Ethereum

Token

Solana

Note

<ul>
 <li><em>A whopping 287,000 inscriptions were minted on the 16th of December.</em></li>
 <li><em>SOL accrues value from transaction fees, as 50% of the revenue is burned.</em></li>
</ul>
<p>Blockchains across the industry were witnessing an explosion of inscriptions in the dying stages of 2023.</p>
<p>Whether it’s <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a>, <a href="https://ambcrypto.com/search/ethereum" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum [ETH]</a> Virtual Machine (EVM)-compatible networks or non-EVM chains, inscriptions continue to boost demand for the blockspace.</p>
<h4>Inscriptions on Solana jump past a million</h4>
<p><a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana [SOL]</a>, one of the most popular smart contracts blockchain, wasn’t insulated from the frenzy. According to AMBCrypto’s analysis of Flipside’s statistics, the total cumulative Inscriptions count hit 1 million on the 17th of December.</p>
<div id="attachment_359345" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscriptioms.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359345" decoding="async" class="size-full wp-image-359345" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscriptioms.jpg" alt="" width="671" height="375" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscriptioms.jpg 671w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscriptioms-300x168.jpg 300w" sizes="(max-width: 671px) 100vw, 671px"></a>
 <p id="caption-attachment-359345" class="wp-caption-text">Source: Flipside</p>
</div>
<p>The activity exploded during the weekend, with a whopping 287,000 inscriptions minted on a single day on the 16th of December.</p>
<p>To get a sense of the madness, more Inscriptions were created in the last three days than all the ones created before that.</p>
<p>Moreover, the number of creators also surged past 50,000 as of the 17th of December. The fascinating aspect was that more than 15,000 were new entrants to the market.</p>
<div id="attachment_359348" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscription-creators.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359348" decoding="async" class="size-full wp-image-359348" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscription-creators.jpg" alt="" width="662" height="375" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscription-creators.jpg 662w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Inscription-creators-300x170.jpg 300w" sizes="(max-width: 662px) 100vw, 662px"></a>
 <p id="caption-attachment-359348" class="wp-caption-text">Source: Flipside</p>
</div>
<p>Similar to <a href="https://ambcrypto.com/search/ordinals" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin Ordinals</a>, Inscriptions work by embedding images or other data directly on the chain. They can be used to create unique digital assets like non-fungible tokens (NFTs) and even decentralized applications (dApps).</p>
<p>Solana, too, was quick to board the bandwagon. Drawing inspiration from Bitcoin’s famous BRC-20s, Solana launched its token standard — SPL-20.</p>
<p>The inscriptions commenced on the 16th of November and over the next two days, more than 66,000 SLP-20s were inscribed on the network.</p>
<h4>High fee revenue for Solana in December</h4>
<p>Meanwhile, AMBCrypto analyzed Token Terminal data and noticed a 77% hike in monthly fees on the Solana network.</p>
<p>The month of December was particularly profitable, with daily fees climbing to a year-to-date (YTD) peak of nearly $300,000 on the 14th of December. It is not, however, certain that inscriptions were the main drivers of the fee hike.</p>
<p>The daily active user base also rose significantly, marking a monthly increase of 38.9%.</p>
<div id="attachment_359350" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-fees.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359350" decoding="async" class="size-full wp-image-359350" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-fees.jpg" alt="" width="1021" height="481" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-fees.jpg 1021w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-fees-300x141.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-fees-768x362.jpg 768w" sizes="(max-width: 1021px) 100vw, 1021px"></a>
 <p id="caption-attachment-359350" class="wp-caption-text">Source: Token Terminal</p>
</div>
<h4>What next for SOL?</h4>
<p>Note that Solana burns 50% of its fee revenue. This means that more the fees collected, more will be the deflationary pressure on native token SOL.</p>
<p style="text-align: center;">How much are&nbsp;<a href="https://ambcrypto.com/convert/1-sol-to-usd" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">1,10,100 SOLs worth today</a>?</p>
<p>SOL was one of the top performers in the market lately, growing 23.18% over the last 30 days, as per <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.</p>
<p>Since the asset accrues value from network activity, SOL holders might be keenly tracking the growth of inscriptions to make informed decisions regarding their investments.</p>

Solana Inscriptions cross $1 mln: Will SOL reap the benefits?

AMBCrypto

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