Record-breaking gas expenses for EVM registrations
Over the weekend, there was a sharp increase in registrations on EVM blockchains, causing a record surge in gas fees. On December 16th, gas expenses for registrations reached an all-time high of $8.3 million, according to data from Dune Analytics.
The Avalanche network was hit the hardest, with over $5.6 million spent on gas in a single day. Arbitrum One followed with $2.1 million spent and a network outage. In the last 24 hours, nearly 60% of gas fees on Avalanche and 50% on zkSync Era were dedicated to registrations. The BNB Chain saw 70% of its transactions dedicated to registrations.
The Bitcoin network: Birthplace of registrations
Meanwhile, the Bitcoin network has also experienced an increase in registration activity, leading to higher demand for blocks and transaction fees. Currently, there are over 250,000 unconfirmed transactions, causing transaction fees to rise to $37 on the blockchain of the reigning cryptocurrency. This situation makes using the Bitcoin network for its original purpose – a peer-to-peer digital currency – impractical for many.
The pro-Ordinals continue to face off against the conservatives who want to halt registrations on the blockchain, with both sides having to coexist on the same network…