Arbitrum

Bitcoin

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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

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