Arbitrum

Bitcoin

Read

Avalanche

zkSync

<ul>
 <li>Inscriptions transactions make up over 50% of transactions on Avalanche and BSC.</li>
 <li>There has been a rise in fees on both networks due to gas fees from Inscriptions.</li>
</ul>
While <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> Inscriptions presented one set of challenges, they introduced a different dynamic on networks like <a href="https://ambcrypto.com/search/avalanche" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche [AVAX]</a> and <a href="https://ambcrypto.com/search/bsc" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance Smart Chain [BSC]</a>. 
This impact has recently been felt across various networks, but it has remained strong on these networks.
<h4>Avalanche and BSC lead in Inscription numbers</h4>
<a href="https://twitter.com/hildobby_/status/1736409373499670915?t=R_du4zDr6XznPFOeWH6H7g&amp;s=19" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Hildobby’s</a> data on <a href="https://dune.com/hildobby/inscriptions" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Dune Analytics</a> showed a recent uptick in hourly Inscriptions on different networks. While <a href="https://ambcrypto.com/avalanche-is-avax-more-profitable-than-btc/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> and Binance Chain have maintained a consistent pattern, <a href="https://ambcrypto.com/search/Arbitrum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Arbitrum</a> gained prominence around the 15th of December. 
The hourly Inscriptions on Arbitrum were over 900,000 on the 15th and the 16th of December before experiencing a decline. Subsequently, <a href="https://ambcrypto.com/search/zksync+era" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">zkSync</a> took the lead, recording over 400,000 hourly Inscriptions between the 16th and the 17th of December. 
Similar to Arbitrum, zkSync also witnessed a decline.
<div id="attachment_359337" style="width: 100%" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-359337" decoding="async" class="size-full wp-image-359337" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune.png" alt="hourly inscriptions on Avalanche and BSC" width="1204" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune.png 1204w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-300x197.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-1024x674.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-768x505.png 768w" sizes="(max-width: 1204px) 100vw, 1204px">
 Source: Dune Analytics
</div>
In a prior AMBCrypto report, <a href="https://ambcrypto.com/arbitrum-hit-by-a-brief-outage-heres-what-went-wrong/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Arbitrum</a> and <a href="https://ambcrypto.com/zksync-era-of-halted-production-and-its-aftermath/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">zkSync</a> had network interruptions attributed to a rise in transactions. This surge was directly linked to the increased Inscription transactions. 
These platforms saw a rise in gas fees due to increased Inscription transactions. However, the chart showed that Avalanche experienced higher gas fees over the past four days than other platforms.
<div id="attachment_359339" style="width: 100%" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-359339" decoding="async" class="size-full wp-image-359339" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-1.png" alt="Avalanche and BSC gas fees" width="1204" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-1.png 1204w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-1-300x197.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-1-1024x674.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Dune-1-768x505.png 768w" sizes="(max-width: 1204px) 100vw, 1204px">
 Source: Dune Analytics
</div>
<h4>Percentage of Inscription transactions in total transactions</h4>
Analysis of the daily transaction volumes on <a href="https://ambcrypto.com/how-avax-reacted-to-avalanches-rising-network-activity/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> and Binance Smart Chain showed a significant and sudden increase recently. 
The <a href="https://defillama.com/chain/Avalanche?txs=true&amp;fees=false&amp;tvl=false" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">transaction chart</a> for Avalanche showed that since the 14th of December, the daily transaction count has consistently been over 5 million. 
Furthermore, the data showed that Inscriptions accounted for over 87% of the transactions on Avalanche in the past 24 hours.&nbsp;
Similarly, a closer look at<a href="https://ambcrypto.com/will-rising-rugpulls-on-binance-smart-chain-affect-bnbs-tempo/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal"> Binance Smart Chain’s</a> transaction numbers showed a slight change in trend. As of this writing, the daily transaction count on BSC was over 14 million. 
According to Dune Analytics, Inscriptions made up almost 73% of the transactions on BSC in the past 24 hours. This suggests a notable impact of Inscription-related activities on overall transaction volumes.
<h4>How Inscriptions have impacted Avalanche and BSC fees</h4>
Analysis of Avalanche’s fees over the past few days showed a significant rise. According to <a href="https://defillama.com/chain/Avalanche?txs=false&amp;fees=true&amp;tvl=false" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">DefiLlama</a>, the fees on Avalanche have experienced an increase that has not been seen before. 
On the 16th of December, the fees were over $6.8 million, marking the highest amount recorded. As of this writing, the fees were over $5.3 million. 
The fee increase can be attributed to increased gas fees associated with Inscriptions.
Read <a href="https://ambcrypto.com/predictions/avalanche-2-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche’s [AVAX] Price Prediction</a> 2023-24
In contrast, Binance Smart Chain (BSC) did not experience a similar impact on fees. As shown by the chart on <a href="https://defillama.com/chain/BSC?txs=false&amp;tvl=false&amp;fees=true" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">DefiLlama</a>, the fees were around $447,000 at the time of this writing. 
This showed that Inscription’s volume was yet to have a significant impact.

How Inscriptions has impacted transactions across the board

AMBCrypto

Other articles published on Dec 18, 2023

Coinbase Introduces USD SWIFT Transfers in Singapore for Broader Crypto Onramp

The Rise of Helium Mobile’s MOBILE Token

Upbit's Market Share Value Goes Down to 62 Percent

Arbitrum Outage: Bitcoin Ordinals-Inspired Inscriptions Surge

Solana-based Aurory exploited, 80% of liquidity lost

Dogecoin Failure To Launch Worries Investors, But Analyst Says It Could Change Soon

Join our free newsletter for daily crypto updates!