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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 — not just on the Bitcoin (
$81,123.00 ) network.
Inscriptions on Ethereum (
$2,604.08 ) Virtual Machine (EVM) chains skyrocketed over the weekend, causing a spike in gas spent on them.
On Dec. 16, gas spent on inscriptions surged to a record high of $8.3 million, according to data from Dune Analytics.
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.
Over the past 24 hours, Avalanche has seen 58% of its network gas spent on EVM inscriptions, with zkSync Era seeing 48% of its fees going toward them.
Moreover, BNB (
$760.19 ) Chain has seen 73% of its transactions over the past 24 hours dedicated to inscriptions.
The situation was so severe on the Arbitrum One network that it caused a 78-minute outage on Dec. 15.
Like Ordinals on the Bitcoin ( $81,123.00 ) network, EVM inscriptions are essentially information embedded in transaction call data to generate unique non-fungible assets on-chain.
Meanwhile, the Bitcoin ( $81,123.00 ) 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.
This has caused Bitcoin ( $81,123.00 ) transaction fees to spike as high as $37, according to observers, making using the network for its intended purpose, peer-to-peer digital money, unfeasible for most people.
Currently the “high priority” #btc txfee is $37
How many people earn less than $37 daily?
5.39 BILLION people.
TWO THIRDS of the worlds population are currently excluded from sending a “fast” #bitcoin tx unless they want to spend more than a days income.
Well done maxipads. pic.twitter.com/0JhNbH0kS7
— Kawaii Crypto (@kawaiicrypto) December 17, 2023
Bitcoin ( $81,123.00 ) pioneer and cryptographer Adam Back said that Ordinals cannot be stopped and the high fees “drive adoption of layer-2 and force innovation.”
Related: Bitcoin ( $81,123.00 ) Ordinals team launches nonprofit to grow protocol development
On Dec. 18, NFT and Ordinals expert “Leonidas” noted 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.
The Bitcoin ( $81,123.00 ) Frogs ordinals collection also topped the list for market capitalization with $182 million, he reported.
Top 10 Ordinal PFP Collections Ranked by Market Cap:
RANK COLLECTION MCAP
1 Bitcoin (
2 OMB $79.3M
3 OCM Genesis $38.1M
4 Bitcoin (
5…— Leonidas (@LeonidasNFT) December 17, 2023
According to Cryptoslam, there was a spike to $4.8 million in secondary sales of the collection on Dec. 17.
