July 21, 2024
EVM Inscriptions Hit Record $8M Daily Gas Spending
Latest Cryptocurrency News

EVM Inscriptions Hit Record $8M Daily Gas Spending

Over the weekend, various blockchain networks, not just Bitcoin, experienced congestion due to the surge in Ordinals inscriptions, leading to increased demand for block space. Ethereum Virtual Machine (EVM) chains, in particular, witnessed a notable spike in gas fees associated with these inscriptions.

On December 16, gas spending on EVM inscriptions reached a record $8.3 million, with the Avalanche network accounting for the highest gas spending at over $5.6 million, followed by Arbitrum One at $2.1 million.

In the past 24 hours, a significant portion of network gas fees on Avalanche and zkSync Era, 58% and 48% respectively, was dedicated to EVM inscriptions. The BNB Chain experienced 73% of its transactions in the last 24 hours being related to inscriptions. Arbitrum One faced severe issues, leading to a 78-minute outage on December 15 due to the overwhelming demand for inscriptions.

Similar to Ordinals on the Bitcoin network, EVM inscriptions involve embedding information in transaction call data to create unique nonfungible tokens (NFTs) on-chain. Meanwhile, Bitcoin also witnessed an uptick in inscriptions over the weekend, resulting in increased demand for block space and transaction fees. With nearly 280,000 unconfirmed transactions, Bitcoin transaction fees surged to as high as $37, rendering the network less feasible for peer-to-peer digital money transactions.

Bitcoin pioneer Adam Back noted that Ordinals are unstoppable, and the high fees may drive the adoption of layer-2 solutions, promoting innovation. On December 18, an expert in NFTs and Ordinals, “Leonidas,” highlighted that a single collection outperformed several well-known projects combined in terms of volume. The Bitcoin Frogs Ordinals collection, with a market capitalization of $182 million, led the market, and secondary sales reached $4.8 million on December 17, as reported by CryptoSlam.

Image by fabrikasimf on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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