Posted 12/18/2023, 6:33:45 AM
Ethereum Gas Fees Hit Record Highs as NFT Demand Overloads Networks
- Daily gas spent on EVM inscriptions reached a record high of $8.3M on Dec. 16
- Avalanche network saw the most gas spent at over $5.6M for inscriptions on Dec. 16
- Arbitrum One network outage for 78 minutes on Dec. 15 due to inscription demand
- Bitcoin network also seeing a surge in inscriptions, causing transaction fees to spike to $37
- Single Bitcoin Frogs Ordinals collection topped market cap at $182M on Dec. 17