The recent inscription boom from December 2023 to January 2024 tested EVM-compatible blockchains like Ethereum, Arbitrum, Base, Optimism, and zkSync Era. Transaction volumes surged, especially on Arbitrum and zkSync Era, where inscriptions dominated transaction activity, accounting for over 89% and 88% respectively on peak days. This led to downtimes due to overwhelmed rollups. Although activities were largely centered around minting meme-coins, trading was minimal, prompting some users to migrate to cheaper chains. Notably, gas fees on rollups remained stable or decreased during peak traffic, showcasing their resilience in high-demand scenarios.
On specific peak days, transactions related to inscriptions accounted for over 89% on Arbitrum and more than 88% on zkSync Era, illustrating the stress test for rollups.
99% of inscription transactions were driven by claims or minting of meme-coins, with a dominant token comprising over 70% of all transactions across chains.
Trading of inscription tokens is limited, with values typically between $0.1 and $0.8, highlighting the necessity of migrating to cheaper chains to cover gas fees.
Gas fees on rollups either remained stable or decreased during transaction peaks, indicating efficiency under stress for these secondary-layer solutions.
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