Over the weekend, Ethscriptions, the inscriptions on the Ethereum Virtual Machine (EVM), witnessed an unprecedented surge, recording a staggering $8 million in daily gas spending. This surge not only congested the Bitcoin network but also caused blockspace demand and a significant spike in gas fees across various EVM networks.
Avalanche Leads Gas Spending Across EVM Networks
According to data from a Dune dashboard, the total gas spent on Inscription transactions reached $8.3 million on December 16 across all EVM networks.
Among these networks, Avalanche emerged as the dominant player, with nearly $5.6 million in gas spending. Following closely was Arbitrum One, recording $2.1 million in total gas spent on inscriptions.
Despite the surge in Inscription transactions, Arbitrum One faced a severe outage, exacerbated by the skyrocketing gas fees on the network. This outage highlights the challenges and strain imposed on EVM networks during periods of high demand.
Ripple Effect on Bitcoin Network Transaction Fees
The impact of Ethscriptions isn’t limited to EVM networks; it has also spilled over to affect transaction fees on the Bitcoin network. Priority-based transactions on the Bitcoin network experienced a significant spike, reaching nearly $35 on Sunday.
Ethscriptions Surge Raises Concerns Over Network Congestion
The remarkable surge in Ethscriptions and the subsequent strain on EVM networks raise concerns about scalability and congestion issues within the broader blockchain ecosystem. As blockchain technology continues to evolve, addressing these challenges becomes crucial for sustaining the efficiency and accessibility of decentralized networks.
The impact of Ethscriptions on both EVM and Bitcoin networks underscores the need for ongoing innovation and optimization in blockchain infrastructure.
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