The recent frenzy around inscriptions on Ethereum Virtual Machines (EVMs) has caused a major clog in several blockchains. EVM inscriptions are essentially on-chain messages or notes that can be left by users, similar to leaving a comment on a social media post. These inscriptions have become popular among retail investors looking for access to low-cap coins, as they see it as a way to discover hidden gems in the crypto world.
However, this surge in inscriptions has led to network congestion and increased gas fees on various blockchains. Gas fees are the transaction fees paid by users to execute smart contracts and perform actions on the blockchain. The high demand for processing inscriptions has caused gas fees to skyrocket, making it more expensive for users to interact with the blockchain.
Some argue that EVM inscriptions are just another over-hyped fad, while others see it as a legitimate way for retail investors to participate in the crypto market. The surge in inscriptions could be seen as a result of the ongoing crypto boom, where everyone is looking for the next big thing and hoping to strike gold.
However, this gold rush for inscriptions is causing headaches for blockchain users who are faced with high fees and slow transaction times. Additionally, the clog in the blockchain could potentially hinder the scalability and efficiency of these networks, highlighting the need for better scalability solutions.
In conclusion, while EVM inscriptions may provide an opportunity for retail investors to discover new coins, the recent frenzy has caused network congestion and increased gas fees. It remains to be seen whether this trend will continue or if it will eventually fade away as a passing fad. In the meantime, blockchain users will have to navigate through the clogged networks and bear the high costs of participating in the crypto gold rush.
