Ethereum

Flow

Fantom

Polygon

<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123758/ambcrypto_Prompt_-_A_cosmic_realm_where_Polygon_personified_as__a99490f9-3e72-4826-8250-9ec51acd24cc.jpg" class="attachment-full size-full wp-post-image" alt="" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123758/ambcrypto_Prompt_-_A_cosmic_realm_where_Polygon_personified_as__a99490f9-3e72-4826-8250-9ec51acd24cc.jpg 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123758/ambcrypto_Prompt_-_A_cosmic_realm_where_Polygon_personified_as__a99490f9-3e72-4826-8250-9ec51acd24cc-300x225.jpg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123758/ambcrypto_Prompt_-_A_cosmic_realm_where_Polygon_personified_as__a99490f9-3e72-4826-8250-9ec51acd24cc-1024x768.jpg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123758/ambcrypto_Prompt_-_A_cosmic_realm_where_Polygon_personified_as__a99490f9-3e72-4826-8250-9ec51acd24cc-768x576.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul>
 <li style="font-weight: 400;">Polygon leads in terms of inscription activity on EVM chains.</li>
 <li style="font-weight: 400;">MATIC has seen an uptick in new demand in the past few days.&nbsp;</li>
</ul>
<a href="https://eng.ambcrypto.com/search/matic" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon [MATIC]</a> has emerged as the leader in inscription activity on Ethereum Virtual Machine (EVM) chains, data from a Dune Analytics <a href="https://dune.com/hildobby/inscriptions" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">dashboard</a>&nbsp;showed.
The Polygon-based nonfungible token (NFT) collection POLS, which launched on the network in November, operates similarly to Bitcoin Ordinals, which has seen <a href="https://eng.ambcrypto.com/bitcoin-brc20-token-crosses-1-billion-market-cap-whats-next/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">increased activity</a> in the past few days.&nbsp;
The Dune Analytics dashboard tracks inscription-related activities on EVM-compatible chains such as Polygon, <a href="https://eng.ambcrypto.com/search/bnb" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BNB Chain [BNB]</a>, <a href="https://eng.ambcrypto.com/search/eth" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a>, <a href="https://eng.ambcrypto.com/search/avax" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche C-Chain [AVAX]</a>, <a href="https://eng.ambcrypto.com/search/ftm" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Fantom [FTM]</a>, <a href="https://eng.ambcrypto.com/search/zksync" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">zkSync</a>, <a href="https://eng.ambcrypto.com/search/arb" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Arbitrum [ARB]</a>, <a href="https://eng.ambcrypto.com/search/op" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Optimism [OP]</a>, <a href="https://eng.ambcrypto.com/search/base" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Base</a>, Celo, and Gnosis.
Of all these chains, Polygon has the highest number of actively inscribed collections in the last week, totaling 938. The Layer 2 (L2) network is closely followed by the BNB Chain, which has seen 936 inscribed collections in the last seven days.
<div id="attachment_81280" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123546/Screenshot-2023-12-07-at-08.05.40.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81280" loading="lazy" class="wp-image-81280 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123546/Screenshot-2023-12-07-at-08.05.40.png" alt="" width="922" height="582" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123546/Screenshot-2023-12-07-at-08.05.40.png 922w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123546/Screenshot-2023-12-07-at-08.05.40-300x189.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123546/Screenshot-2023-12-07-at-08.05.40-768x485.png 768w" sizes="(max-width: 922px) 100vw, 922px"></a>
 Source: Dune Analytics
</div>
Also, Polygon has seen the highest count of inscription-related activities within the same period. The L2 accounts for 66.46% of all activity involving inscriptions on EVM chains in the last week.
The Polygon network boasts the highest number of inscriptions among EVM chains, with over 109 million made by more than 133,000 users. In comparison, Fantom trails behind in second place, with 26 million inscriptions from 29,000 users.
As expected, the increased demand for POLS in the last week has led to Polygon experiencing the highest amount of gas fees spent on inscriptions among EVM chains.
 According to data from the Dune Analytics dashboard, the chain accounts for over 25% of all gas fees spent on inscriptions on EVM chains in the past seven days.
<div id="attachment_81281" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123642/Screenshot-2023-12-07-at-08.06.38.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81281" loading="lazy" class="wp-image-81281 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123642/Screenshot-2023-12-07-at-08.06.38.png" alt="" width="922" height="582" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123642/Screenshot-2023-12-07-at-08.06.38.png 922w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123642/Screenshot-2023-12-07-at-08.06.38-300x189.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123642/Screenshot-2023-12-07-at-08.06.38-768x485.png 768w" sizes="(max-width: 922px) 100vw, 922px"></a>
 Source: Dune Analytics
</div>
<h4>MATIC on the daily chart</h4>
After a brief period of decline, MATIC’s Chaikin Money Flow (CMF) reclaimed its spot above the zero line.
The indicator tracks a specific asset’s buying and selling pressure over a certain period. When it rallies above the zero line and returns a positive value, it means that there is more money flowing into the asset than out of it.&nbsp;
Is your portfolio green? Check out the&nbsp;<a href="https://ambcrypto.com/calculator/matic-network-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">MATIC Profit Calculator</a>
On the other hand, a negative CMF value indicates that more money flows out of the asset than into it. This suggests selling pressure and a potential downtrend.&nbsp;
At press time, MATIC’s CMF trended upward to return a value of 0.08. This signaled an inflow of funds as new demand for the altcoin began to gain momentum.&nbsp;
<div id="attachment_81282" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81282" loading="lazy" class="wp-image-81282 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11.png" alt="" width="2368" height="1302" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11.png 2368w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11-300x165.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11-1024x563.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11-768x422.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11-1536x845.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123719/MATICUSDT_2023-12-07_08-07-11-2048x1126.png 2048w" sizes="(max-width: 2368px) 100vw, 2368px"></a>
 Source: TradingView
</div>
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/polygon-dominates-inscription-activity-on-evm-chains/" data-wpel-link="internal" target="_self">Polygon dominates inscription activity on EVM chains</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Polygon dominates inscription activity on EVM chains

AMBCrypto

Other articles published on Dec 8, 2023

Is it too late to invest in SHIB?

DiamondCapitals Reaches Milestone Exceeding User Satisfaction Across the Globe

Kazakhstan blocks 980 crypto exchanges for non-compliance

Three Crypto Stocks that Could Rise with Bitcoin’s Rally

Harga SOL Diprediksi Mencapai Rp1,3 Juta

Elon Musk Takes on SEC Over Twitter Oversight

Join our free newsletter for daily crypto updates!