• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

2025-06-02

Bitcoin Summer Doldrums Ahead? 🌞📉 Or Fireworks Coming?🔥

2025-05-31

US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree

2025-05-30

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

    2025-06-02

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    2025-05-30

    What Is Crypto Margin Trading? A Beginner-Friendly Guide to Leverage

    2025-05-26

    What Is Circulating Supply in Crypto? A Beginner’s Guide to Token Supply

    2025-05-23

    What Is a DEX? How DEXs Work and Why They Matter

    2025-05-21
  • Videos

    Bitcoin Summer Doldrums Ahead? 🌞📉 Or Fireworks Coming?🔥

    2025-05-31

    🔥 Top 15 FIRE Stories of the Week 🔥 You Won’t Believe #5 😲📈

    2025-05-30

    Is Bitcoin Still Actually Decentralized?

    2025-05-30

    🌍Biggest Week in BTC History: 401Ks, IBIT, Trumps & $112K Perpetual Bid

    2025-05-29

    Bitcoin Spammers Working With The CCP?

    2025-05-29
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Blockchain»Daily EVM Inscriptions Gas Fees Reaches Astonishing $8 Million
Blockchain

Daily EVM Inscriptions Gas Fees Reaches Astonishing $8 Million

2023-12-18No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

  • Data shows that fees spent on inscriptions hit a record high of $8.3 million on Dec. 16.
  • With almost $5.6M spent on fees, the Avalanche network was the most heavily impacted.

The weekend saw a jump in network transaction fees across all blockchains, as the need for block space was driven by the Ordinals inscriptions frenzy, which isn’t limited to the Bitcoin network.

Gas fees surged over the weekend due to an explosion of Ethereum Virtual Machine (EVM) chain inscriptions. Dune Analytics data shows that fees spent on inscriptions hit a record high of $8.3 million on Dec. 16.

Inscriptions Frenzy

With almost $5.6 million spent on fees that day alone, the Avalanche network was the most heavily impacted. Aribitrum One spent $2.1 million on fees for inscriptions, putting them in second place. Inscriptions of EVMs accounted for 58% of Avalanche’s network gas costs and 48% of zkSync Era’s gas fees in the last 24 hours.

Inscriptions accounted for 73% of BNB Chain’s transactions in the last 24 hours. The Arbitrum One network had a 78-minute outage on December 15 due to the severity of the issue. Just like Bitcoin’s Ordinals, EVM inscriptions create one-of-a-kind NFTs on the blockchain by encoding information in transaction call data.

At the same time, inscriptions into the Bitcoin network surged over the weekend, driving up transaction costs and the need for block space. According to mempool.space, there are about 280,000 transactions that have not been verified yet.

As a result, Bitcoin transaction costs have risen to as much as $37, according to analysts, making it impossible for many users to utilize the network for its original purpose. As per Bitcoin advocates, Ordinals can’t be stopped and the high fees boost adoption of layer-2 and pushes towards innovation.

See also  Zeta Markets Secures $5 Million to Propel DeFi Growth on Solana

Astonishing Daily EVM Fees gas Inscriptions Million Reaches
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree

2025-05-30

BTC Daily: Bitcoin Treasures on Fire + BitBonds!

2025-04-16

BTC Daily: 🚀 Bonkers ₿ Bitcoin Recovery 🔥

2025-04-09

Coinbase users lose $46 million to social engineering scams in March

2025-03-28
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

THE NEXT 100X COIN!🐉

2024-06-28

Discover PeiPei: The Next Memecoin Sensation! Introducing PeiPei, the Chinese version of Pepe Coin, poised…

Videos

Unraveling Saylor: The Truth Finally Revealed!

2024-10-25

LIVE: What Is Happening with Michael Saylor? & ECB Declares War on Bitcoiners! In today’s…

Regulation

Binance withdraws from Netherlands following VASP license snub

2023-06-17

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge.…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

2025-06-02

Bitcoin Summer Doldrums Ahead? 🌞📉 Or Fireworks Coming?🔥

2025-05-31

US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree

2025-05-30

🔥 Top 15 FIRE Stories of the Week 🔥 You Won’t Believe #5 😲📈

2025-05-30
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 105,707.32
ethereum
Ethereum (ETH) $ 2,581.16
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.20
bnb
BNB (BNB) $ 664.75
solana
Solana (SOL) $ 156.34
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.195148
tron
TRON (TRX) $ 0.268625
cardano
Cardano (ADA) $ 0.689569
bitcoin
Bitcoin (BTC) $ 105,707.32
ethereum
Ethereum (ETH) $ 2,581.16
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.20
bnb
BNB (BNB) $ 664.75
solana
Solana (SOL) $ 156.34
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.195148
tron
TRON (TRX) $ 0.268625
cardano
Cardano (ADA) $ 0.689569