eDMT Protocol

A deterministic asset protocol over Ethereum calldata. Spec, indexer, API, and apps. eNAT is the first live asset.

[eDMT Protocol @eDMTProtocol]

We acknowledge the concern around the current V1 operator-based mint path for wENAT/bENAT.

The core protocol layer itself cannot be inflated. This discussion is only about the wrapped assets, wENAT/bENAT, and the V1 operator-based mint path.

V1 was designed around operator-signed receipts, which means the operator is a trust assumption. We do not want to hand-wave that away.

Our current thinking is:

pause new V1 wrapping
snapshot existing V1 wrapped supply
prepare a V2 migration
let V1 holders migrate by locking V1 assets for V2
route all future unwrapped protocol assets through V2
V1 assets would remain transferable as legacy assets, but canonical wrapping would move to V2 with stronger mint controls and a reduced operator trust model.

This is not a final plan yet. We are sharing the direction early and will publish details before taking action.

[eDMT Protocol @eDMTProtocol]

Quick update: the eDMT indexer is healthy and fully synced.

The issue was an API service stop, not an indexing halt. API is back online now, with Ethereum mainnet data synced at zero lag.

[eDMT Protocol @eDMTProtocol]

eDMT is now open source.

https://t.co/aLUctQaQL1

The repo includes the public protocol docs and a minimal Rust scanner for eDMT calldata.

It reads Ethereum blocks, finds data:, payloads, parses protocol operations, and outputs JSONL.

[eDMT Protocol @eDMTProtocol]

eDMT is going open source.

Within the next 48 hours, we’ll release the eDMT protocol indexer.

No contracts.
No hidden protocol logic.
Just calldata on Ethereum, specs, and an indexer anyone can inspect, run, verify, and fork.

The protocol layer becomes public.

[eDMT Protocol @eDMTProtocol]

Blockspace as a Veblen Good

A Veblen good has a counterintuitive property:

the higher the price, the stronger its appeal can become.

Because price is not only a cost. It is also a signal:
scarcity, status, access, and one’s position in a particular moment of history.

Many revolutionary technologies began as luxuries.

Mechanical clocks in the 14th century were expensive to build and maintain, accessible only to the wealthy and powerful institutions. Centuries later, pendulum clocks made timekeeping more precise, scalable, and eventually ordinary.

Early automobiles were toys of the rich. Electricity, in its early days, was itself a social signal. Only after electrification spread did these luxuries become part of everyday life.

Today, blockspace, especially Ethereum mainnet blockspace, carries a similar luxury-like quality.

In theory, it is open to every onchain user.

But during gas spikes, getting included in a block becomes a signal of payment capacity, urgency, and priority.

A high-gas block is not just another block.

It is a slice of onchain time where demand was most concentrated, competition was most intense, and access was most expensive.

If blockspace is the Veblen good of the digital age, then ETH burn is the price trace it leaves behind.

This is what eNAT tries to capture.

Each eNAT corresponds to one Ethereum block. Its embedded burn equals the real amount of ETH destroyed by that block.

High-burn blocks represent the most expensive blockspace of the past.

bENAT turns that burn into fungible, tradable, and consumable units.

More importantly, minting future blocks also requires consuming bENAT.

This means eNAT is not merely a way to collect historical blocks.

It creates a blockspace flywheel:

the most expensive blockspace of the past settles into eNAT / bENAT;

bENAT then becomes the fuel used to compete for future blocks.

The luxury of blockspace no longer lives only inside a gas bill.

It can be captured, circulated, priced, and used again in the next round of blockspace competition.

eNAT turns the expensive moments of Ethereum blockspace into digital matter, then turns that digital matter into fuel for minting the future.

[eDMT Protocol @eDMTProtocol]

Post-auction liquidity is now live on Uniswap.

We added a single-sided 0.8 ETH LP position at the 1% fee tier.

[eDMT Protocol @eDMTProtocol]

The official eNAT auction has closed at 1.62069 ETH.

Winner: 0xE870...2A0A
Whole: #14688922

[eDMT Protocol @eDMTProtocol]

The official eNAT auction is now live.

Bid on Ethereum mainnet:
https://t.co/zMvoI52D1K

[eDMT Protocol @eDMTProtocol]

Rules

Lot: BLK 14688922.

Starting price: 0.096 ETH.

Bid format: each valid bid must be at least current highest bid + 0.1 ETH.

Duration: starts at 10:00 AM EDT, with a base duration of 2 hours. Any valid bid in the final 5 minutes extends the auction by 5 minutes, capped at 12:30 PM EDT.

Auction proceeds will be split 50 / 50: one portion will be used to add liquidity to the 1% fee market, and the other will support ongoing development and maintenance.
https://t.co/rVy7gDEb03

[eDMT Protocol @eDMTProtocol]

10:00 AM EDT.
History reopens.

[eDMT Protocol @eDMTProtocol]

blk 14688922

May 1, 2022.
Four years ago today.
Otherside mint.
220.935108219 ETH burned in one block.

The chain remembers what the market forgets.

Auction soon.

[eDMT Protocol @eDMTProtocol]

@BENQIANQAQ DM

[eDMT Protocol @eDMTProtocol]

bENAT is now source-code verified on Etherscan.

eDMT is built by global, distributed contributors. The verified contract is immutable and non-upgradeable.

Deposits require operator-signed EIP-712 receipts; withdrawals burn bENAT and emit relay events for protocol-layer settlement.

English technical docs are being published progressively.

Contract:
https://t.co/lTSnMy6D38

[eDMT Protocol @eDMTProtocol]

We’re glad to see independent builders exploring new ideas around eDMT, wENAT, and bENAT.

These community experiments are not official eDMT products or endorsements, but they show why an open protocol surface matters.

Once the base layer is public, verifiable, and permissionless, different teams can build their own interpretations on top.

We’re also working to make protocol indexing more accessible as soon as possible, so builders can explore the surface more easily.

The related contracts will also be open-sourced today for transparency and easier integration.

The protocol defines the surface.
The ecosystem explores the possibilities.

[eDMT Protocol @eDMTProtocol]

The protocol surface is the real story.

eNAT is only the first.

Just public Ethereum calldata,
deterministic rules,
and an open issuance surface anyone can write to.

eDMT reads Ethereum history.
then opens a new surface for what Ethereum can issue next.

[eDMT Protocol @eDMTProtocol]

Further Statement on Early Concentrated Acquisition of High-Value IDs

eDMT/eNAT has always been built around the principles of fair launch, open participation, and verifiable on-chain records.

We want to clarify that these restrictions are not aimed at “batch minting” itself. In an open network, users may participate in minting through different methods.

What we are addressing is a specific early-mainnet pattern: within an extremely short period of time, in some cases within seconds, a small number of wallets used scripted methods to acquire a large concentration of high-burn, high-value eNAT IDs.

This kind of early concentrated acquisition can materially affect the initial distribution and future circulation of a fair-launch asset.

Based on the fair launch principle, circulation restrictions have been applied at the application layer to the relevant eNAT IDs.

As of now, the restrictions involve:
- IDs initially associated with 4 wallets
- 1,165 eNAT whole IDs
- Approximately 36,594.49 bENAT of potential circulating supply

To be clear:

These restrictions are not wallet-based, nor are they a subjective action against any individual user identity. The restrictions are attached to specific eNAT IDs identified through public on-chain data. If those IDs are transferred, the restrictions continue to follow the IDs themselves.

At the same time, eDMT remains a calldata-only protocol. Protocol-layer on-chain records are not modified, deleted, or rewritten. Anyone can independently index and verify the canonical protocol state.

We respect the verifiability of an open protocol, while also upholding the basic consensus of a fair launch. Early eNAT circulation should not be dominated by a small number of scripted high-value ID sniping behaviors.

[eDMT Protocol @eDMTProtocol]

@0xandreas94 DM

[eDMT Protocol @eDMTProtocol]

Statement on Early Concentrated Acquisition

eDMT/eNAT was launched with a core principle: fair launch, open participation, and verifiable on-chain records.

[eDMT Protocol @eDMTProtocol]

@znznktkt DM