Inscriptions are the focus of attention when appearing on many blockchains and are almost mint free (only gas fees) bringing profits tens or even hundreds of times. So does this open up a new trend or is it just a temporary trend? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to understand better.
- What is Bitcoin Ordinals? Everything about Bitcoin Ordinals
- What is BRC 20? All you need to know about BRC 20
- What are Ethscriptions? Inscriptions on the Ethereum blockchain
What Created a Wave of Inscriptions Across Major Blockchains
In recent times, we have seen stories surrounding many users only spending gas fees to mint free Inscriptions and earn tens or even hundreds of times more profit. This has created a wave of fomo around Blockchains as people rush to mint projects related to Inscription. This trend does not appear by accident and starts from a few reasons:
- The first is that Elon Musk said that most NFTs at the moment are not stored onchain. This does not affect Bitcoin Ordinals but unintentionally promotes Bitcoin Ordinals with the advantage that it is all stored Onchain.
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Next was Binance listing ORDI (the first BRC 20 token on the Bitcoin network). This has opened a large wave of users into BRC 20 tokens such as Sats, Rats,… or Bitcoin NFTs such as: Bitcoin Frogs, Goosinals,… All of which have witnessed a growth rate of dozens of times.
Not only did the Inscriptions trend explode on the Bitcoin network, but it also spread to many other large Blockchains such as Polygon, Solana, Fantom and Avalanche.
A Look at the Inscriptions Trend on Major Blockchains
Ethscriptions on Ethereum
Inscriptions on Blockchains other than Bitcoin are not recent, they appeared on Ethereum in June this year launched and named by Genius.com co-founder and former CEO Tom Lehman. is Ethscriptions.
Number of Ethscriptions on Ethereum
According to data from Dune as of November 28, 2023, the number of Ethscriptions inscriptions exceeded 2,314 million, the total number of users exceeded 114,000, and the cumulative number of transactions exceeded 257,000. Judging from the number of daily active users and the increasing number of mints, Ethscriptions has grown at a relatively stable rate since October 2023.
Pols Inscription on Polygon
Compared to Bitcoin and Ethereum, low gas is the main advantage of Pols Inscription. These are tokens created according to the PRC – 20 standard inspired by the BRC – 20 based Bitcoin Ordinals.
POLS Inscription on Polygon
Like the BRC-20 token, the PRC-20 can be created by editing transaction data to attach a JSON file in a process called Inscription. POLS is the first Inscription token on the Polygon Blockchain. Although it has no purpose, it has created great hype when it pushed gas fees and the number of Polygon transactions to a record high of nearly 16.45 million on November 16. . There are currently more than 83,000 addresses holding POLS and more than 25 million POLS Inscriptions have been minted in just a short time.
SOLS and Lamp Inscriptions on Solana
SOL Inscription on Solana
Similar to Satoshi – the smallest unit of Bitcoin, Solana’s smallest unit is Lamport, which is also another popular Inscription project on Solana. The recent popularity of Inscription on Solana may also be related to Sol’s strong price increase recently.
Aval Inscription on Avalanche
The recent increase in the number of transactions on Avalanche cannot help but mention the leading cause of the appearance of Aval Inscription. Transactions on Avalanche C-Chain reached a record high on November 21, 2023 with a daily transaction volume of 5.84 million while Avalanche normally only processes 450,000 Transactions in a day.
Aval is an Inscription based on the ASC20 standard with a total quantity of 21,000,000 and has received the attention and support of Ava Labs CEO Emin Gun Sirer. According to data from Dune, the Avalanche Inscription AVAL is completely inscribed and currently holds more than 23,000 addresses. However, there is currently no publicly traded market for AVAL.
Fans Inscription on Fantom
Affected by the mint Inscription activity, according to data from FTMScan, gas fees on Fantom’s network skyrocketed to more than 100,000 gwei on November 23, 2023. Fans is the first Inscription on Fantom with a total supply of 21 million. According to data from Dune, as of November 28, 2023, there were 24,000 wallet addresses holding FANS Inscriptions.
Number of Fan Inscriptions mint on Fantom
Inscriptions on Arbitrum
On December 16, 2023, Arbitrum One sequencer was interrupted and stopped working for more than 1 hour due to the number of transactions on the Arbitrum network suddenly increasing by more than 4.3M Transactions and reaching a record for the number of transactions in a day. The reason behind this sudden increase is the continuous increase of Inscriptions on Arbitrum and the Arbitrum team is trying to fix this problem and finally the network is operating stably again.
The Arbitrum One Sequencer stalled at 10:29 AM ET during a significant surge in network traffic.
We are working to resolve as quickly as possible and will provide a post-mortem as soon as possible.
More details here: https://t.co/NBlzFuPFro
— Arbitrum (
,
) (@arbitrum) December 15, 2023
In addition to the popularity of Inscriptions on the 6 Blockchains I just mentioned above, BNB chain, Celo, zkSync, Tron and ADA also witnessed the explosion of Inscriptions. This wave not only brought a sudden increase in the number of transactions on Blockchains, but also made Miners earn a lot of money from this activity.
In terms of investment, most current Inscriptions including on Bitcoin’s network rely on institutional support, community and Meme culture to fuel the hype. They do not have any application and are similar to genuine meme coins, however with this explosion wave of Inscriptions from Bitcoin → Ethereum -> Polygon -> Solana, the story of the second boom, Third,… is completely possible.
The next victim of Layer 2 is zkSync
We’re actively monitoring a high burst of transactions on zkSync Era Mainnet
Sequencer and Prover are keeping up and working as intended
Users might experience lagging on zkSync partner nodes
Transactions are being processed, please be patient
Follow for updates
— zkSync Developers ∎ (@zkSyncDevs) December 16, 2023
On the evening of December 16, 2023, according to zkSync Developer, Inscriptions began to land on the zkSync network temporarily, causing the network to become congested, expensive, and many user transactions were not approved and cleared. via.
However, according to zkSync Developer, the Sequencers and Provers are still working normally.
summary
Inscriptions are still quite new to the majority of users in the Crypto community and it seems that the boom and popularity of Inscriptions is only increasing over time. So this could be a new trend in the Crypto market that everyone should pay attention to.
