1. Blockchain inscriptions causing significant congestion on various blockchains such as Avalanche, Arbitrum, Cronos, zkSync, and Celestia.
2. Despite the congestion, inscriptions are gaining popularity, evidenced by the record-high gas fees of $8.3 million on December 16th.
3. Sandeep Nailwal, founder of Polygon, asserts that Polygon is effectively managing the inscription demand, boasting the highest number of inscriptions at 161 million.
4. Solana appears vulnerable due to past outages and a recent surge in fees, raising concerns about its stability.
5. While Polygon bears the brunt of the current situation, uncertainties persist regarding Solana'sstability.
Blockchain inscriptions have ignited significant controversy within the blockchain space this year. Originating from Bitcoin, this technology has swiftly proliferated across multiple blockchains, triggering a frenzied pursuit of these "permanent NFTs."
However, notwithstanding their controversial nature, these novel NFTs are congesting blockchains, leading to numerous instances of system crashes. Several prominent blockchains, including Avalanche, Arbitrum, Cronos, zkSync, and most recently, Celestia, have experienced disruptions.
The Celestia blockchain recently underwent a crash, adding to the list of incidents. Of these disruptions, Arbitrum's Ethereum L2 solution encountered a particularly noteworthy crash on December 15, lasting over an hour.
Consequently, mempools are swelling, transact. fees are surging, and blockchains are faltering, all attributed to the escalating popularity
Data from Dune Analytics reveals a staggering $8.3 million spent on gas fees for blockchain inscriptions on December 16, marking a historic peak since their inception. The accompanying chart depicts a steady surge in both the prevalence and utilization of blockchain inscriptions.
Meanwhile, Sandeep Nailwal, founder of Polygon, speculates a potential migration of inscription creators to Polygon due to its cost-efficient transactions and minimal fees. Polygon currently boasts the highest inscription count, nearing 161 million, surpassing BNB, the second-ranked chain in this domain. Remarkably, Nailwal notes that gas fees on Polygon remain below 10 cents.
Contrarily, Solana has a checkered history of network outages, as reported by Solana's official status page, registering numerous instances of partial or complete downtime, particularly in 2022.
Flipside data further emphasizes the soaring inscription count on Solana, reaching approximately 287 thousand, contributing to a cumulative total nearing a million inscriptions. Simultaneously, network fees on Solana have been steadily ascending since October, signifying
Despite the tumultuous landscape, Solana and Polygon remain relatively resilient, having avoided major outages due to ordinals. However, while Polygon appears to weather the storm relatively well, concerns persist regarding Solana's stability.
Disclaimer: Osmy CryptoZ aims to provide accurate and current information but disclaims responsibility for any omissions or inaccuracies. Cryptocurrencies are highly volatile financial assets; hence, conduct thorough research and exercise independent judgment in financial decisions.
#BlockchainNews #blockchain #Solana #BinanceTournament #VoiceOfCrypto
