Surge in Non-Bitcoin Blockchain Inscriptions Test Infrastructural Limits
Summary:
This article explores the recent surge in inscriptions on various non-Bitcoin-based blockchains that has resulted in all-time high transactions. Prominent blockchains such as Goerli, zkSync, Arbitrum, Gnosis, and BNB Chain have hit their daily peak TPS (Transactions Per Second), as have Fantom, Celo, Avalanche, and Polygon in November. The article also refers to the massive increase in transaction counts on leading blockchains and the surge in gas expenditure for minting new inscriptions. Due to the increased demand, there are reports of network failures on some platforms. The trend acts as a stress test for the current infrastructure and highlights the need for subnets to handle the extra load.
The current trend of creating non-Bitcoin-based records on various blockchain networks has resulted in multiple platforms, such as Arbitrum and BNB Chain, reaching record-breaking levels of transaction processing. Based on research by anonymous analyst "hildobby" from Dragonfly crypto venture fund, multiple chains like Goerli, zkSync, Arbitrum, Gnosis, and the BNB Chain have all marked their highest daily transaction per second (TPS) this month. Furthermore, between 83% and 97% of the transactions on these chains were dedicated to these inscriptions.
In addition, Fantom, Celo, Avalanche, and Polygon established new daily TPS benchmarks in November. On the hour, records were shattered by Optimism with an astounding 87,960 TPS on Dec. 19 and Avalanche with a massive 289,285 TPS on Dec. 18, as discovered by the Dune Analytics dashboard operated by the analyst.
Reflecting on the previous two years, there has been a significant escalation in transaction numbers on prominent blockchains due to the recent inscription fervor. Also, the amount allocated for gas to produce these new inscriptions has reached unprecedented record-breaking figures. Utilizing transaction call data on EVM chains, just like Bitcoin Ordinals, allows users to create inscriptions that range from memecoins to social media avatar images, inevitably increasing the demand for block space.
On Dec. 19, Kevin Sekniqi, the co-founder of Ava Labs, disclosed that the Avalanche C-Chain's daily TPS had reached 977, and many EVM chains had collapsed under the demand. He said this phase has acted as an excellent stress test of the current infrastructure, emphasizing the necessity for subnets to deal with these additional loads.
Cointelegraph reported on Dec. 19 that the rush to create inscriptions also sparked complete or partial network failures on several platforms recently, including Arbitrum, zkSync, Cronos, and Celestia. The current trends and events are detailed in the latest issue of the Hodler's Digest, including BlackRock's revision of its BTC ETF filing and the popularity of El Salvador's crypto citizenship.
Published At
12/20/2023 9:38:58 AM
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