CryptoMediaClub
Sunday, June 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Why a gold rush for inscriptions has broken half a dozen blockchains

19.12.2023
A A
0
133
VIEWS
ShareShare

The latest degen “gold rush" to inscribe everything from profile pictures to memecoins has led to at least half a dozen blockchain networks cracking under pressure over the past week.

The last few days have seen Arbirtrum, Avalanche, Cronos, zkSync, and TON all suffering partial or full outages recently due to inscriptions, with modular data availability network Celestia the latest to succumb, according to industry researchers who posted a screenshot of its block explorer on Dec. 18.

Videos have also been posted of mass minting on the Celestia network.

Screenshot from Celestia block explorer. Source: X/@Dogetoshi

“The team is actively investigating, but we can confirm that a sustained surge of inscriptions triggered the sequencer to stop relaying transactions properly,” Arbitrum confirmed on Dec. 16 amid a 78-minute outage.

Meanwhile, Cronos developer Ken Timsit reported that the team implemented a network update to activate dynamic transaction fees that change with transaction volume.

“The chain can now more effectively withstand traffic spikes like the one that took place this week, which was caused by high demand for inscriptions,” he said.

What is driving the gold rush?

Like Bitcoin Ordinals, which allows data such as text, images, and videos to be inscribed directly on-chain — people have now realized they can do the same thing on Ethereum and other EVM-based chains by inscribing data on transaction calldata.

Crypto developer Shardul Mahadik explained:

“Bitcoin inscriptions are equivalent to writing on the smallest denomination of a currency bill (UTXO model). EVM inscriptions are the equivalent of the notes are remarks field on a payment app. Where you make a 0 transaction to yourself and write data in the notes field. (acc model)”

Over the last few days, most of these have been BRC-20-type tokens, themed after various collections such as Bitcoin Frogs and various new token tickers such as BMBI, BEEG, and GROK according to ordinals tracker Ord.io.

Crypto researcher "cygaar" postulated that users are sending token mint and transfer transactions to themselves with call data because operations are cheap.

They are being heavily used in an attempt to replicate ERC-20 successes on other chains, but much of the activity is the same users spamming small mints repeatedly due to the lower cost of minting compared to smart contract interactions.

Bitcoin developer Eric Wall theorized earlier this month that EVM inscriptions could be seen as a way for retail to access low-cap crypto assets.

ICOs have been regulated and restricted and many projects start with token sales limited to venture capital firms or accredited investors.

“Burning gas/wasting blockspace is one of the last distribution mechanisms that exists with open access to retail,” he said. He described inscriptions as “BRC-20 derivatives,” adding:

“Since *anyone* can participate in the issuance of a specific ticker (mining it by burning blockspace) from day one, it is one of the few last bastions where retail can get in at the ground floor in a not-yet-clearly-illegal fashion.”

However, Michael Rinko, an analyst at crypto research firm Delphi Digital, didn’t see the logic behind it. “I kinda just see it as the new hot thing,” he told Bloomberg before adding, “There is zero rationality behind it.”

Related: Daily gas spent on EVM inscriptions surges to record high of $8M

Meanwhile, blockchain sleuth ‘ZachXBT’ warned about crypto influencers shilling shitcoins in a Dec. 19 post on social media.

“The market was trending up for weeks yet they still have to resort to this to trade profitably,” he said before adding, “This is your warning so do not come crying to me if you get dumped on.”

As reported by Cointelegraph on Dec. 18, inscriptions on EVM (Ethereum Virtual Machine) compatible chains have surged over the past few days.

According to Dune Analytics, more than $6 million was spent on gas on inscriptions on Dec. 18, and a record $8.3 million was spent on them on Dec. 16.

Amount of gas spent on inscriptions across various chains. Source: Dune Analytics

However, on Dec. 18, Polygon founder Sandeep Nailwal noted that minters were switching to Polygon due to its favorable gas fees.

Magazine: BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

Share10Tweet6ShareSharePin2

Related Posts

HABE Launches Ethereum-Based Platform for Creative Project Funding
All news

HABE Launches Ethereum-Based Platform for Creative Project Funding

01.06.2025
0

A new blockchain initiative, HABE, is entering the cryptocurrency space with a platform designed to support idea development and creative...

Read moreDetails
BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

01.06.2025
WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

01.06.2025
Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Load More
Next Post
‘Concerning precedent’ — bloXroute Labs' MEV relays to reject OFAC blocks

‘Concerning precedent’ — bloXroute Labs' MEV relays to reject OFAC blocks

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Topology Ventures Led by Casey Caruso Raises $75M

Topology Ventures Led by Casey Caruso Raises $75M

6 months ago
Revolut Business reportedly cuts crypto services ahead of new UK rules

Revolut Business reportedly cuts crypto services ahead of new UK rules

1 year ago
Bitcoin Miami panel rejects ‘fight’ rhetoric against regulators

Bitcoin Miami panel rejects ‘fight’ rhetoric against regulators

2 years ago
Mastercard Combines Cards and Digital Wallets for Easy Payments

Mastercard Combines Cards and Digital Wallets for Easy Payments

7 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

Trending

HABE Launches Ethereum-Based Platform for Creative Project Funding
All news

HABE Launches Ethereum-Based Platform for Creative Project Funding

01.06.2025
0

A new blockchain initiative, HABE, is entering the cryptocurrency space with a platform designed to support idea...

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

BitMEX Uncovers Security Flaws in North Korea’s Lazarus Group Operations

01.06.2025
WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

01.06.2025
Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz