Blobme Protocol for Distributing Memecoin on Ethereum EIP-4844 Blobs

The novel memecoin distribution protocol inscribes content on Ethereum EIP-4844 Blobs in a simple, backwards-compatible manner.

Abstract

Introduce a novel token distribution protocol for memecoins which inscribes content on Ethereum EIP-4844 Blobs. The protocol is intended to be fully compatible with the ERC-20 token standard.

Motivation

The EIP-4844 protocol (supported by Ethereum after Cancun upgrade), defines blob-carrying transactions. Our Blobme protocol allows minting memecoins through sending this kind of blob transactions, commemorating the significant upgrades in Ethereum's history, particularly the Cancun upgrade, which signifies that Ethereum is on the path to sharding. EIP-4844 Blobs provide cheap on-chain data storage for Ethereum Rollups, opening up endless possibilities for Ethereum's future evolution. However, we have observed that Ethereum has recently underperformed in both $ETH price and DApp ecosystem, leading to some FUD about Ethereum. While we have some concerns about this, we believe that the Ethereum ecosystem, with its indomitable creativity and resilience forged through years of challenges and triumphs, will undoubtedly rise to prominence once more. We aim to achieve this by launching the first memecoin $BLOM supported by the Blobme protocol, with the rallying cry "MAKE ETHEREUM GREAT AGAIN".

Specification

Parameters

Contracts

Blobme

The only contract that can mint $BLOM tokens. It is responsible for managing the memecoin distribution mechanism.

epoch

Returns the current epoch.

function epoch() public view returns (uint256);

nextHalvingEpoch

Returns the next halving epoch.

function nextHalvingEpoch() public view returns (uint256);

epochReward

Returns the reward of the epoch epoch.

function epochReward(uint256 epoch) public view returns (uint256);

mine

Mine to earn reward with a valid predefined blob. The method will access the versioned hash of the 0-th blob associated with the current transaction using blobhash(0). It will check if the hash is within the predefined valid blob hashes.

function mine() external;

claimReward

Claim reward for the previous epoch.

function claimReward(address claimer) public;

setStartEpoch

Set the start epoch. Only by Admin.

function setStartEpoch(uint256 startEpoch_) external onlyOwner;

setBlobHashes

Add or remove hashes of valid message blobs. Only by Admin.

function setBlobHashes(bytes32[] calldata hashes, bool valid) external onlyOwner;

BlomToken

The ERC-20 token contract for $BLOM. It allows us to transfer and trade $BLOM tokens in a standard way. As such, we immediately have the ability to list $BLOM on decentralized exchanges like Uniswap.

In addition to OpenZeppelin's ERC-20 contract, we add the following methods.

mint

Creates a value amount of tokens and assigns them to account. Only by the Blobme contract.

function mint(address account, uint256 value) external;

Valid Blob Contents

The blobs carried by transactions, which contain a large amount of data, cannot be accessed by EVM execution, but whose commitment (actually its versioned hash) can be accessed. So we predefine a set of hashes of valid blob contents through the contract method setBlobHash. The predefined valid blob contents should consist of interesting texts or messages. In the future, we may consider opening up $BLOM as a governance token to vote on the addition or removal of valid blob contents.

Rationale

Token economics

We designed a halving mechanism similar to Bitcoin's, but with a significantly shorter halving period, to distribute memecoins more akin to Shib and Pepe, delivering them into the hands of those who appreciate them in a shorter timeframe, while still adhering to the fundamental principle of fair-launch. The halving period will be 7 days.

The epoch is 3 hours. The contract will tally the number of mine transactions sent during each epoch and allow for claiming of $BLOM token rewards in the next epoch. The reward amount will be calculated as follows:

<Reward Amount> = <Epoch Reward Quota> * <Number of Your Transactions Sent> / <Total Number of Transactions Sent During This Epoch>

The initial epoch reward quota is set to ensure that the total minted tokens after three months reaches over 90% of the maximum supply available.

The above token distribution mechanism is designed to ensure its fair launch and promote early participation. Furthermore, the mechanism of rewarding $BLOM tokens based on the number of mining transactions incentivizes active participation in the network. The formula for calculating rewards ensures that participants are proportionally rewarded based on their contribution to the transaction volume during each epoch.

Mining throughput

With Ethereum producing a block approximately every 12 seconds and allowing a maximum of 6 blobs per block, and considering that Ethereum's blob fee mechanism tends to include around 3 blobs per block, we can calculate that the network can generate a maximum of 43,200 blobs per day.

Assuming that the initial launch of the $BLOM token is highly active and each block contains a transaction to mint $BLOM tokens, then the network can accommodate approximately 7,200 such minting transactions per day.

Backwards Compatibility

Blob availability

Blob contents are not directly accessible by EVM execution but can be access externally from the consensus layer (but can be deleted after only a relatively short delay).

Token standard

The $BLOM token is fully compatible with the ERC-20 token standard.

Test Cases

Test cases can be found hear.

Security Considerations

The BlomToken contract has no ownership but has a minter which is the Blobme contract. The Blobme contract only mint $BLOM tokens when the mine method is called with a valid blob.

References

1. EIP-4844: Shard Blob Transactions
2. Ethereum has blobs. Where do we go from here?
3. Viem Blob Transactions