The post Waste Of Block Space Or Egalitarian Issuance Mechanism? Inscriptions Divide Web3 Community appeared on BitcoinEthereumNews.com.

The rise of inscription tokens attracts both fervent supporters and steadfast critics Bitcoin Ordinals-inspired inscriptions are spreading across web3, with transaction volume and fees on several Layer 1 networks abruptly surging amid the launch of inscription protocols in recent weeks. The rising popularity of inscriptions on Bitcoin inspired developers to deploy new inscription protocols on other Layer 1 networks, with Tom Lehman’s Ethereum-based Ethscriptions leading the charge in June. On-chain activity skyrocketed following the launch of inscription tokens on alternative Layer 1 networks, with transaction fees surging 4,500% on Near from Nov. 28 to Dec. 1, 6,900% in a day on the Polygon sidechain in mid-November, and 8,990% on Fantom in late November. Nearly two-thirds of transactions executed on Polygon over the past week related to inscriptions, which also accounted for 52% of BNB Chain activity, and 15% on Avalanche, according to Dune Analytics. Inscription transactions consumed nearly 20% of gas expended on Polygon, 14% on BNB Chain, and 3% on Avalanche over the past week. However, not all networks have passed their inscription stress tests, with the Dec. 4 launch of TON-20 tokens on The Open Network (TON) triggering crippling congestion for the chain. Data from dTON shows the TON network processing less than 0.5 transactions per second (TPS) with more than 2.5M transactions waiting in the queue, prompting wallet providers to suspend transactions to the network. The brutal congestion comes in stark contrast to TON’s developers claiming the network could handle a maximum throughput of nearly 105,000 TPS on Nov. 1. Inscriptions divide web3 community The rise of inscriptions has sparked contentious debate within the web3 community, with critics arguing that inscriptions are congesting major blockchains and wasting block space. Meanwhile, proponents claim the technique is bolstering on-chain activity and offering an egalitarian process for new token launches.…

---

Filed under: News - @ December 8, 2023 4:12 am