{"id":26774,"date":"2023-12-18T07:07:45","date_gmt":"2023-12-18T07:07:45","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/daily-gas-spent-on-evm-inscriptions-surges-to-record-high-of-8m\/"},"modified":"2023-12-18T07:07:49","modified_gmt":"2023-12-18T07:07:49","slug":"daily-gas-spent-on-evm-inscriptions-surges-to-record-high-of-8m","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/daily-gas-spent-on-evm-inscriptions-surges-to-record-high-of-8m\/","title":{"rendered":"Daily gas spent on EVM inscriptions surges to record high of $8M"},"content":{"rendered":"
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Network transaction fees across all blockchains have spiked over the weekend as the Ordinals inscriptions craze continues to push demand for blockspace \u2014 and not just on the Bitcoin network.<\/p>\n

Inscriptions on Ethereum Virtual Machine (EVM) chains skyrocketed over the weekend, causing a spike in gas fees.<\/p>\n

On Dec. 16, gas spent on inscriptions surged to a record high of $8.3 million, according to data from Dune Analytics.<\/p>\n

The Avalanche network saw the most gas spent, with more than $5.6 million on that day alone. Aribitrum One was second, with $2.1 million spent on gas for inscriptions. <\/p>\n

EVM inscriptions gas expenses. Source: Dune Analytics<\/em><\/figcaption><\/figure>\n

Over the past 24 hours, 58% of network gas fees on Avalanche and 48% of zkSync Era\u2019s gas fees were\u00a0spent on EVM inscriptions.<\/p>\n

BNB Chain has seen 73% of its transactions over the past 24 hours dedicated to inscriptions. <\/p>\n

The situation was so severe on the Arbitrum One network that it caused a 78-minute outage on Dec. 15. <\/p>\n

Like Ordinals on the Bitcoin network, EVM inscriptions are essentially information embedded in transaction call data to generate unique nonfungible tokens (NFTs) on-chain. <\/p>\n

Meanwhile, the Bitcoin network has also seen a surge in inscriptions over the weekend, increasing block space demand and transaction fees. There are currently almost 280,000 unconfirmed transactions, according to mempool.space. <\/p>\n

This has caused Bitcoin transaction fees to spike as high as $37, according to observers, making using the network for its intended purpose \u2014 peer-to-peer digital money \u2014 unfeasible for many people. <\/p>\n

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Currently the “high priority” #btc<\/a> txfee is $37<\/p>\n

How many people earn less than $37 daily?<\/p>\n

5.39 BILLION people.<\/p>\n

TWO THIRDS of the worlds population are currently excluded from sending a “fast” #bitcoin<\/a> tx unless they want to spend more than a days income.<\/p>\n

Well done maxipads. pic.twitter.com\/0JhNbH0kS7<\/a><\/p>\n

\u2014 Kawaii Crypto (@kawaiicrypto) December 17, 2023<\/a><\/p><\/blockquote>\n

Bitcoin pioneer and cryptographer Adam Back said<\/a> that Ordinals cannot be stopped, and the high fees \u201cdrive adoption of layer-2 and force innovation.\u201d<\/p>\n

Related: <\/em><\/strong>Bitcoin Ordinals team launches nonprofit to grow protocol development<\/em><\/strong><\/p>\n

On Dec. 18, NFT and Ordinals expert \u201cLeonidas\u201d noted<\/a> that a single collection just did more volume in the past 24 hours than CryptoPunks, BAYC, MAYC, Pudgy Penguins, Azuki, DeGods, Moonbirds, Doodles and Meebits combined.<\/p>\n

The Bitcoin Frogs Ordinals collection also topped the list for market capitalization with $182 million, he reported. <\/p>\n

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Top 10 Ordinal PFP Collections Ranked by Market Cap:<\/p>\n

RANK COLLECTION MCAP
1 Bitcoin Frogs $182.2M
2 OMB $79.3M
3 OCM Genesis $38.1M
4 Bitcoin Punks $29.4M
5\u2026<\/p>\n

\u2014 Leonidas (@LeonidasNFT) December 17, 2023<\/a><\/p><\/blockquote>\n

According to CryptoSlam, secondary sales of the collection spiked to $4.8 million on Dec. 17. <\/p>\n

Magazine: <\/em><\/strong>BlackRock revises BTC ETF filing, El Salvador\u2019s crypto citizenship trending, and more: Hodler\u2019s Digest, Dec. 10-16<\/em><\/strong><\/p>\n<\/div>\n