By: Isha Das
The rise of certain transactions on blockchain networks, specifically the scripting of Ordinals inscriptions, adds pressure to the system, manifesting in the form of increased transaction fees and network congestion. Ordinals inscriptions surged in popularity recently, driving hefty spending on gas, the resource utilized to conduct transactions and smart contract interactions, notably on Ethereum and Bitcoin networks.
The data published on December 16, 2021, indicates that inscriptions reached a record high gas expenditure of $8.3 million, showcasing the powerful impact such actions can have on transactional behavior across crypto networks. This spike leads to a notable upturn in profits for miners, reinforcing the cycle.
Increasing the understanding of the link between significant transactional activity, such as that driven by specific blockchain applications, and network congestion could help advanced users anticipate future network behavior and strategize their transaction timing and prioritization more effectively.
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