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.

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 – 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

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