How Inscriptions has impacted transactions across the board
- Inscriptions transactions make up over 50% of transactions on Avalanche and BSC.
- There has been a rise in fees on both networks due to gas fees from Inscriptions.
While Bitcoin [BTC] Inscriptions presented one set of challenges, they introduced a different dynamic on networks like Avalanche [AVAX] and Binance Smart Chain [BSC].
This impact has recently been felt across various networks, but it has remained strong on these networks.
Avalanche and BSC lead in Inscription numbers
Hildobby’s data on Dune Analytics showed a recent uptick in hourly Inscriptions on different networks. While Avalanche and Binance Chain have maintained a consistent pattern, Arbitrum gained prominence around the 15th of December.
The hourly Inscriptions on Arbitrum were over 900,000 on the 15th and the 16th of December before experiencing a decline. Subsequently, zkSync took the lead, recording over 400,000 hourly Inscriptions between the 16th and the 17th of December.
Similar to Arbitrum, zkSync also witnessed a decline.
These platforms saw a rise in gas fees due to increased Inscription transactions. However, the chart showed that Avalanche experienced higher gas fees over the past four days than other platforms.
Percentage of Inscription transactions in total transactions
Analysis of the daily transaction volumes on Avalanche and Binance Smart Chain showed a significant and sudden increase recently.
The transaction chart for Avalanche showed that since the 14th of December, the daily transaction count has consistently been over 5 million.
Furthermore, the data showed that Inscriptions accounted for over 87% of the transactions on Avalanche in the past 24 hours.
Similarly, a closer look at Binance Smart Chain’s transaction numbers showed a slight change in trend. As of this writing, the daily transaction count on BSC was over 14 million.
According to Dune Analytics, Inscriptions made up almost 73% of the transactions on BSC in the past 24 hours. This suggests a notable impact of Inscription-related activities on overall transaction volumes.
How Inscriptions have impacted Avalanche and BSC fees
Analysis of Avalanche’s fees over the past few days showed a significant rise. According to DefiLlama, the fees on Avalanche have experienced an increase that has not been seen before.
On the 16th of December, the fees were over $6.8 million, marking the highest amount recorded. As of this writing, the fees were over $5.3 million.
The fee increase can be attributed to increased gas fees associated with Inscriptions.
Read Avalanche’s [AVAX] Price Prediction 2023-24
In contrast, Binance Smart Chain (BSC) did not experience a similar impact on fees. As shown by the chart on DefiLlama, the fees were around $447,000 at the time of this writing.
This showed that Inscription’s volume was yet to have a significant impact.