Crypto News – Over the past week, at least six blockchain networks have buckled due to the new degen gold rush.
Gold Rush for EVM Inscriptions Creates Cracks in Blockchains
Industry researchers who published a screenshot of Celestia‘s block explorer on December 18 claim that the modular data availability network is the most recent victim of inscriptions, which have lately caused partial or complete outages on Arbitrum, Avalanche, Cronos, zkSync, and The Open Network. On the Celestia network, videos of mass minting have also been uploaded.
The team is actively investigating, but we can confirm that a sustained surge of inscriptions triggered the sequencer to stop relaying transactions properly,
Arbitrum
On the other hand, according to Cronos developer Ken Timsit, the group activated dynamic transaction fees that vary based on transaction volume by implementing a network update.
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,
Timsit
Why are EVM Inscriptions Preferred?
People have now discovered they can do the same thing on Ethereum and other Ethereum Virtual Machine (EVM)-based chains by scribing data on transaction call data, much like Bitcoin Ordinals, which allow data such as text, photos, and videos to be inscribed directly on-chain.
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)
Shardul Mahadik, Crypto developer
According to ordinals tracker Ord.io, the majority of these during the past few days have been BRC-20-type tokens, themed after different collections like Bitcoin Frogs and other new token tickers like BMBI, BEEG, and GROK. According to a theory by cryptocurrency researcher Cygaar, people are using call data to communicate with token mints and transfer transactions to themselves since the activities are so inexpensive.
They are widely utilized on other chains to duplicate ERC-20 successes. However, because minting is less expensive than smart contract engagements, a large portion of the activity consists of the same people continuously spamming little mints.
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