Heroglyphs: Another reason to solo stake

I and others have laid out the problems with centralized staking ad nauseam. Rewarding solo staking through L2 airdrops is part of how the balance is being redrawn to reward the service our customers provide, but Heroglyphs, in its early days of design, is looking like the superhero of solo staking, and so I am keen to share what we know so far.

Heroglyphs uses graffiti in Ethereum to reward solo stakers in a way that excludes centralized exchanges, LSDs, and anything new that isn’t solo staking. This is done by excluding validators that are set up as contract addresses. Only solo stakers like you and all Launchnodes customers who use EOA addresses get the upside.

Graffiti – People say graffiti is ugly, irresponsible, and childish… but that’s only if it’s done properly. ― Banksy, Wall and Piece

In Ethereum, “graffiti” refers to a small piece of arbitrary data that can be included in a block’s header. Originally designed for personal messages, identifiers, or random data, graffiti serves as a way to leave a mark on the Ethereum blockchain. At its heart, Heroglyph is using graffiti as part of a protocol to incentivize solo staking validators. Think ordinals for Ethereum.

The Encoder and the Translator: Making solo staking incentives happen

To do this, Heroglyphs uses what it calls the encoder and the translator.

You can think of the encoder as the brain at the back end, sneaking in valuable info into the block header. Then, the translator steps in to do its work as smart contract magic, turning that info into on-chain action.

The incentive: Solo staking getting your tick

In this encoder/translator setup, a miner assigns a value to a ticker and links it to an address through a lease agreement, paying a regular fee for its use. What is super clever is that the assigned value also dictates the takeover price for another user. So, if someone values the ticker more, the original user loses control.

In essence, complete validators reap rewards from this ticker speculation game. They can mint unique tokens like NFTs or meme coins, enticing users to speculate on them. Through this process, validators earn a slice of the fees, turning this activity into something profitable.

How much profit and when is the airdrop?

No idea and no idea. But a protocol that is specifically for Launchnodes customers as solo stakers deserves support from us.

A solo staking community

We need to build one, and we are going to. If you would like to join it, please sign up here.

Happy staking.

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