Ethereum

Arbitrum

Bitcoin

Polygon

Avalanche

<ul>
 <li>EVM daily inscriptions have fallen below 50,000.</li>
 <li>Bitcoin still maintains higher daily inscriptions than EVM networks.</li>
</ul>
After gaining popularity on the <a href="https://ambcrypto.com/search/bitcoin+inscriptions" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> network, inscriptions became popular on <a href="https://ambcrypto.com/search/evm+inscriptions" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum Virtual Machines (EVM)</a>. 
The number of inscriptions on these networks reached a record high, affecting the transaction volume significantly. However, the inscription trend has decreased.
<h4>How EVM inscriptions have trended in the last three months</h4>
An analysis of <a href="https://ambcrypto.com/how-inscriptions-has-impacted-transactions-across-the-board/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">EVM inscriptions</a> on <a href="https://dune.com/hildobby/inscriptions" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Dune Analytics</a> over the past three months revealed a notable rise in volume in December. The data showed that at least three networks experienced daily inscription counts of over 1 million on certain days in December.
 For instance, on 6th December, the <a href="https://ambcrypto.com/search/bnb+chain" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BNB</a> chain recorded over 28 million transactions, while <a href="https://ambcrypto.com/search/polygon" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon</a> saw nearly 8 million. The cumulative inscriptions for that day were over 6 million.
<div id="attachment_362243" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362243" decoding="async" class="wp-image-362243 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-1.png" alt="EVM inscriptions" width="1204" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-1.png 1204w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-1-300x197.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-1-1024x674.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-1-768x505.png 768w" sizes="(max-width: 1204px) 100vw, 1204px"></a>
 Source: Dune Analytics
</div>
Furthermore, the charts showed that inscription transactions made up over 50% of the total transactions at the peak. 
However, a current examination of the charts shows a significant reduction in these transactions. As of the latest data, the highest observed inscription count was around 370,000 on the Avalanche network.
<h4>Inscriptions’ contribution to EVM gas declines</h4>
During the height of the inscription craze in December, certain networks experienced gas fees of over $1 million. 
Notably, on 16th December, <a href="https://ambcrypto.com/search/avalanche" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> and Arbitrum recorded gas fees of over $5 million and $2 million, respectively. While some networks started witnessing gas fees below $1 million, <a href="https://ambcrypto.com/is-inscriptions-behind-avalanches-rising-network/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Avalanche</a> continued this trend until 21st December.
 Subsequently, gas fees significantly decreased, and at the time of this writing, the highest observed gas fee was about $16,000.
<div id="attachment_362246" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-2.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362246" decoding="async" class="wp-image-362246 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-2.png" alt="Gas spent on inscriptions" width="1204" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-2.png 1204w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-2-300x197.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-2-1024x674.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Dune-2-768x505.png 768w" sizes="(max-width: 1204px) 100vw, 1204px"></a>
 Source: Dune Analytics
</div>
As the year concluded, this substantial reduction implied a drastic decrease in the contribution to network fees. It remains uncertain whether this marks the end of the popularity of inscriptions on EVMs or if it signifies a temporary pause.
<h4>Bitcoin retains a decent inscription volume</h4>
An examination of the inscription volume on <a href="https://ambcrypto.com/how-bitcoin-inscriptions-drove-transaction-volumes-fees-on-network/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin</a> on <a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Dune Analytics</a> showed a total of over 53.4 million. Currently, the daily inscriptions on the Bitcoin network stand at over 100,000. 
In the same timeframe, the total inscriptions on Ethereum Virtual Machines (EVM) were less than 50,000. This highlights that, despite the apparent decrease, the Bitcoin network continues to witness a substantial volume of transactions compared to EVM networks.
Furthermore, despite the evident decline in inscription fees on Bitcoin, they were still higher than the fees observed on EVM networks. This suggests that, even with the decline, Bitcoin inscription transactions command higher fees than those on EVM networks.

Decoding the EVM inscription decline: Has the party ended?

AMBCrypto

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