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DeFi News

EVM Inscriptions Daily Gas Surges To Record High of $8 Million

Arbitrum suffered a major outage in the severe situation where gas fees on the network skyrocketed due to inscriptions.

Written By:
Gopal Solanky

Last updated: February 12, 2024 4:58 AM
Published December 18, 2023 8:02 AM
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Last updated: February 12, 2024 4:58 AM
Published December 18, 2023 8:02 AM
EVM Inscriptions Daily Gas Surges To Record High of $8 Million

The Inscriptions on EVM, also known as Ethscriptions, has seen a massive surge over the weekend, with it recording more than $8 million in daily gas spending.

Inscriptions are not only congesting the Bitcoin network, but they have also clogged EVM networks with pushed blockspace demand, causing a spike in gas fees during the weekend.

Data from a Dune dashboard shows that total gas spent on Inscription transactions reached $8.3 million across all EVM networks on December 16.

Across all networks, Avalanche is dominating, and it has seen the most gas spending of nearly $5.6 million, followed by Arbitrum One, which recorded $2.1 million in total gas spent on inscriptions. 

Gas Spending on Inscriptions
Gas Spending on Inscriptions – Dune Analytics

While the Inscription transactions have spiked, Arbitrum suffered a major outage, when gas fees on the network skyrocketed. Inscriptions have also spiked transaction fees on the Bitcoin network, which saw nearly $37 for priority-based transactions on Sunday.

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
Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Gopal Solanky - Crypto Research Analyst at The Crypto Times
By Gopal Solanky Sr. Crypto Journalist
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Gopal Solanky is a Research Analyst and Reporter with over 5 years of experience in DeFi, blockchain, crypto, IT, and financial markets. With a Bachelor's in Computer Applications, he brings a strong technical foundation to his analysis and reporting. Gopal focuses on breaking down complex topics for both seasoned investors and curious readers. His work has been referenced by publications like Business Insider and Vulture.com, highlighting his contributions to industry stories around topics like Huwak Tuah Memecoin and the FTX collapse.

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