Over the past week, inscriptions minted on a number of blockchains have caught the attention of crypto traders and developers alike due to large transaction volumes that generated unusual amounts of gas fees. On Layer 2 (L2) chains like Arbitrum and Layer 1 chains like Avalanche and Solana, there has been a proliferation of inscriptions: on-chain pieces of data that are stored inside transaction calldata.

On the Solana network, transactions reached more than $1 million in cumulative value since November 13, 2023; Solana activity also spiked on December 16, with 287,000 new inscriptions created in a single day. These inscription-based NFTs and tokens follow a similar structure to Bitcoin’s BRC-20 standard based on Bitcoin Ordinals, with Solana adopting the SPL-20 token format.

On Avalanche, inscription-related transactions were recorded to have reached over $5.6 million in a single day for gas costs, as recorded on December 16, 2023. This record is followed by Arbitrum One at $2.1 million for gas costs spent on inscriptions.

On December 15th, Arbitrum experienced a two-hour outage. Arbitrum is still investigating the exact cause, but its initial analysis found a surge in network traffic stalled the sequencer, reversing batch transactions and draining the sequencer’s Ether reserves. While compromised during the outage, Arbitrum’s core functionality was restored shortly after.

A recent analysis by the pseudonymous Twitter account Cygaar, a core contributor at Ethereum L2 network Frame, sheds light on the inner workings of inscriptions and how these began to get spammed into L2 networks and L1 chains in recent weeks.

People are able to spam these txns because they’re extremely cheap compared to smart contract txns.

This has led to Arbitrum being taken down, and leading to degraded experience on other chains like zkSync and Avalanche.

It remain

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Author: Vince Dioquino

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