Record High of $8M Spent on Crypto Gas for EVM Inscriptions

Crypto Transactions and Inscriptions Take Off

The demand for blockspace has been pushed to new levels due to the Ordinals inscriptions craze, causing network transaction fees across all blockchains to spike over the weekend.

The Ethereum Virtual Machine (EVM) chains saw the most dramatic increase, with gas fees reaching a record high of $8.3 million on Dec. 16, according to Dune Analytics. The Avalanche network was the biggest contributor, spending more than $5.6 million on inscriptions that day, followed by Aribitrum One with $2.1 million.

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Crypto NFTs, Gas Fees and Outages

Over the past 24 hours, Avalanche and zkSync Era spent 58% and 48% of their network gas fees respectively on EVM inscriptions, while BNB Chain saw 73% of its transactions dedicated to inscriptions.

The situation was so dire on the Arbitrum One network that it caused a 78-minute crypto outage on Dec. 15.

Similar to Ordinals on the Bitcoin network, EVM inscriptions are essentially crypto information embedded in transaction call data to generate unique nonfungible tokens (NFTs) on-chain.

Cryptocurrency Network Sees Surge in Transactions

The Bitcoin network has experienced a surge in transactions over the weekend, with almost 280,000 unconfirmed transactions recorded according to mempool.space. This has caused Bitcoin transaction fees to spike as high as $37, making the network’s intended purpose of peer-to-peer digital money unfeasible for many.

Cryptographer and Bitcoin pioneer Adam Back commented that the high fees “drive adoption of layer-2 and force innovation.” On Dec. 18, NFT and Ordinals expert “Leonidas” noted that a single collection had done more volume in the past 24 hours than the combined efforts of CryptoPunks, BAYC, MAYC, Pudgy Penguins, Azuki, DeGods, Moonbirds, Doodles and Meebits.

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The Bitcoin Frogs Ordinals collection was the leader in market capitalization with $182 million, according to CryptoSlam. On Dec. 17, secondary sales of the collection increased to $4.8 million, as per the crypto websites list.

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