April 20, 2024

Rise To Thrive

Investing guide, latest news & videos!

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

2 min read
Why a gold rush for inscriptions has broken half a dozen blockchains

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

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