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The blockchain ecosystem has been experiencing some turbulence as leading platforms like Avalanche (AVAX) and Ethereum (ETH) experiencing difficulties due to inscriptions. Amidst this chaos, the Everlodge (ELDG) presale is ongoing and has emerged as one of the top altcoins in the market. Let’s analyze this further.

What Are Inscriptions?

Inscriptions are a new method of adding functionality to blockchains that lack support for other tokens. An inscription is when text is embedded inside an individual transaction rather than in the data storage of an entire blockchain or smart contract.

Inscriptions were first invented on the Bitcoin network as it does not have the ability to support other tokens. The new invention allows Bitcoin addresses to be associated with a message or memo, essentially giving them additional functionality.

These inscriptions are making their way onto other blockchains, such as Avalanche (AVAX), Polygon (MATIC), and Ethereum (ETH), as the community gets inventive and finds new ways to implement them.

Why Is Avalanche (AVAX) Struggling With Inscriptions?

According to data from Dune Analytics, 75% of Inscription gas fees across all networks happen on the Avalanche (AVAX) network. The sudden need for Avalanche block space has resulted in gas prices jumping to over 5,000 nAVAX as people compete to make inscriptions.

Polygon founder Sandeep Nailwal has since taken to Twitter to call out Avalanche’s high gas fees. He noted that fees on Polygon stayed under $0.10, while fees on “other chains” went as high as $400. This comment shows the blockchain industry is getting heated as blockchains compete for users and developers.

Avalanche isn’t the only blockchain struggling with inscriptions. Ethereum (ETH), the second-largest blockchain by market capitalization, is also facing issues with higher gas fees and network congestion.

Kevin Sekniqi, co-founder of Avalanche, commented that the high fees were an EVM engine problem, not an Avalanche-specific issue. It is also worth mentioning that the fees are not always a bad thing, as the Avalanche price has been increasing on the back of token burning.

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Author: Crypto Daily

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