On May 23, 2025, it became possible to long or short the mindshare of Ethos on @noise_xyz. A month later, on June 24, 2025, Ethos launched its own Reputation Market for Ethos, where users could long or short whether they thought Ethos was trustworthy.

This article records how things worked when those posts went out. What follows describes the setup as of May and June 2025, not how Ethos works today.

May 23, 2025: Ethos mindshare on Noise

In a post on May 23, 2025, @lucacs wrote: “due to popular demand, you can now long or short the mindshare of Ethos on Noise.”

Ethos shared the news with a short description of what drives it:

The center of the Ethos flywheel is… people. The more good, the more bad, the more Ethos you see on the TL.

The point is that Ethos’s visibility doesn’t depend only on praise. Positive reviews and negative ones both bring Ethos onto the timeline, and that attention is what a mindshare market tracks. Ethos put the question to its audience directly: “are you short or long, anon?”

June 24, 2025: a Reputation Market for Ethos itself

On June 24, 2025, Ethos launched a Reputation Market for @ethos_network. Where the Noise market was about mindshare, this one was about trust: users could speculate on trust or distrust of Ethos’s reputation, going long if they thought Ethos was trustworthy and short if they thought it wasn’t.

Ethos explained why it built one for itself: “We believe Markets represents the truest indicator of trust.”

Markets alongside the other trust signals

At the time, Ethos already offered several ways to indicate trust. Ethos listed them as:

• Reviews
• Vouches
• Slashes
• Listings

Ethos described markets as the next addition to that set, and said that in the future, the clearest signal for any new project would be Markets.

Ethos also pointed to the structure of these markets. Letting users speculate on trust using a bonding curve, it said, “gives a clear, bound speculative opportunity.” In other words, the market was designed with defined limits rather than being open-ended.

From attention to trust

Taken together, the two launches show Ethos applying markets to itself in two different ways within about a month. The Noise market measured how much people were talking about Ethos, good or bad. The Reputation Market asked a narrower question: whether people trusted it.

This story first appeared on X.