eDMT Protocol

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.

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.

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.

Happy 11th birthday Ethereum

eDMT frontend migration completed. edmt.io has moved from Vercel to self-hosted infrastructure, giving us greater control over deployment, performance, and operating costs. The website and API are fully operational. No action is required from users. edmt.io

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.

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.

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.

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 is now open source. github.com/entelic-io/edmt-p… 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 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.

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.

Post-auction liquidity is now live on Uniswap. We added a single-sided 0.8 ETH LP position at the 1% fee tier.

The official eNAT auction has closed at 1.62069 ETH. Winner: 0xE870...2A0A Whole: #14688922

The official eNAT auction is now live. Bid on Ethereum mainnet: edmt.io/en/auction