BIT is pleased to announce its support for the upcoming Ethscriptions protocol upgrade and the launch of the Facet V2 mainnet. As one of the first exchanges to list the Ethscriptions protocol token (ETHS), BIT remains dedicated to offering comprehensive, high-quality projects to both the industry and its users.

This protocol upgrade transforms Ethscriptions into Ethereum’s first sovereignty-based rollup expansion solution, aligning perfectly with Ethereum’s latest strategic direction. As a standout innovation, it maintains the security and decentralization principles of the Ethereum mainnet while driving advancements at the cutting edge of cryptographic technology.

At BIT, we are committed not only to offering safe, convenient, and diverse products to our users but also to promoting the growth and development of the entire industry. By supporting developers and fostering community collaboration, we are helping to shape the future of the crypto space.

What are Ethscriptions?

Each Ethscription is a unique data URI (Uniform Resource Identifier), ensuring originality and ownership changes based on transaction input data.

Ethscriptions harness the power of the Ethereum blockchain to enable the creation and sharing of digital entities. Unlike traditional financial transactions, Ethscriptions focus on inscribing non-financial data directly onto the Ethereum main chain, utilizing Ethereum "calldata" to facilitate communication between entities and smart contracts. This innovative approach not only provides a decentralized alternative to contract storage but also offers affordability, accessibility, and security.

What are Facet and Facet V2?

Originally evolved from Ethscriptions protocol and deployed on Ethereum in December 2023, Facet is a next-generation decentralized computing platform designed to scale Ethereum without introducing new trust assumptions or points of centralization. Facet is preparing for a major upgrade V2 in November to become Ethereum’s first “based sovereign rollup”, a permissionless and EVM-compatible L1+ scaling solution that fully inherits the decentralization and security properties of Ethereum as public good.

About BIT

BIT is a comprehensive cryptocurrency exchange designed for professional use, featuring advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin. Launched in August 2020 as an affiliate of Matrixport, BIT aims to provide a secure and innovative trading environment for digital asset enthusiasts.