A deterministic asset protocol over Ethereum calldata. Spec, indexer, API, and apps. eNAT is the first live asset. 0x56d06158bb8d2e42a6c5994a9a12a5c6d642f064
Joined December 2009
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An update on wrapping and redemptions:
Our redemption relay had stopped processing returns. It is now back online, and all 578 queued returns have been processed and accepted by the protocol.
We also fixed a bug that rejected receipts for some valid deposits. If you were affected, retry your claim using the original deposit transaction. Do not transfer your assets again.
Sorry for the delay and frustration. Thank you to everyone who reported these issues.
Wrap is back up. We've fixed the page errors, 'transaction not found' checks, and the issue showing only 1 BURN when reselecting a deposit.
If you were stuck, refresh the page and continue with your original transfer. Please don't send another deposit.
Sorry for the hassle, and thanks to everyone who reported it.
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A follow-up on the bENAT reserve hook we shared over a month ago: the hook and oracle source code are now verified on Etherscan.
We should have done this when we announced the pool. Sorry for the delay.
Contract links and a reminder of what the hook does below:
The hook blocks swaps in its pool when reported reserves fall below bENAT supply or the reserve update expires.
Hook: etherscan.io/address/0xd5A5d…
Oracle: etherscan.io/address/0x05211…
9,687,479 blocks minted on eDMT.
Less than 313k to 10 million 👀
What was the first block you minted?
Quick update: the bENAT reserve proof update got stuck during the migration, so the safety check kicked in and some actions returned 503. It’s fixed now, and funds were not affected. Sorry for the interruption.
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Service Restored
edmt.io is back online. The outage was caused by the frontend and reverse-proxy services unexpectedly stopping, which resulted in Cloudflare 521 errors.
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Uniswap @Uniswap just shipped hooks that let pools enforce rules at the protocol
level. They use it for compliance: verifying WHO can trade. nitter.gq/Uniswap/status/2080298…
We used the same primitive to solve a different problem - one that every
inscription-style asset on Ethereum quietly carries.
Thread.
Introducing Permissioned Pools on Uniswap v4
A new hook standard that brings permissioned assets to the AMM with compliance checks enforced at the protocol level
Built in collaboration with @SuperstateInc, @Securitize, Dowgo, and other leading teams bringing value onchain
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In practice: every bENAT bought in the official pool is verified fully
backed at the moment of trade.
Even if our operator key were stolen tomorrow, unbacked tokens could
not exit through the official pool.
The mint key can lie. The pool will not.
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Users experienced Ethereum RPC timeouts because our Erigon node’s memory usage grew until RAM and swap were exhausted. The process stayed up but stopped accepting connections. We restarted and resynced it, then added RPC, heap, and swap limits. Service is fully restored.
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eATOM Burn Mining.
Open an Ethereum block with eNAT.
Mine its transactions with GPUs.
Earn bENAT. Create eATOM receipts.
A fixed pool, capped by the block’s recorded burn.
Settled on Ethereum.
If net ETH burn strengthens ETH’s monetary premium, then Ethereum’s burn history is monetary history.
In my opinion, Ethereum L1 revenue fees should stay low to foster growth. Tens of thousands of companies will set up shop over the next 2-3 years on some mix of Ethereum L1, L2s, and private permissioned EVMs like Besu chains which will be fully interoperable with L2s and L1s. Monetary premium will grow very large, "fee revenue" to L1 from so much activity will grow significant, staking and other locking away of ETH will reduce supply, and net burning of ETH under ultrasound conditions will further grow the value of ETH.