The daily gas spent on EVM articles has recorded a high of 8 million dollars
Network transaction fees on all blockchains increased over the weekend as the Ordinals writing craze continues to drive demand in the blockspace – and only on the Bitcoin network.
Inscriptions on Ethereum Virtual Machine (EVM) chains skyrocketed over the weekend, driving up gas charges.
As of Dec. 16, gas spent on articles rose to $8.3 million, according to data from Dune Analytics.
The Avalanche network saw the most gas spent, spending more than $5.6 million that day alone. Arbitrum was second, spending $2.1 million on text gas.
In the last 24 hours, 58% of network gas charges were spent on Avalanche and 48% of zkSync Era gas charges were spent on EVM articles.
BNB Chain has devoted 73% of its exchanges to texts over the past 24 hours.
The situation was so severe on Arbittrum One's network that it caused a 78-minute outage on December 15.
Like the queues on the Bitcoin network, EVM scripts are essentially non-unique tokens (NFTs) embedded in transaction call data on-chain.
Meanwhile, the Bitcoin network also saw an increase in inscriptions over the weekend, increasing demand for block space and transaction fees. According to mempool.space there are currently around 280,000 unconfirmed transactions.
This has pushed Bitcoin's transaction fees as high as $37, with observers saying that using the network for its intended purpose – a peer-to-peer digital currency – is impractical for many people.
Currently “high priority” #btc txfee is $37.
How many people earn less than $37 a day?
5.39 billion people.
Two-thirds of the world's population is excluded from sending “fast” #bitcoin tx unless they want to withdraw more than a day.
Well done maxipads. pic.twitter.com/0JhNbH0kS7
— Kawaii Crypto (@kawaiicrypto) December 17, 2023
According to Bitcoin pioneer and cryptographer Adam Back, Ordinals are unstoppable and the high payouts have “forced Layer-2 adoption and innovation.”
Related: Bitcoin Ordinals Group Launches Non-Profit Organization to Promote Protocol Development
On December 18th, NFT and Ordinals expert “Leonidas” generated more votes in the last 24 hours than CryptoPunks, BAYC, MAYC, Pudgy Penguins, Azuki, DeGods, Moonbirds, Doodles and Meebits combined.
It reports that the Bitcoin Frogs Ordinals collection holds the top spot for market capitalization at $182 million.
Top 10 PFP Sets Ranked by Market Cap:
Rank Set MCAP1 Bitcoin Frogs $182.2M2 OMB $79.3M3 OCM Genesis $38.1M4 Bitcoin Punks $29.4M5…
— Leonidas (@LeonidasNFT) December 17, 2023
According to CryptoSlam, the collection's secondary sales reached $4.8 million on December 17.
Magazine: BlackRock Reviews BTC ETF Filing, El Salvador's Crypto-Citizenship In Progress, and More: Hodler's Digest, December 10-16
