- EVM daily inscriptions have come down to less than 50,000.
- Bitcoin still maintains a higher daily quotation than the EVM network.
After gaining popularity on the Bitcoin (BTC) network, inscriptions also became popular on Ethereum Virtual Machines (EVMs).
The number of posts on these networks reached an all-time high, which had a significant impact on trading volumes. However, the inscription trend has declined.
What is the trend of EVM inscriptions in the last 3 months?
An analysis of Dune Analytics’ EVM inscriptions over the past three months shows a notable increase in trading volume in December. The data shows that at least three networks had more than 1 million daily inscriptions on certain days in December.
For example, on December 6, the BNB chain recorded over 28 million transactions, while Polygon recorded almost 8 million. The cumulative number of inscriptions on this day exceeded 6 million.
Source: Sand Analysis
Additionally, the chart shows that non-written transactions accounted for over 50% of all transactions at their peak.
However, examination of the current charts shows that these transactions have decreased significantly. Based on the most recent data, the highest number of observed inscriptions was approximately 370,000 in the Avalanche network.
Contribution of inscriptions to EVM gas reduction
At the height of the epitaph craze in December, some networks were racking up gas bills exceeding $1 million.
Notably, on December 16th, Avalanche and Arbitrum recorded gas bills exceeding $5 million and $2 million, respectively. The Avalanche continued this trend through December 21, although some networks are starting to see gas bills below $1 million.
Gas bills have since decreased significantly, with the highest gas bill observed at the time of this writing being approximately $16,000.
Source: Sand Analysis
By the end of the year, this significant decline meant a sharp decline in its contribution to network fees. It is still unclear whether this marks the end of the popularity of inscriptions on EVMs or a temporary hiatus.
Bitcoin maintains a reasonable amount of tokens.
Dune Analytics’ investigation into the volume of Bitcoin deposits found that there are a total of over 53.4 million. Currently, the daily inscriptions on the Bitcoin network exceed 100,000.
The total number of inscriptions on Ethereum Virtual Machines (EVMs) during the same period was less than 50,000. This highlights that despite the apparent decline, the Bitcoin network continues to witness a significant volume of transactions compared to the EVM network.
Moreover, despite the notable decrease in Bitcoin’s registration fees, they were still higher than those observed on the EVM network. This means that despite the downtrend, Bitcoin inscription transactions will command higher fees than transactions on the EVM network.