Why are Transaction Fees Rising on Blockchain Networks? 🚀
Transaction #fees surged across various blockchain networks due to a growing trend in inscriptions, notably Ordinals and NFTs.
Ethereum Virtual Machine (#EVM ) chains saw gas fees soar, with Avalanche and Arbitrum One recording substantial activity.
This phenomenon, akin to Bitcoin's Ordinals, involves embedding information in transaction data to create unique tokens, causing congestion and high fees.
The Bitcoin network also experienced a surge, hindering its peer-to-peer transaction function. These fee spikes, driving innovation and adoption of layer-2 solutions, reflect an escalating interest in NFTs and #Ordinals , evidenced by notable market volumes and capitalizations.
