Proceedings of the 4th International Workshop on C
Proceedings of the 4th International Workshop on Cryptoasset Analytics (CAAW) Year 2024 Peer-reviewed
Blockchain Security · DeFi

The Writing is on the Wall: Analyzing the Boom of Inscriptions and its Impact on EVM-compatible Blockchains

Johnnatan Messias Krzysztof Gogol Maria Inês Silva Benjamin Livshits
2024
Publication year
CAAW
Venue
Peer-reviewed
Type

Summary

Since the introduction of ordinal inscriptions on Bitcoin and the subsequent spread of inscription-based protocols to EVM-compatible blockchains, a massive wave of new transaction types has emerged, pushing the limits of existing blockchain infrastructure. We present the first comprehensive empirical study of the inscription phenomenon on EVM-compatible chains, analyzing over 200 million inscription transactions across Ethereum, Polygon, BNB Smart Chain, and Avalanche. We find that inscriptions caused significant network congestion, with gas prices increasing by up to 300% during peak inscription periods. Our analysis reveals that inscription traffic exhibits different patterns from typical DeFi or NFT activity, with sharp bursts and rapid shifts between blockchains. These findings highlight the need for blockchain infrastructure designed to handle inscription-level traffic bursts.

Cite this paper — BibTeX
@InProceedings{thewritingison,
  title = "{The Writing is on the Wall: Analyzing the Boom of Inscriptions and its Impact on EVM-compatible Blockchains}",
  author = "Johnnatan Messias and Krzysztof Gogol and Maria Inês Silva and Benjamin Livshits",
  year = "2024",
  month = apr,
  booktitle = "Proceedings of the 4th International Workshop on Cryptoasset Analytics (CAAW)",
}
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