Paying more than $8 million in fees in one day for EVM scripts

Bitcoin is not the only network whose transaction processing has been disrupted since the launch of the Ordinals protocol. In recent days, transaction fees have increased in all blockchain networks; Because the demand of users for books continues to increase.

To Report Cointelegraph, an increase in the volume of transactions of inscriptions on the Ethereum Virtual Machine (EVM) network since Saturday has caused gas fees to rise.

According to the data of Don Analytics on December 16, the value of the fee paid for writings in all these networks has reached a record of 8.3 million dollars.

The Avalanche Network saw the highest paid fees on the day at over $5.6 million, followed by Arbitrum One with $2.1 million.

During the last 24 hours, 58% of the gas fee paid in Ulanche and 48% in ZSync Era was spent on EVM inscriptions.

During this period, BNB China has allocated 73% of its transactions to Ordinals inscriptions.

The situation in Arbitrum One was so dire that the network was cut off for 78 minutes on December 15.

Just like cardinals on the Bitcoin network, EVM tokens are information embedded within transaction call data to generate unique non-trivial tokens (NFTs) on the network.

At the same time, the Bitcoin network has seen an increase in the demand for multiplying inscriptions, which has increased the demand for block space and transaction fees. According to data from the website mempool.space, there are currently around 286,000 transactions awaiting confirmation on the Bitcoin network.

According to observers, this has increased Bitcoin transaction fees to $37, making it impossible for many people to use the network for its intended purpose of conducting peer-to-peer transactions.

Adam Back, the pioneer and cryptographer of Bitcoin, said that the cardinals cannot be stopped and that the increase in transaction fees will lead to the adoption of layer 2 solutions and innovation.

Leonidas, an NFT and Ordinals expert, also noted that the transaction volume of a portfolio in the last 24 hours alone was from CryptoPunks, Bord IP Yacht Club, Mutant IP Yacht Club, Doodles, Puggy Penguins, Azuki, DGods, Moonbirds and Maybits. It has been more.

According to his report, the Ordinals collection of Bitcoin Frogs has the highest market value with 182 million dollars.

According to Cryptowaslam, the volume of secondary sales of this collection has increased to 4.8 million dollars on December 17.