.
In conclusion, while FacetSwap’s launch sustains the inscription craze and is likely to boost prices of certain assets in the short term—with liquidity and user activity expected to peak—
in the long run, we hope it won’t remain limited to the inscription market. After all, a swap platform with significantly lower transaction fees should benefit a broader range of assets across the ecosystem.
Whether FacetSwap can achieve long-term success remains to be seen.
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